Leases

3 Months Ended

Mar. 31, 2020

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 Company's operating leases as of March 31, 2020.


	March 31, 2020
	(in millions)
Maturity of Lease Liabilities
2020 (remaining)	$	4.7
2021	4.2
2022	2.8
2023	2.1
2024	1.8
Thereafter	7.3
Total undiscounted operating lease payments	22.9
Less imputed interest	(3.4)
Present value of operating lease liabilities	$	19.5


Balance Sheet Classification	March 31, 2020		December 31, 2019
	(in millions)
Other assets	$	15.9	$	15.6

Accrued liabilities	$	5.2	$	5.5
Other liabilities	14.3		13.5
Total operating lease liabilities	$	19.5	$	19.0

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 March 31, 2020.