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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense for the years ended December 31, 2022, 2021 and 2020 were as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Operating lease expense:

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

17.8

 

 

$

19.2

 

 

$

26.6

 

Sublease income

 

 

(4.4

)

 

 

(4.3

)

 

 

(4.5

)

Net operating lease expense

 

$

13.4

 

 

$

14.9

 

 

$

22.1

 

 

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1.8

 

 

$

0.8

 

 

$

 

Interest on lease liabilities

 

 

0.2

 

 

 

0.1

 

 

 

 

Total finance lease expense

 

$

2.0

 

 

$

0.9

 

 

$

 

Summary of Company's Finance Leases Presented within Unaudited Condensed Consolidated Balance Sheets

The Company’s finance lease liabilities as of December 31, 2022 and 2021 are presented within the Company’s audited Consolidated Balance Sheets as follows:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Property, plant and equipment, net

 

$

7.1

 

 

$

7.5

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

2.0

 

 

$

1.6

 

Other noncurrent liabilities

 

 

5.1

 

 

 

5.9

 

Total

 

$

7.1

 

 

$

7.5

 

 

Summary of Other Information Related to Operating Leases

Other information related to operating and finance leases for the years ended December 31, 2022, 2021 and 2020 and as of December 31, 2022 and 2021 was as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid related to operating leases

 

$

20.9

 

 

$

23.2

 

 

$

25.5

 

Cash paid related to finance leases

 

 

1.8

 

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash disclosure:

 

 

 

 

 

 

 

 

 

Increase in operating lease liabilities due to new ROU assets

 

$

 

 

$

4.2

 

 

$

6.0

 

Increase in operating lease liabilities due to lease modifications and remeasurements

 

 

7.1

 

 

 

3.2

 

 

 

6.0

 

Increase in finance lease liabilities due to new ROU assets

 

 

1.4

 

 

 

8.3

 

 

 

 

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

3.2 years

 

 

4.0 years

 

Finance leases

 

3.4 years

 

 

4.4 years

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.6

%

 

 

3.8

%

Finance leases

 

 

2.5

%

 

 

2.3

%

 

Summary of Maturities of Lease Liabilities for Operating Leases

As of December 31, 2022, future maturities of lease liabilities were as follows:

 

 

 

Operating Leases

 

 

Finance Leases

 

2023

 

$

17.6

 

 

$

2.2

 

2024

 

 

14.8

 

 

 

2.2

 

2025

 

 

9.5

 

 

 

2.0

 

2026

 

 

3.4

 

 

 

1.0

 

2027

 

 

0.7

 

 

 

 

2028 and thereafter

 

 

1.4

 

 

 

 

Total lease payments

 

 

47.4

 

 

 

7.4

 

Less: Interest

 

 

(2.7

)

 

 

(0.3

)

Present value of lease liabilities

 

$

44.7

 

 

$

7.1