Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lease, Cost

The following table presents operating lease right-of-use assets and lease liabilities.

(Dollars in Millions)	Sep 30, 2020		Dec 31, 2019
Operating Lease Right-of-Use Assets	$	70.1	$	75.6
Operating Lease Liabilities	90.9		93.2

Lease expenses are primarily included in insurance expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below.

	Nine Months Ended				Three Months Ended
(Dollars in Millions)	Sep 30, 2020		Sep 30, 2019		Sep 30, 2020		Sep 30, 2019
Lease Cost:
Amortization of Right-of-Use Assets - Finance Leases	$	0.2	$	0.5	$	—	$	0.2
Operating Lease Cost	15.9		15.5		5.1		4.3
Short-Term Lease Cost (1)	—		0.1		—		—
Total Expense	16.1		16.1		5.1		4.5
Less: Sublease Income (2)	—		0.1		—		—
Total Lease Cost	$	16.1	$	16.0	$	5.1	$	4.5

(1) - Leases with an initial term of twelve months or less are not recorded on the balance sheet.

(2) - Sublease income consists of rent from third parties of office space and is recognized as part of other income in the Condensed Consolidated Statements of Income.

Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2020 and 2019 is as follows:

	Nine Months Ended
(Dollars in Millions)	Sep 30, 2020		Sep 30, 2019
Operating Cash Flows from Operating Lease (Fixed Payments)	$	14.8	$	15.1
Operating Cash Flows from Operating Lease (Liability Reduction)	14.0		13.3
Financing Cash Flows from Finance Leases	0.2		0.5
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	8.2		19.1

Significant judgments and assumptions for determining lease asset and liability at September 30, 2020 are presented below.

Weighted-average Remaining Lease Term - Finance Leases	1.0 year
Weighted-average Remaining Lease Term - Operating Leases	6.5 years
Weighted-average Discount Rate - Finance Leases	4.0	%
Weighted-average Discount Rate - Operating Leases	3.7	%

Schedule of Future Minimum Lease Payments for Capital and Operating Leases

Future minimum lease payments under finance and operating leases at September 30, 2020 are presented below.

(Dollars in Millions)	Finance Leases		Operating Leases
Remainder of 2020	$	0.1	$	2.2
2021	0.2		21.2
2022	—		19.7
2023	—		17.7
2024	—		11.9
2025 and Thereafter	—		31.5
Total Future Payments	$	0.3	$	104.2
Less Imputed Interest	—		13.3
Present Value of Minimum Lease Payments	$	0.3	$	90.9

Future minimum lease payments under finance and operating leases at December 31, 2019 are presented below.

(Dollars in Millions)	Finance Leases		Operating Leases
2020	$	0.3	$	20.5
2021	0.2		19.3
2022	—		17.0
2023	—		14.7
2024	—		8.3
2025 and Thereafter	—		28.1
Total Future Payments	$	0.5	$	107.9
Less Imputed Interest	—		14.7
Present Value of Minimum Lease Payments	$	0.5	$	93.2