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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease expense

$

6.4

 

 

$

6.5

 

 

$

13.2

 

 

$

13.4

 

Short-term lease expense

 

1.5

 

 

 

1.2

 

 

 

3.9

 

 

 

2.9

 

Low-value lease expense

 

0.4

 

 

 

0.2

 

 

 

0.7

 

 

 

0.5

 

Variable lease expense

 

2.6

 

 

 

2.1

 

 

 

5.3

 

 

 

4.2

 

Finance lease expense:

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

2.5

 

 

 

1.4

 

 

 

4.8

 

 

 

2.7

 

Interest on lease liabilities

 

0.9

 

 

 

0.6

 

 

 

1.8

 

 

 

1.1

 

Sublease income

 

(0.1

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.1

)

Total lease expense

$

14.2

 

 

$

11.9

 

 

$

29.5

 

 

$

24.7

 

 

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

2024

 

 

2023

 

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

 

 

 

 

 

Operating cash flows for operating leases

$

13.1

 

 

$

12.9

 

Operating cash flows for finance leases

 

1.8

 

 

 

1.1

 

Financing cash flows for finance leases

 

4.3

 

 

 

2.4

 

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

 

 

 

 

 

Operating leases

 

7.5

 

 

 

3.4

 

Finance leases

 

10.4

 

 

 

9.7

 

Weighted Average Remaining Lease Term (in years):

 

 

 

 

 

Operating leases

 

8.8

 

 

 

9.1

 

Finance leases

 

4.6

 

 

 

4.6

 

Weighted Average Discount Rate (in %):

 

 

 

 

 

Operating leases

 

10.3

 

 

 

10.2

 

Finance leases

 

8.3

 

 

 

8.1

 

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, 2024 were as follows:

Year ending December 31,

Operating Leases

 

 

Finance Leases

 

Remainder of 2024

$

13.1

 

 

$

6.3

 

2025

 

23.6

 

 

 

12.5

 

2026

 

20.5

 

 

 

11.8

 

2027

 

19.1

 

 

 

10.1

 

2028

 

17.3

 

 

 

8.1

 

Thereafter

 

85.8

 

 

 

5.0

 

Total future minimum lease payments

 

179.4

 

 

53.8

 

Less: imputed interest

 

(64.2

)

 

 

(8.7

)

Total

$

115.2

 

 

$

45.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

June 30, 2024

 

 

December 31, 2023

 

Current portion of long-term debt

$

9.4

 

 

$

7.7

 

Current operating lease liabilities

 

15.5

 

 

 

15.9

 

Finance lease obligations, net of current portion

 

35.7

 

 

 

31.1

 

Long-term operating lease liabilities, net of current portion

 

99.7

 

 

 

99.6

 

Total

$

160.3

 

 

$

154.3