Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases LEASES
The Company's leases, excluding short-term leases, have remaining terms of less than one year to ten years, some of which include options to extend for up to ten years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table summarizes components of lease expense:

Three Months Ended Six Months Ended
June 30,
2021
June 30,
2020
June 30,
2021
June 30,
2020
Finance lease cost $ 0.1  $ 0.1  $ 0.2  $ 0.2 
Operating lease cost 1.0  1.6  2.2  2.8 
Short-term lease cost 0.9  0.5  1.3  0.7 
Total lease cost $ 2.0  $ 2.2  $ 3.7  $ 3.7 
The following table summarizes supplemental balance sheet information related to leases:

Lease Category Balance Sheet Classification June 30,
2021
December 31, 2020
Assets
   Operating lease assets Operating lease assets $ 19.9  $ 8.5 
   Finance lease assets Property, plant and equipment, net 1.0  1.0 
Total lease assets $ 20.9  $ 9.5 
Liabilities
   Current
      Operating lease liabilities Current operating lease liabilities $ 2.3  $ 2.7 
      Finance lease liabilities Current installments of long-term debt 0.4  0.3 
   Noncurrent
      Operating lease liabilities Noncurrent operating lease liabilities 17.7  5.8 
      Finance lease liabilities Long-term debt, net of unamortized debt issuance costs 0.6  0.7 
Total lease liabilities $ 21.0  $ 9.5 

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

Six Months Ended
June 30,
2021
June 30,
2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 2.2  $ 2.8 
Financing cash flows from finance leases 0.2  0.2 
ROU assets obtained in exchange for lease obligations:
Operating leases 12.3  1.1 
Finance leases 0.1  0.3 

During the six months ended June 30, 2021, the Company added $11.6 million of additional ROU assets related to the commencement of the Technical Center and Headquarters leases.

The following table summarizes weighted average remaining lease term and weighted average discount rate:

June 30,
2021
December 31, 2020
Weighted average remaining lease term - Operating leases (in years) 7.6 4.1
Weighted average remaining lease term - Finance leases (in years) 2.6 3.0
Weighted average discount rate - Operating leases (%) 11.4  % 9.5  %
Weighted average discount rate - Finances leases (%) 7.9  % 7.1  %
Maturities of lease liabilities at June 30, 2021 were as follows:

Operating Leases Finance Leases
2021 (excluding the six months ended June 30, 2021) $ 2.1  $ 0.2 
2022 4.5  0.4 
2023 4.2  0.3 
2024 3.9  0.1 
2025 3.3  0.1 
Thereafter 13.5  — 
Total lease payments $ 31.5  $ 1.1 
Less: Unamortized interest 11.5  0.1 
Total $ 20.0  $ 1.0