Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

11. Leases

Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of September 30, 2021 and December 31, 2020, lease right-of-use assets and lease liabilities consist of the following (in millions):

	September 30, 2021		December 31, 2020
Right-of-use assets:
Operating lease (Other non-current assets)	$	68.1	$	39.8
Finance lease (Property, plant and equipment, net)	0.1		0.9
Total right-of-use assets	$	68.2	$	40.7
Lease liabilities:
Current portion of operating lease (Other current liabilities)	$	15.6	$	11.2
Non-current portion of operating lease (Other non-current liabilities)	56.7		31.6
Finance lease (Debt obligations)	0.1		0.8
Total lease liabilities	$	72.4	$	43.6

The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three and nine months ended September 30, 2021 and 2020. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2021 and 2045.

The following table summarizes the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.3	$	0.8	$	0.9
Interest on lease liabilities	—		—		—		0.1
Net finance lease cost	0.2		0.3		0.8		1.0
Operating lease cost	7.9		6.8		15.7		14.0
Variable lease cost	0.1		—		0.3		0.2
Total lease cost	$	8.2	$	7.1	$	16.8	$	15.2

Cash flow information related to leases for the three and nine months ended September 30, 2021and 2020 is as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	—	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.1	$	0.2	$	0.6	$	0.7
Operating cash flows from operating leases	$	8.1	$	6.8	$	16.0	$	13.9
Right-of-use assets obtained in exchange for new lease liabilities
Finance leases	$	—	$	—	$	—	$	0.1
Operating leases	$	1.7	$	3.5	$	42.9	$	15.6

As of September 30, 2021 and December 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows:

	September 30, 2021		December 31, 2020
Weighted-average remaining lease term (years) - operating lease	7.5		4.0
Weighted-average remaining lease term (years) - finance lease	1.3		1.1
Weighted-average discount rate - operating lease	5.3	%	6.3	%
Weighted-average discount rate - finance lease	5.2	%	9.0	%

As of September 30, 2021, undiscounted cash flows for finance and operating leases are as follows (in millions):

	Operating Leases		Finance Leases
2021	$	4.8	$	0.1
2022	18.0		—
2023	15.1		—
2024	10.3		—
2025	7.2		—
Thereafter	33.1		—
Total future lease payments	88.5		0.1
Less: Present values	(16.2)		—
Total lease liability balance	$	72.3	$	0.1

Leases

11. Leases

Operating lease right-of-use-assets and finance leases are recognized in the Condensed Consolidated Balance Sheets within Other assets and Property, plant and equipment, net, respectively. Operating lease liability and finance lease liability are recognized in the Condensed Consolidated Balance Sheets within Other liabilities and Debt obligations, respectively. As of September 30, 2021 and December 31, 2020, lease right-of-use assets and lease liabilities consist of the following (in millions):

	September 30, 2021		December 31, 2020
Right-of-use assets:
Operating lease (Other non-current assets)	$	68.1	$	39.8
Finance lease (Property, plant and equipment, net)	0.1		0.9
Total right-of-use assets	$	68.2	$	40.7
Lease liabilities:
Current portion of operating lease (Other current liabilities)	$	15.6	$	11.2
Non-current portion of operating lease (Other non-current liabilities)	56.7		31.6
Finance lease (Debt obligations)	0.1		0.8
Total lease liabilities	$	72.4	$	43.6

The tables below present financial information associated with the Company's leases. This information is presented as of, and for the three and nine months ended September 30, 2021 and 2020. The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2021 and 2045.

The following table summarizes the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	0.2	$	0.3	$	0.8	$	0.9
Interest on lease liabilities	—		—		—		0.1
Net finance lease cost	0.2		0.3		0.8		1.0
Operating lease cost	7.9		6.8		15.7		14.0
Variable lease cost	0.1		—		0.3		0.2
Total lease cost	$	8.2	$	7.1	$	16.8	$	15.2

Cash flow information related to leases for the three and nine months ended September 30, 2021and 2020 is as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	—	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.1	$	0.2	$	0.6	$	0.7
Operating cash flows from operating leases	$	8.1	$	6.8	$	16.0	$	13.9
Right-of-use assets obtained in exchange for new lease liabilities
Finance leases	$	—	$	—	$	—	$	0.1
Operating leases	$	1.7	$	3.5	$	42.9	$	15.6

As of September 30, 2021 and December 31, 2020, the weighted-average remaining lease term and the weighted-average discount rate for finance leases and operating leases are as follows:

	September 30, 2021		December 31, 2020
Weighted-average remaining lease term (years) - operating lease	7.5		4.0
Weighted-average remaining lease term (years) - finance lease	1.3		1.1
Weighted-average discount rate - operating lease	5.3	%	6.3	%
Weighted-average discount rate - finance lease	5.2	%	9.0	%

As of September 30, 2021, undiscounted cash flows for finance and operating leases are as follows (in millions):

	Operating Leases		Finance Leases
2021	$	4.8	$	0.1
2022	18.0		—
2023	15.1		—
2024	10.3		—
2025	7.2		—
Thereafter	33.1		—
Total future lease payments	88.5		0.1
Less: Present values	(16.2)		—
Total lease liability balance	$	72.3	$	0.1