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Leases (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Operating Leases and Finance Leases included in Condensed Consolidated Balance Sheets

Operating leases and finance leases are included in the condensed consolidated balance sheets as follows:

 

 

 

Classification

 

June 30, 2022

 

 

December 31, 2021

 

Lease assets

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

Assets

 

$

5.1

 

 

$

6.6

 

Finance lease right of use assets, net

 

Property, plant, and equipment, net

 

 

1.4

 

 

 

1.5

 

Total lease assets

 

 

 

$

6.5

 

 

$

8.1

 

Lease liabilities

 

 

 

 

 

 

 

 

Operating lease liabilities, current

 

Current liabilities

 

$

1.9

 

 

$

2.4

 

Operating lease liabilities, non-current

 

Non-current liabilities

 

 

3.3

 

 

 

4.3

 

Finance lease liabilities, current

 

Current portion of long-term debt

 

 

0.6

 

 

 

0.6

 

Finance lease liabilities, non-current

 

Long-term debt

 

 

0.8

 

 

 

0.9

 

Total lease liabilities

 

 

 

$

6.6

 

 

$

8.2

 

Summary of Components of Lease Costs

The components of lease costs, which are included in income from operations in our condensed consolidated statements of operations and comprehensive income (loss), were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating leases

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease costs

 

$

0.7

 

 

$

0.8

 

 

$

1.5

 

 

$

1.4

 

Variable lease costs

 

 

0.1

 

 

 

-

 

 

 

0.1

 

 

 

0.2

 

Total operating lease costs

 

$

0.8

 

 

$

0.8

 

 

$

1.6

 

 

$

1.6

 

Finance leases

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use asset

 

$

0.2

 

 

$

0.1

 

 

$

0.3

 

 

$

0.3

 

Interest on finance lease liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total finance lease costs

 

$

0.2

 

 

$

0.1

 

 

$

0.3

 

 

$

0.3

 

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows:

 

 

 

Operating

 

 

Finance

 

 

Total

 

2022

 

$

1.3

 

 

$

0.4

 

 

$

1.7

 

2023

 

 

1.7

 

 

 

0.6

 

 

 

2.3

 

2024

 

 

1.4

 

 

 

0.4

 

 

 

1.8

 

2025

 

 

1.1

 

 

 

0.1

 

 

 

1.2

 

2026

 

 

-

 

 

 

-

 

 

 

-

 

2027 and Thereafter

 

 

-

 

 

 

-

 

 

 

-

 

Total lease payments

 

 

5.5

 

 

 

1.5

 

 

 

7.0

 

Less lease interest

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.4

)

Total lease liabilities

 

$

5.2

 

 

$

1.4

 

 

$

6.6

 

Summary of Additional Information Related to Leases

Additional information related to leases is presented as follows:

 

 

 

June 30, 2022

 

December 31, 2021

Operating leases

 

 

 

 

Weighted average remaining lease term

 

3.2 years

 

3.5 years

Weighted average discount rate

 

3.7%

 

3.8%

Finance leases

 

 

 

 

Weighted average remaining lease term

 

2.7 years

 

3.0 years

Weighted average discount rate

 

3.5%

 

3.3%

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

0.7

 

 

$

0.7

 

 

$

1.4

 

 

$

1.3

 

Operating cash flows from finance leases

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Financing cash flows from finance leases

 

 

0.2

 

 

 

0.2

 

 

 

0.4

 

 

 

0.3

 

Total cash paid

 

$

0.9

 

 

$

0.9

 

 

$

1.8

 

 

$

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased assets obtained in exchange for new operating lease liabilities

 

$

-

 

 

$

1.5

 

 

$

-

 

 

$

8.6

 

Leased assets obtained in exchange for new finance lease liabilities

 

 

0.2

 

 

 

0.2

 

 

 

0.3

 

 

 

2.0

 

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

 

$

0.2

 

 

$

1.7

 

 

$

0.3

 

 

$

10.6