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Leases (Tables)
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating lease expense

$

6.5

 

 

$

6.3

 

 

$

13.4

 

 

$

12.3

 

Short-term lease expense

 

1.2

 

 

 

0.7

 

 

 

2.9

 

 

 

1.7

 

Low-value lease expense

 

0.2

 

 

 

0.1

 

 

 

0.5

 

 

 

0.1

 

Variable lease expense

 

2.1

 

 

 

1.5

 

 

 

4.2

 

 

 

2.7

 

Finance lease expense:

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

1.4

 

 

 

0.9

 

 

 

2.7

 

 

 

1.7

 

Interest on lease liabilities

 

0.6

 

 

 

0.2

 

 

 

1.1

 

 

 

0.4

 

Sublease income

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

Total lease expense

$

11.9

 

 

$

9.6

 

 

$

24.7

 

 

$

18.8

 

 

Schedule of Additional Information Related To Leases

Additional information related to leases is presented in the table below:

 

Six Months Ended June 30,

 

Supplemental Cash Flows Information

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

$

12.9

 

 

$

11.8

 

Operating cash flows for finance leases

 

1.1

 

 

 

0.4

 

Financing cash flows for finance leases

 

2.4

 

 

 

1.6

 

Non-cash right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

Operating leases

 

3.4

 

 

 

4.7

 

Finance leases

 

9.7

 

 

 

5.0

 

Weighted Average Remaining Lease Term (in years):

 

 

 

 

 

Operating leases

 

9.1

 

 

 

7.1

 

Finance leases

 

4.6

 

 

 

4.8

 

Weighted Average Discount Rate (in %):

 

 

 

 

 

Operating leases

 

10.2

 

 

 

6.6

 

Finance leases

 

8.1

 

 

 

6.0

 

Schedule of Minimum Future Lease Payments under Non-cancellable Operating and Finance Leases

Minimum future lease payments under non-cancellable operating and finance leases described above as of June 30, 2023 were as follows:

Years

Operating Leases

 

 

Finance Leases

 

Remainder of 2023

$

12.6

 

 

$

3.7

 

2024

 

23.8

 

 

 

7.2

 

2025

 

20.4

 

 

 

7.0

 

2026

 

17.2

 

 

 

6.2

 

2027

 

15.9

 

 

 

4.5

 

Thereafter

 

89.2

 

 

 

3.1

 

Total future minimum lease payments

 

179.1

 

 

31.7

 

Less: imputed interest

 

(66.2

)

 

 

(5.1

)

Total

$

112.9

 

 

$

26.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022

June 30, 2023

 

 

December 31, 2022

 

Current portion of long-term debt

$

5.5

 

 

$

4.2

 

Current operating lease liabilities

 

15.3

 

 

 

14.8

 

Finance lease obligations, net of current portion

 

21.1

 

 

 

15.4

 

Long-term operating lease liabilities, net of current portion

 

97.6

 

 

 

101.9

 

Total

$

139.5

 

 

$

136.3