Leases

12 Months Ended

Dec. 31, 2019

We have various leases primarily for office space and certain equipment. At inception, we determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. For leases that contain options to purchase, terminate, or extend, such options are included in the lease term when it is reasonably certain that the option will be exercised. Some of the Company's lease arrangements contain lease components and non-lease components which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases.

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at commencement date in determining the present value of lease payments.

Operating Leases

The following table presents information about the amount, timing, and uncertainty of cash flows arising from the Company's operating leases as of December 31, 2019.



	December 31, 2019
	(in millions)
Maturity of Lease Liabilities
2020	$	6.4
2021	4.0
2022	2.6
2023	2.0
2024	1.7
Thereafter	6.0
Total undiscounted operating lease payments	22.7
Less imputed interest	(3.7		)
Present value of operating lease liabilities	$	19.0

Balance Sheet Classification
Other assets	$	15.6

Accrued liabilities	$	5.5
Other liabilities	13.5
Total operating lease liabilities	$	19.0

Other Information
Weighted average remaining lease term	5.8 years
Weighted average discount rate	4.8		%

Operating lease costs were $8.2 million during the year ended December 31, 2019. Costs related to variable lease rates or leases with terms less than twelve months were not significant.

Cash paid for amounts included in the measurement of operating lease liabilities was $7.8 million during the year ended December 31, 2019 and is included in operating cash flows. The additional right-of-use assets recognized as non-cash asset additions that resulted from new operating lease liabilities during the year ended December 31, 2019 were not significant.

Finance Leases

Finance leases are included in property, plant, and equipment, net and debt on the consolidated balance sheets. The associated amortization expense and interest expense are included in depreciation and interest expense, respectively, on the consolidated income statements. These leases are not material to the consolidated financial statements as of December 31, 2019.

Disclosures related to periods prior to adoption of ASU 2016-02



	December 31, 2018
	(in millions)
Future Minimum Rent Expense
2019	$	7.7
2020	5.7
2021	3.5
2022	2.3
2023	1.8
Thereafter	7.6
Total undiscounted operating lease payments	$	28.6