Properties and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Properties and Equipment

	December 31,
(In millions)	2019			2018
Land	$	29.5		$	28.4
Buildings	438.9			425.0
Information technology and equipment	131.3			142.9
Machinery, equipment and other	1,754.5			1,668.9
Projects under construction	286.6			229.3
Properties and equipment, gross	2,640.8			2,494.5
Accumulated depreciation and amortization	(1,497.0		)	(1,482.8		)
Properties and equipment, net	$	1,143.8		$	1,011.7

Capitalized interest costs amounted to $7.5 million, $3.2 million, and $1.5 million in 2019, 2018, and 2017, respectively. Depreciation and finance lease amortization expense relating to properties and equipment was $78.4 million, $80.9 million, and $96.1 million in 2019, 2018, and 2017, respectively.

The following table presents Grace’s lease right-of-use assets, net of accumulated amortization, and operating lease liabilities as of December 31, 2019.

(in millions)	Amount		Balance Sheet Location
Operating lease right of use asset	$	34.9	Other assets
Operating lease liability—current	9.3		Other current liabilities
Operating lease liability—noncurrent	26.2		Other liabilities

The following table presents Grace’s costs and cash flow information related to operating leases for the year ended December 31, 2019.

(In millions)	Year Ended December 31, 2019
Operating lease cost	$	12.1
Short-term and variable lease cost	17.9
Total lease cost	$	30.0
Cash payments related to operating leases	$	12.0
Right-of-use assets obtained in exchange for new operating lease liabilities	17.0

Grace’s expense for operating leases was $13.5 million and $11.3 million in 2018 and 2017, respectively.

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

	December 31, 2019
Weighted average discount rate	6.4	%
Weighted average remaining lease term	8.2

The following maturity analysis presents minimum expected operating lease payments at December 31, 2019.

	(In millions)
2020	$	11.1
2021	8.0
2022	5.6
2023	3.2
2024	2.5
Thereafter	16.7
Total undiscounted lease payments	47.1
Less: imputed interest	11.6
Present value of lease liabilities	$	35.5