Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

16. Leases

Operating lease cost is recognized over the lease term on a straight-line basis, while finance lease cost is amortized over the expected term on a straight-line basis. Variable lease cost not dependent on an index or rate is recognized when incurred and typically consists of amounts owed by the Company to a lessor that are not fixed, such as reimbursement for common area maintenance and utilities cost.

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

	2023			2022			2021
Amortization of right-of-use assets	$	4.1		$	3.3		$	1.5
Interest on lease liabilities		1.0			0.6			0.1
Total finance lease cost		5.1			3.9			1.6
Operating lease cost		31.4			20.4			24.0
Short term lease cost		4.4			5.6			4.2
Variable lease cost		6.2			5.0			3.0
Impairment expense (a)		3.2			—			—
Sublease income		(2.0	)		(1.7	)		(2.0	)
Total lease cost	$	48.3		$	33.2		$	30.8

(a) Impairment charge recognized in 2023 is associated with the restructuring of PhenomeX. See Note, 21 Other Charges, Net

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

	December 31,
	2023		2022
Operating leases
Operating lease assets, net	$	91.7	$	51.2
Other current liabilities		23.3		16.4
Operating lease liability—long term		74.8		34.8

	December 31,
	2023			2022			2021
Weighted average remaining lease term	5.54 years			4.6 years			5.1 years
Weighted average discount rate		5.3	%		1.8	%		1.6	%

	December 31,
	2023		2022
Finance leases
Property, plant and equipment, net	$	21.9	$	14.2
Current portion of long-term debt		5.1		2.4
Long-term debt		15.8		11.7

	December 31,
	2023			2022			2021
Weighted average remaining lease term	7.4 years			10.2 years			2.9 years
Weighted average discount rate		4.6	%		3.0	%		1.6	%

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

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	0.9	$	0.6	$	0.1
Operating cash flows from operating leases		24.0		20.1		21.2
Financing cash flows from finance leases		5.0		3.3		1.6
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	$	73.5	$	22.8	$	21.2
Finance leases		11.3		13.6		2.7

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

	Operating Leases			Finance Leases
Twelve months ending December 31:
2024	$	27.0		$	5.4
2025		23.8			4.2
2026		17.8			2.9
2027		13.3			1.5
2028		11.2			1.0
Thereafter		18.5			7.0
Total undiscounted lease payments		111.6			22.0
Less: imputed interest		(13.5	)		(1.1	)
Total lease liabilities	$	98.1		$	20.9