Leases

12 Months Ended

Dec. 31, 2023

Note 7 — Leases

At December 31, 2023, we had approximately $29.3 million of right of use assets recorded in non-current other assets, and $29.3 million of related liabilities, $22.0 million of which was included in other non-current liabilities with the current portion of $7.3 million included in accrued liabilities. The weighted average of the remaining lease terms was approximately 6 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of LIBOR or SOFR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country of origin. The weighted average interest rate used in calculating the fair values listed above was 3.7%.

The following table lists the schedule of future undiscounted cash payments related to right of use assets by year:


(In millions)
2024	$	8.1
2025		5.8
2026		5.0
2027		4.1
2028		3.7
Thereafter		6.0
Total lease payments		32.7
Less: Imputed interest		3.4
Present value of lease payments	$	29.3

Operating lease expense recognized during the year ended December 31, 2023, 2022 and 2021, was $16.1 million, $15.2 million and $15.3 million, respectively. Expense related to operating leases which have a duration of a year or less were not material. Expenses for finance leases for the years ended December 31, 2023, 2022 and 2021 were not material.


(In millions)	Balance Sheet Classification	2023		2022
Operating lease ROU assets	Other assets	$	29.3	$	49.6

Operating lease current liabilities	Accrued liabilities		7.3		10.2
Operating lease long-term liabilities	Other non-current liabilities		22.0		39.4
Total operating lease liabilities		$	29.3	$	49.6

Finance lease, gross	Property, plant & equipment, net		3.5		5.5
Finance lease accumulated depreciation	Property, plant & equipment, net		1.5		1.2
Finance lease, net		$	2.0	$	4.3

Finance lease current liabilities	Accrued liabilities		0.1		0.2
Finance lease long-term liabilities	Long-term debt		0.1		0.2
Total finance lease liabilities		$	0.2	$	0.4