LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of other lease information

Other information related to these leases for the years ended December 31 are as follows:

Other information (dollar amounts in millions)	2021			2020
Non-cash activity – net reduction of right of use assets and finance lease liabilities due to remeasurements	$	0.3		$	—
Weighted average remaining lease term	49.6 years			50.0 years
Weighted average discount rate (1)	3.3		%	4.2		%

(1)    Because these leases do not provide an implicit rate of return, we used the fully collateralized incremental borrowing rates based upon information available for similarly rated companies in determining the present value of lease payments.

Schedule of finance lease right of use assets

The following table summarizes our finance lease right of use assets, which were included in property, plant, and equipment on our balance sheets at December 31:

(in millions)	2021		2020
Two Creeks land leases
Under finance leases	$	13.3	$	10.8
Accumulated amortization	(0.6)		(0.3)
Total Two Creeks land leases	$	12.7	$	10.5
Badger Hollow I land leases
Under finance leases	$	16.6	$	19.5
Accumulated amortization	(0.9)		(0.6)
Total Badger Hollow I land leases	$	15.7	$	18.9
Total finance lease right of use assets	$	28.4	$	29.4

Schedule of future minimum lease payments for finance leases

Future minimum lease payments under our finance leases and the present value of our net minimum lease payments as of December 31, 2021, were as follows:

(in millions)	Two Creeks		Badger Hollow I		Total Finance Leases
2022	$	0.3	$	0.5	$	0.8
2023	0.3		0.5		0.8
2024	0.3		0.5		0.8
2025	0.3		0.5		0.8
2026	0.3		0.5		0.8
Thereafter	30.2		39.3		69.5
Total minimum lease payments	31.7		41.8		73.5
Less: Interest	(18.0)		(24.2)		(42.2)
Present value of minimum lease payments	13.7		17.6		31.3
Less: Short-term lease liabilities	—		—		—
Long-term lease liabilities	$	13.7	$	17.6	$	31.3