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Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Schedule of Supplemental Unaudited Balance Sheet Information Related to Leases

Supplemental unaudited balance sheet information related to the Company's leases was as follows:

 

(dollars in millions)

Balance Sheet Location

 

June 30, 2019

 

Operating lease assets, net of amortization

Operating lease right-of-use assets

 

$

37.4

 

Finance lease assets, net of amortization

Property, plant and equipment, net

 

 

34.8

 

Operating lease liabilities:

 

 

 

 

 

Current operating lease liabilities

Other current liabilities

 

 

10.9

 

Noncurrent operating lease liabilities

Operating lease liabilities

 

 

33.7

 

Total operating lease liabilities

 

 

 

44.6

 

Finance lease liabilities:

 

 

 

 

 

Current finance lease liabilities

Current portion of long-term debt

 

 

15.2

 

Noncurrent finance lease liabilities

Long-term debt, less current portion

 

 

63.1

 

Total finance lease liabilities

 

 

$

78.3

 

Components of Lease Expense

The components of lease expense were as follows:

 

(dollars in millions)

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2019

 

Operating lease cost

 

$

3.3

 

 

$

6.4

 

Short-term lease cost

 

 

 

 

 

0.1

 

Variable lease cost

 

 

0.6

 

 

 

1.1

 

Finance lease cost:

 

 

 

 

 

 

 

 

Depreciation on leased assets

 

 

1.8

 

 

 

3.7

 

Interest on lease liabilities

 

 

1.3

 

 

 

2.5

 

Total lease cost

 

$

7.0

 

 

$

13.8

 

Schedule of Other Information Related to Leases

Other information related to leases was as follows:

 

(dollars in millions)

 

Six Months Ended

June 30, 2019

 

Supplemental Cash Flows Information

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from finance leases

 

$

2.5

 

Operating cash flows from operating leases

 

 

5.6

 

Financing cash flows from finance leases

 

 

5.1

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

New operating leases

 

 

3.9

 

New finance leases

 

 

10.3

 

Weighted Average Remaining Lease Term

 

 

 

 

Operating leases

 

8.00 years

 

Finance leases

 

7.58 years

 

Weighted Average Discount Rate

 

 

 

 

Operating leases

 

 

7.03

%

Finance leases

 

 

6.94

%

Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases

Future minimum lease payments under non-cancellable leases as of June 30, 2019 are as follows:

 

(dollars in millions)

 

Operating Leases

 

 

Finance Leases

 

Six months ended December 31, 2019

 

$

6.5

 

 

$

10.3

 

2020

 

 

12.3

 

 

 

17.5

 

2021

 

 

7.3

 

 

 

13.2

 

2022

 

 

5.1

 

 

 

9.6

 

2023

 

 

4.5

 

 

 

7.6

 

Thereafter

 

 

23.9

 

 

 

45.1

 

Total future minimum lease payments

 

 

59.6

 

 

 

103.3

 

Less imputed interest

 

 

(15.0

)

 

 

(25.0

)

Total

 

$

44.6

 

 

$

78.3

 

Schedule of Future Minimum Lease Payments to be Received under Non-Cancellable Leases

Future minimum lease payments to be received under non-cancellable leases as of June 30, 2019 are as follows:

 

(dollars in millions)

 

Operating Leases

 

Six months ended December 31, 2019

 

$

1.6

 

2020

 

 

3.1

 

2021

 

 

2.4

 

2022

 

 

1.7

 

2023

 

 

1.7

 

Thereafter

 

 

18.6

 

Total future minimum lease payments

 

 

29.1

 

Less imputed interest

 

 

(10.5

)

Total

 

$

18.6