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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
ROU Assets and Lease Liability Recorded on Consolidated Balance Sheets
ROU assets and lease liability balances recorded on the consolidated balance sheets are summarized as follows (in millions):
LeasesClassificationDecember 31, 2023December 31, 2022
Assets:    
Operating ROU assetsOther assets$46.4 $42.6 
Finance ROU assets Property, plant and equipment, net (1) 20.8 0.8 
Total ROU assets$67.2 $43.4 
     
Liabilities:
Current    
OperatingOther current liabilities$10.6 $9.4 
Finance Current maturities of debt 0.9 0.2 
Non-current
Operating  Operating lease liability 37.3 34.2 
FinanceLong-term debt20.8 0.4 
Total lease liabilities   $69.6 $44.2 
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(1)Finance lease assets are recorded net of accumulated amortization of $2.0 million and $0.3 million as of December 31, 2023 and December 31, 2022, respectively.
Lease Costs
The components of lease expense reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2023December 31, 2022December 31, 2021
Operating lease expenses (1)$13.8 $9.8 $6.1 
Finance lease expenses:
Depreciation of finance ROU assets (1)1.7 0.2 0.1 
Interest on lease liabilities (2)1.5 — — 
Total finance lease expense3.2 0.2 0.1 
Variable and short-term lease expense (1)7.0 6.2 3.5 
Total lease expense$24.0 $16.2 $9.7 
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(1)Included in cost of sales, selling, general and administrative expenses, and restructuring and other similar charges.
(2)Included in interest expense, net.
The weighted-average remaining lease terms and discount rates for leases are as follows:
Year Ended
Lease Term and Discount RateDecember 31, 2023December 31, 2022December 31, 2021
Weighted-average remaining lease terms (years): 
Operating leases5.96.42.8
Finance leases13.83.03.3
Weighted-average discount rate:
Operating leases6.4 %6.1 %3.3 %
Finance leases7.1 %5.2 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions):
Year Ended
December 31, 2023December 31, 2022December 31, 2021
Operating cash flows from operating leases$13.2 $9.8 $6.4 
Operating cash flows from finance leases1.5 — — 
Financing cash flows from finance leases0.8 0.2 0.1 
ROU assets obtained in exchange for lease liabilities are as follows (in millions):
Year Ended
December 31, 2023December 31, 2022December 31, 2021
Operating leases$14.4 $38.9 $1.9 
Finance leases21.8 0.5 0.1 
Future Minimum Lease Payments Under Finance Leases
Future minimum lease payments under operating and finance leases as of December 31, 2023 are as follows (in millions):
Years ending December 31,
Operating Leases (1)
Finance Leases (1)
2024$13.3 $2.4 
202510.6 2.3 
20269.1 2.3 
20278.2 2.3 
20284.8 2.3 
Thereafter12.2 23.0 
Total future minimum lease payments58.2 34.6 
Less: Imputed interest(10.3)(12.9)
Total lease liabilities$47.9 $21.7 
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(1)Excludes legally binding minimum lease payments for leases signed but not yet commenced.
Future Minimum Lease Payments Under Operating Leases
Future minimum lease payments under operating and finance leases as of December 31, 2023 are as follows (in millions):
Years ending December 31,
Operating Leases (1)
Finance Leases (1)
2024$13.3 $2.4 
202510.6 2.3 
20269.1 2.3 
20278.2 2.3 
20284.8 2.3 
Thereafter12.2 23.0 
Total future minimum lease payments58.2 34.6 
Less: Imputed interest(10.3)(12.9)
Total lease liabilities$47.9 $21.7 
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(1)Excludes legally binding minimum lease payments for leases signed but not yet commenced.