Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Leases

The Company and its subsidiaries lease certain facilities, machinery and equipment, and office buildings under long-term, non-cancelable operating leases. The leases generally provide for renewal options ranging from one to twenty years.

The following table summarizes the Company's lease costs:

	Year Ended December 31,
	2021		2020		2019
	(In millions)
Operating lease cost	$	16.0	$	15.5	$	14.2
Finance lease cost:
Amortization	2.6		2.9		4.0
Interest on lease liabilities	2.6		2.7		2.9
Short-term lease cost	0.5		0.5		0.8
Total lease costs	$	21.7	$	21.6	$	21.9

The following table summarizes the supplemental cash flow information related to leases:

	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15.6	$	13.7	$	14.2
Operating cash flows for finance leases	2.6		2.7		2.9
Financing cash flows for finance leases	2.2		2.1		3.3
Assets obtained in exchange for lease obligations:
Operating leases	36.3		11.9		7.7
Finance leases	—		—		23.8

The following table summarizes the supplemental balance sheet information related to leases:

	As of December 31,
	2021			2020
	(In millions)
Operating leases:
Operating lease right-of-use assets	$	52.6		$	46.8
Operating lease liabilities (component of other current liabilities)	$	13.4		$	13.4
Operating lease liabilities, noncurrent	41.3			35.7
Total operating lease liability	$	54.7		$	49.1
Finance leases:
Property, plant and equipment	$	52.9		$	52.9
Accumulated depreciation	(11.3)			(8.6)
Property, plant and equipment, net	$	41.6		$	44.3
Current portion of long-term debt	$	1.9		$	2.2
Long-term debt	41.5			43.4
Total finance lease liability	$	43.4		$	45.6
Weighted-average remaining lease term (in years):
Operating leases	7			7
Finance leases	16			17
Weighted-average discount rate:
Operating leases	3.8		%	4.4		%
Finance leases	5.9		%	5.9		%

The Company has additional operating leases that have not yet commenced amounting to $0.8 million. These operating leases will commence in 2022 with lease terms of up to one year.

The following table presents the maturities of lease liabilities and lease revenue in effect as of December 31, 2021:

Year Ending December 31,	Operating Leases		Finance Leases		Future Minimum Rental Income
	(In millions)
2022	$	15.2	$	4.4	$	1.9
2023	9.5		3.7		1.2
2024	5.5		3.8		1.1
2025	4.8		3.8		1.1
2026	5.0		3.9		1.2
Thereafter	22.9		49.8		5.5
Total minimum rentals	62.9		69.4		12.0
Less: imputed interest	(8.2)		(26.0)		—
Total	$	54.7	$	43.4	$	12.0

The Company also leases certain surplus facilities to third parties. The Company recorded lease income of $2.5 million, $3.3 million, and $7.5 million in 2021, 2020 and 2019, respectively, related to these arrangements, which have been included in net sales.

Leases

Leases

The Company and its subsidiaries lease certain facilities, machinery and equipment, and office buildings under long-term, non-cancelable operating leases. The leases generally provide for renewal options ranging from one to twenty years.

The following table summarizes the Company's lease costs:

	Year Ended December 31,
	2021		2020		2019
	(In millions)
Operating lease cost	$	16.0	$	15.5	$	14.2
Finance lease cost:
Amortization	2.6		2.9		4.0
Interest on lease liabilities	2.6		2.7		2.9
Short-term lease cost	0.5		0.5		0.8
Total lease costs	$	21.7	$	21.6	$	21.9

The following table summarizes the supplemental cash flow information related to leases:

	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	15.6	$	13.7	$	14.2
Operating cash flows for finance leases	2.6		2.7		2.9
Financing cash flows for finance leases	2.2		2.1		3.3
Assets obtained in exchange for lease obligations:
Operating leases	36.3		11.9		7.7
Finance leases	—		—		23.8

The following table summarizes the supplemental balance sheet information related to leases:

	As of December 31,
	2021			2020
	(In millions)
Operating leases:
Operating lease right-of-use assets	$	52.6		$	46.8
Operating lease liabilities (component of other current liabilities)	$	13.4		$	13.4
Operating lease liabilities, noncurrent	41.3			35.7
Total operating lease liability	$	54.7		$	49.1
Finance leases:
Property, plant and equipment	$	52.9		$	52.9
Accumulated depreciation	(11.3)			(8.6)
Property, plant and equipment, net	$	41.6		$	44.3
Current portion of long-term debt	$	1.9		$	2.2
Long-term debt	41.5			43.4
Total finance lease liability	$	43.4		$	45.6
Weighted-average remaining lease term (in years):
Operating leases	7			7
Finance leases	16			17
Weighted-average discount rate:
Operating leases	3.8		%	4.4		%
Finance leases	5.9		%	5.9		%

The Company has additional operating leases that have not yet commenced amounting to $0.8 million. These operating leases will commence in 2022 with lease terms of up to one year.

The following table presents the maturities of lease liabilities and lease revenue in effect as of December 31, 2021:

Year Ending December 31,	Operating Leases		Finance Leases		Future Minimum Rental Income
	(In millions)
2022	$	15.2	$	4.4	$	1.9
2023	9.5		3.7		1.2
2024	5.5		3.8		1.1
2025	4.8		3.8		1.1
2026	5.0		3.9		1.2
Thereafter	22.9		49.8		5.5
Total minimum rentals	62.9		69.4		12.0
Less: imputed interest	(8.2)		(26.0)		—
Total	$	54.7	$	43.4	$	12.0

The Company also leases certain surplus facilities to third parties. The Company recorded lease income of $2.5 million, $3.3 million, and $7.5 million in 2021, 2020 and 2019, respectively, related to these arrangements, which have been included in net sales.