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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of lease cost

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

 

 

 

2022

 

 

2021

 

 

2020

 

Amortization of right-of-use assets

 

$

3.3

 

 

$

1.5

 

 

$

0.7

 

Interest on lease liabilities

 

 

0.6

 

 

 

0.1

 

 

 

0.1

 

Total finance lease cost

 

 

3.9

 

 

 

1.6

 

 

 

0.8

 

Operating lease cost

 

 

20.4

 

 

 

24.0

 

 

 

23.3

 

Short term lease cost

 

 

5.6

 

 

 

4.2

 

 

 

3.9

 

Variable lease cost

 

 

5.0

 

 

 

3.0

 

 

 

3.4

 

Sublease income

 

 

(1.7

)

 

 

(2.0

)

 

 

(1.9

)

Total lease cost

 

$

33.2

 

 

$

30.8

 

 

$

29.5

 

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

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Operating leases

 

 

 

 

 

 

Operating lease assets, net

 

$

51.2

 

 

$

59.9

 

Other current liabilities

 

 

16.4

 

 

 

17.9

 

Operating lease liability—long term

 

 

34.8

 

 

 

41.8

 

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Weighted average remaining lease term

 

4.6

 

 

5.1 years

 

 

5.2 years

 

Weighted average discount rate

 

 

1.8

%

 

 

1.6

%

 

 

1.9

%

 

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Finance leases

 

 

 

 

 

 

Property, plant and equipment, net

 

$

14.2

 

 

$

4.6

 

Current portion of long-term debt

 

 

2.4

 

 

 

1.7

 

Long-term debt

 

 

11.7

 

 

 

2.6

 

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Weighted average remaining lease term

 

10.2

 

 

2.9 years

 

 

3.3 years

 

Weighted average discount rate

 

 

3.0

%

 

 

1.6

%

 

 

2.2

%

Schedule of cash flow information

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

 

 

2022

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

Operating cash flows from finance leases

 

$

0.6

 

 

$

0.1

 

 

$

0.1

 

Operating cash flows from operating leases

 

 

20.1

 

 

 

21.2

 

 

 

24.0

 

Financing cash flows from finance leases

 

 

3.3

 

 

 

1.6

 

 

 

0.9

 

Right-of-use assets obtained in exchange for lease liabilities

 

 

 

 

 

 

 

 

 

Operating leases

 

$

22.8

 

 

$

21.2

 

 

$

24.3

 

Finance leases

 

 

13.6

 

 

 

2.7

 

 

 

2.6

 

 

Schedule of future minimum lease payments under non-cancellable operating leases

Future lease payments under operating leases and finance leases as follows (in millions):

 

 

 

Operating Leases

 

 

Finance Leases

 

Twelve months ending December 31:

 

 

 

 

 

 

2023

 

$

16.5

 

 

$

2.7

 

2024

 

 

11.5

 

 

 

2.2

 

2025

 

 

8.6

 

 

 

1.6

 

2026

 

 

6.1

 

 

 

1.1

 

2027

 

 

3.4

 

 

 

0.9

 

Thereafter

 

 

5.1

 

 

 

7.2

 

Total undiscounted lease payments

 

 

51.2

 

 

 

15.7

 

Less: imputed interest

 

 

 

 

 

(1.6

)

Total lease liabilities

 

$

51.2

 

 

$

14.1