Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

15.   Leases

Operating lease cost is recognized over the lease term on a straight-line basis, while finance lease cost is amortized over the expected term on a straight-line basis. Variable lease cost not dependent on an index or rate is recognized when incurred and typically consists of amounts owed by the Company to a lessor that are not fixed, such as reimbursement for common area maintenance and utilities cost.

The components of lease expense were as follows (in millions):

	2020		2019
Amortization of right-of-use assets	$	0.7	$	0.3
Interest on lease liabilities		0.1		—
Total finance lease cost	$	0.8	$	0.3
Operating lease cost		23.3		24.9
Short term lease cost		3.9		2.2
Variable lease cost		3.4		3.5
Sublease income		(1.9)		(1.2)
Total lease cost	$	29.5	$	29.7

Prior to the adoption of the new lease standard, total rental expense under operating leases was $25.1 million during the year ended December 31, 2018.

Supplemental balance sheet information related to leases was as follows (dollars in millions):

	December 31,
	2020			2019
Operating leases
Operating lease assets, net	$	67.4		$	65.6
Other current liabilities		21.3			20.6
Operating lease liability - long term		47.0			47.0
Weighted average remaining lease term		5.2	years		5.0	years
Weighted average discount rate		1.9	%		2.3	%
Finance leases
Property, plant and equipment, net	$	3.7		$	1.7
Current portion of long-term debt		0.8			0.4
Long-term debt		2.6			1.1
Weighted average remaining lease term		3.3	years		3.7	years
Weighted average discount rate		2.2	%		3.0	%

Supplemental cash flow information related to leases was as follows (in millions):

	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	0.1	$	—
Operating cash flows from operating leases		24.0		27.1
Financing cash flows from finance leases		0.9		0.4
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	$	24.3	$	19.8
Finance leases		2.6		1.2

Future lease payments under operating leases and finance leases as follows (in millions):

	Operating Leases		Finance Leases
Twelve months ending December 31:
2021	$	22.6	$	1.2
2022		15.0		1.0
2023		10.6		0.8
2024		7.3		0.4
2025		5.6		0.1
Thereafter		10.9		—
Total undiscounted lease payments		72.0		3.5
Less: imputed interest		(3.7)		(0.1)
Total lease liabilities	$	68.3	$	3.4