Leases (Tables)

6 Months Ended

Jun. 30, 2019

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

	June 30, 2019
Operating leases:
Operating lease right-of-use assets	$	238.0

Current portion of operating lease obligations	$	59.9
Long-term portion of operating lease obligations		183.4
Total operating lease obligations	$	243.3

Finance leases:
Buildings	$	0.3
Machinery and equipment		28.5
Total		28.8
Less accumulated amortization		(17.4	)
Total	$	11.4

Current portion of finance lease obligations	$	1.5
Long-term portion of finance lease obligations		16.8
Total finance lease obligations	$	18.3

Weighted-average remaining lease term (years):
Operating leases		5.9
Finance leases		9.3
Weighted-average discount rate:
Operating leases	4.38%
Finance leases	6.66%

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

	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease cost:
Amortization of finance lease assets	$	0.4	$	0.7
Interest on lease liabilities		0.3		0.6
Total finance lease cost		0.7		1.3
Operating lease cost		17.3		34.7
Short-term lease cost		6.4		10.7
Variable lease cost		3.9		9.8
Total lease cost	$	28.3	$	56.5

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

	Six Months Ended
	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	(29.5	)
Operating cash flows for finance leases		(0.7	)
Financing cash flows for finance leases		(0.6	)
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	(16.1	)
Finance leases		—

Supplemental non-cash information on changes in lease liabilities	$	28.8
Supplemental non-cash information on changes in right-of-use assets	$	6.1

The maturities of lease liabilities for operating and finance leases at June 30, 2019 were as follows (dollars in millions):

	Operating Leases			Finance Leases
2019	$	35.6		$	1.3
2020		64.3			2.7
2021		53.7			2.7
2022		36.8			2.7
2023		24.0			2.7
Thereafter		62.9			12.5
Total lease payments		277.3			24.6
Less imputed interest (a)		(34.0	)		(6.3	)
Present value of lease liabilities	$	243.3		$	18.3

(a)	Calculated using the incremental borrowing rate for each lease applied to the future payments.

The maturities of lease liabilities at December 31, 2018 under ASC 840 were as follows (dollars in millions):

	Operating Leases		Finance Leases
2019	$	70.1	$	2.7
2020		58.7		2.7
2021		47.4		2.7
2022		29.9		2.7
2023		17.8		2.7
Thereafter		46.4		12.4
Total lease payments	$	270.3		25.9
Less imputed interest (b)				(6.9	)
Present value of lease liabilities			$	19.0

(b)	Calculated using the incremental borrowing rate for each lease applied to the future payments.