Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Effects of Adopting New Accounting Policies

Adoption of the standard resulted in the recognition of operating lease right-of-use assets, net of accumulated amortization, of $28.1 million and operating lease liabilities of $28.7 million as of June 30, 2019.

(in millions)	Amount		Balance Sheet Location
Operating lease right of use asset	$	28.1	Other assets
Operating lease liability—current	8.6		Other current liabilities
Operating lease liability—noncurrent	20.1		Other liabilities

Lease, Cost [Table Text Block]

The following table presents Grace’s costs and cash flow information related to operating leases.

(In millions)	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease cost	$	3.1	$	6.1
Short-term and variable lease cost	4.9		8.3
Total lease cost	$	8.0	$	14.4
Cash payments related to operating leases	$	3.1	$	6.1
Right-of-use assets obtained in exchange for new operating lease liabilities	1.2		4.8

The following table presents the weighted average discount rate and weighted average remaining lease term related to Grace’s operating leases.

	June 30, 2019
Weighted average discount rate	6.8	%
Weighted average remaining lease term	7.5 years

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following maturity analysis presents minimum expected operating lease payments at June 30, 2019.

	(In millions)
2019	$	5.4
2020	8.6
2021	5.6
2022	3.8
2023	2.3
Thereafter	12.0
Total undiscounted lease payments	37.7
Less: imputed interest	9.0
Present value of lease liabilities	$	28.7