Leases

12 Months Ended

Dec. 31, 2020

Note 6 — Leases

At December 31, 2020, we had approximately $58.5 million of right of use assets recorded in non-current other assets, and $58.5 million of related liabilities, $46.5 million of which was included in other non-current liabilities with the current portion of $12.0 in accrued liabilities. The weighted average of the remaining lease terms was approximately 8 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of LIBOR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country of origin. The weighted average interest rate used in calculating the fair values listed above was 3.0%.

The following table lists the schedule of future undiscounted cash payments related to right of use assets by year:

(In millions)
2021	$	12.0
2022		10.1
2023		8.9
2024		7.8
2025		5.7
Thereafter		23.1
Total	$	67.6

Operating lease expense recognized during the year ended December 31, 2020, 2019 and 2018, was $16.2 million, $15.5 million and $13.8 million, respectively. Expense related to operating leases which have a duration of a year or less were not material. Expenses for finance leases for the years ended December 31, 2020, 2019 and 2018 were immaterial.

Lease-related assets and liabilities follows: (In millions)	Balance Sheet Classification	2020		2019
Operating lease ROU assets	Other Assets	$	58.5	$	66.5

Operating lease current liabilities	Other current liabilities		12.0		12.9
Operating lease long-term liabilities	Other long-term liabilities		46.5		53.6
Total operating lease liabilities		$	58.5	$	66.5

Finance lease, gross	Property, plant & equipment, net		5.9		5.9
Finance lease accumulated depreciation	Property, plant & equipment, net		0.5		0.5
Finance lease, net		$	5.4	$	5.4

Finance lease current liabilities	Other current liabilities		0.9		0.6
Finance lease long-term liabilities	Long-term debt		1.3		1.8
Total finance lease liabilities		$	2.2	$	2.4