Leases |
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Leases | NOTE 10. LEASES During the first quarter of 2023, we entered into a new operating lease for a manufacturing facility within our Architectural Specialties segment which commenced during the second quarter. Upon commencement, we recognized an initial right-of-use ("ROU") asset and lease liability of $13.0 million based on an expected lease term of approximately 5 years. During the third quarter of 2023, we modified a lease for an existing manufacturing facility within our Architectural Specialties segment; upon modification we recognized an additional ROU asset and lease liability of $8.6 million based on a modified expected lease term of 13 years. The following table presents supplemental cash flow information related to our leases:
(1) The nine months ended September 30, 2023 include increases in ROU assets of $12.3 million resulting from modifications that did not involve obtaining a new ROU asset. Modifications resulted from contractual extensions of existing leases.
The following table presents the weighted-average discount rate assumption used to compute our ROU assets and lease liabilities:
Undiscounted future minimum lease payments as of September 2023, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows:
(1) Scheduled maturities of lease liabilities represent the time period of October 1, 2023 to December 31, 2023. |