Leases

3 Months Ended

Mar. 31, 2020

Leases of Lessee Disclosure [Text Block]

Leases

A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the operating lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise.

The components of lease expense were as follows:


	Three Months Ended March 31,
($ in millions)	2020		2019
Operating lease cost	$	3.1	$	3.2
Short-term lease cost	0.2		0.2
Variable lease cost	0.8		0.6
Total lease cost	$	4.1	$	4.0

Supplemental cash flow information related to leases were as follows:


	Three Months Ended March 31,
($ in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3.2	$	3.1

Right-of-use assets obtained in exchange for new operating lease liabilities	$	2.5	$	6.8

As of March 31, 2020 and December 31, 2019, the weighted average remaining lease term for operating leases was 11.4 years and 11.7 years, respectively.

As of March 31, 2020 and December 31, 2019, the weighted average discount rate was 3.77% and 3.76%, respectively.

Maturities of operating lease liabilities were as follows:


($ in millions)	March 31,		December 31,
Year	2020		2019
2020	$	9.0	$	12.1
2021	10.9		10.4
2022	9.2		8.6
2023	8.2		7.8
2024	7.7		7.3
Thereafter	41.0		41.8
	86.0		88.0
Less: imputed lease interest	(15.4)		(16.0)
Total lease liabilities	$	70.6	$	72.0