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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

NOTE 12.  LEASES

 

The following table presents our lease costs:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Operating lease cost

 

$

5.6

 

 

$

6.8

 

Finance lease cost

 

 

 

 

 

 

 

 

Amortization of leased assets

 

$

2.0

 

 

$

-

 

Interest on lease liabilities

 

 

0.6

 

 

 

-

 

Total finance lease cost

 

$

2.6

 

 

$

-

 

 

Short-term lease expense and variable lease cost were not material for the years ended December 31, 2020 and 2019. Rent expense was $6.1 million in 2018. As of December 31, 2020, we did not have any material leases that have not yet commenced.

 

The following table presents supplemental cash flow information related to our leases:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5.4

 

 

$

6.8

 

Operating cash flows from finance leases

 

 

0.6

 

 

 

-

 

Financing cash flows from finance leases

 

 

1.8

 

 

 

-

 

ROU assets obtained in exchange for lease liabilities

 

 

 

 

 

 

 

 

Operating leases (1)

 

$

5.4

 

 

$

41.6

 

Finance leases

 

 

2.6

 

 

 

-

 

 

(1)

The year ended December 31, 2019 includes initial ROU assets of $29.2 million recognized upon adoption on January 1, 2019.

 

 

The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities:

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Weighted average remaining lease term (in years)

 

 

 

 

 

 

 

 

Operating leases

 

6.5

 

 

8.6

 

Finance leases

 

 

10.7

 

 

 

-

 

Weighted average discount rate

 

 

 

 

 

 

 

 

Operating leases

 

 

4.0

%

 

 

4.4

%

Finance leases

 

 

3.6

%

 

 

-

 

 

Undiscounted future minimum lease payments as of December 31, 2020, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows:

 

 

 

Operating Leases

 

 

Finance Leases

 

Maturity of lease liabilities

 

 

 

 

 

 

 

 

2021

 

$

5.5

 

 

$

2.7

 

2022

 

 

4.1

 

 

 

2.8

 

2023

 

 

3.0

 

 

 

2.7

 

2024

 

 

2.1

 

 

 

2.5

 

2025

 

 

1.7

 

 

 

2.4

 

Thereafter

 

 

6.0

 

 

 

12.5

 

Total lease payments

 

 

22.4

 

 

 

25.6

 

Less interest

 

 

(3.0

)

 

 

(4.8

)

Present value of lease liabilities

 

$

19.4

 

 

$

20.8