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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

(in millions)

 

Twelve Months
Ended December 31

 

 

Twelve Months
Ended December 31

 

 

Twelve Months
Ended December 31

 

 

2023

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

   Amortization of right-of-use assets

 

$

 

 

$

 

 

$

0.5

 

   Interest on lease liabilities

 

 

 

 

 

 

 

 

 

Total finance lease cost

 

 

 

 

 

 

 

 

0.5

 

Operating lease cost

 

 

17.9

 

 

 

15.6

 

 

 

13.8

 

Short-term lease cost

 

 

8.1

 

 

 

7.2

 

 

 

3.8

 

Variable lease cost

 

 

 

 

 

0.3

 

 

 

0.3

 

Total lease cost

 

$

26.0

 

 

$

23.1

 

 

$

18.4

 

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

(in millions)

 

Twelve Months
Ended December 31

 

 

Twelve Months
Ended December 31

 

 

Twelve Months
Ended December 31

 

 

2023

 

 

2022

 

 

2021

 

Cash paid for amounts included in the
   measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

26.1

 

 

$

23.1

 

 

$

18.1

 

Operating cash flows from finance leases

 

 

 

 

 

0.1

 

 

 

0.5

 

Right-of-use assets obtained in exchange for new
   lease obligations:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

7.8

 

 

$

14.9

 

 

$

5.2

 

 

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

 

(in millions except lease term and discount rate)

 

December 31,
2023

 

 

December 31,
2022

 

Operating leases:

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

45.1

 

 

$

45.3

 

Current portion of operating lease liabilities

 

$

13.6

 

 

$

13.9

 

Operating lease liabilities, net of current portion

 

 

31.6

 

 

 

31.4

 

Total operating lease liabilities

 

$

45.2

 

 

$

45.3

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

6.2 years

 

 

5.5 years

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.5

%

 

 

2.6

%

Maturities of Lease Liabilities

Maturities of lease liabilities were as follows as at December 31, 2023:

 

(in millions)

 

Operating
Leases

 

Within one year

 

$

14.0

 

Year two

 

 

10.0

 

Year three

 

 

7.3

 

Year four

 

 

3.3

 

Year five

 

 

3.0

 

Thereafter

 

 

12.6

 

Total lease payments

 

 

50.2

 

Less imputed interest

 

 

(5.0

)

Total

 

$

45.2

 

 

As of December 31, 2023, additional operating and finance leases that have not yet commenced are $5.8 million.

Future lease payment for all non-cancellable operating and finance leases as of December 31, 2022 were as follows:

 

(in millions)

 

Operating
Leases

 

Within one year

 

$

14.3

 

Year two

 

 

8.9

 

Year three

 

 

6.4

 

Year four

 

 

5.2

 

Year five

 

 

1.5

 

Thereafter

 

 

13.5

 

Total lease payments

 

 

49.8

 

Less imputed interest

 

 

(4.5

)

Total

 

$

45.3