Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Lease cost
Lease costs are presented below:
 
(In Millions)
 
Three Months Ended March 31,
 
2020
 
2019
Operating leases
$
3.8

 
$
1.0

Finance leases:
 
 
 
Amortization of lease cost
2.1

 
0.8

Interest on lease liabilities
0.5

 
0.3

Short-term leases
4.1

 
1.7

Variable lease costs
2.8

 

Total
$
13.3

 
$
3.8

Other information related to leases was as follows:
 
(Dollars In Millions)
 
Three Months Ended March 31,
 
2020
 
2019
Cash paid for amounts included in measurement of lease liabilities:
 
 
 
Operating leases within cash flows from operating activities
$
1.1

 
$
1.0

Finance leases within cash flows from operating activities
$
0.5

 
$
0.3

Finance leases within cash flows from financing activities
$
2.1

 
$
0.8

Right-of-use assets obtained in exchange for new finance lease liabilities1
$
29.9

 
$
15.1

Weighted-average remaining lease term - operating leases (in years)
8

 
10

Weighted-average remaining lease term - finance leases (in years)
11

 
6

Weighted-average discount rate - operating leases
8.4
%
 
7.9
%
Weighted-average discount rate - finance leases
6.8
%
 
4.7
%
1 Does not include right-of-use assets obtained in the Merger of $5.3 million for the three months ended March 31, 2020.
[1]
Schedule of future minimum lease payments under noncancellable leases
Future minimum lease payments under noncancellable finance and operating leases as of March 31, 2020 were as follows:
 
(In Millions)
 
Finance
Leases
 
Operating Leases
2020 (remaining period of the year)
$
11.1

 
$
43.0

2021
13.6

 
56.0

2022
12.5

 
45.6

2023
10.6

 
39.4

2024
10.5

 
29.0

Thereafter
56.0

 
132.7

Total future minimum lease payments
114.3

 
345.7

Less imputed interest
42.9

 
104.1

Total lease payments
71.4

 
241.6

Less current portion of lease liabilities
11.4

 
40.4

Long-term lease liabilities
$
60.0

 
$
201.2


[1]
1 Does not include right-of-use assets obtained in the Merger of $5.3 million for the three months ended March 31, 2020.