Leases

12 Months Ended

Dec. 31, 2019

LEASES

The Company primarily has operating lease agreements for certain land, office space, warehouse space and equipment. The Company determines if an arrangement is a lease at inception. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The interest rate used to determine the present value of future lease payments is the Company's incremental borrowing rate, as the implicit rate in its leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis for borrowings with similar terms and payments. The Company's leases may include variable payments such as common area maintenance, insurance, real estate taxes, changes in price indices or other costs, which are expensed as incurred. ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

ROU assets, current and non-current lease liabilities are reported as "Other assets," "Accrued expenses and other current liabilities" and "Other liabilities" in the Consolidated Balance Sheets, respectively. Finance leases are not material and are included in the Consolidated Balance Sheets as "Property, plant and equipment, net" and "Debt."

For 2019, 2018 and 2017, operating lease expenses are primarily included in "Selling, technical, general and administrative" in the Consolidated Statements of Operations and totaled $20.8 million, $21.6 million and $22.0 million, respectively.


	Year Ended December 31,
(dollars in millions)	2019
Supplemental Information for Operating Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	21.2
ROU assets obtained in exchange for operating lease obligations	$	9.5
Weighted average remaining lease term	7 years
Weighted average discount rate	4.9%

Maturities of lease liabilities by fiscal year for operating leases at December 31, 2019 were as follows:


(dollars in millions)
2020	$	18.7
2021	14.9
2022	12.4
2023	8.1
2024	4.4
Thereafter	14.2
Total future minimum lease payments	72.7
Less: imputed interest	(10.3)
Present value of lease liabilities	$	62.4

As of December 31, 2018, prior to the adoption of Topic 842, future minimum non-cancelable operating lease commitments were as follows:


(dollars in millions)
2019	$	19.2
2020	15.5
2021	11.9
2022	9.7
2023	7.7
Thereafter	27.9
Total	$	91.9