Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.3
Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
LEASES LEASES
The Company determines if an arrangement is a lease at inception. Right-of-Use (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 Company uses its incremental borrowing rate based on the information available at the beginning of each fiscal quarter in determining the present value of future payments as most of its leases do not provide an implicit rate. ROU assets also include any lease payments made and exclude lease incentives and initial direct costs incurred. 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 minimum 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 Condensed Consolidated Balance Sheets, respectively. Finance leases are not material and are included in the Condensed Consolidated Balance Sheets as "Property, plant and equipment, net" and "Debt."
For the three and nine months ended September 30, 2019, operating lease expense are primarily included in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations and totaled $5.1 million and $15.4 million, respectively.
Nine Months Ended September 30,
 (dollars in millions) 2019
Supplemental Cash Flow Information for Operating Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 15.4   
ROU assets obtained in exchange for operating lease obligations $ 3.2   
Weighted average remaining lease term 8 years
Weighted average discount rate 5.0%   
Maturities of lease liabilities by fiscal year for operating leases at September 30, 2019 were as follows:
 (dollars in millions)
Remainder of 2019 $ 4.8   
2020 15.7   
2021 12.8   
2022 10.9   
2023 7.7   
Thereafter 25.6   
Total future minimum lease payments 77.5   
Less: imputed interest (14.5)  
Present value of lease liabilities $ 63.0   
Minimum future non-cancelable operating lease commitments at December 31, 2018 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