Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Balance Sheet Information
The components of ROU assets and lease liabilities were as follows:
(in millions) Balance Sheet Classification September 30, 2023 December 31, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 46.8  $ 43.3 
Finance lease assets Right-of-use assets, net 2.9  1.0 
Total leased assets $ 49.7  $ 44.3 
Liabilities:
Current:
Operating Other accrued expenses $ 5.3  $ 5.3 
Financing Current maturities of long-term debt 0.9  0.3 
Noncurrent:
Operating Other long-term liabilities $ 45.4  $ 40.9 
Financing Long-term debt 2.1  0.8 
Total lease liabilities $ 53.7  $ 47.3 
Schedule of Lease Costs
The components of lease expense were as follows:
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
(in millions) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022
Operating lease cost $ 2.2  $ 2.1  $ 6.5  $ 6.1 
Variable lease cost 0.2  0.1  0.5  0.3 
Short-term lease cost —  —  —  0.1 
Finance lease cost:
Amortization of right-of-use assets $ 0.2  $ 0.1  $ 0.5  $ 0.1 
Interest on lease liabilities 0.1  —  0.1  — 
Total lease cost $ 2.7  $ 2.3  $ 7.6  $ 6.6 
Other information related to leases was as follows:
September 30, 2023 December 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases 9.07 9.66
Finance Leases 3.34 3.37
Weighted Average Discount Rate
Operating Leases 7.5% 7.1%
Finance Leases 8.4% 6.6%
Schedule of Operating Lease Maturity
As of September 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in millions)
2023 $ 2.2 
2024 8.7 
2025 8.2 
2026 7.7 
2027 7.0 
Thereafter 37.8 
Total future lease payments $ 71.6 
Less: imputed interest $ (20.9)
Present value of future lease payments $ 50.7 
Schedule of Finance Lease Maturity
As of September 30, 2023, future minimum repayments of finance leases were as follows:
(in millions)
2023 $ 0.3 
2024 1.1 
2025 1.1 
2026 0.5 
2027 0.3 
Thereafter 0.1 
Total future lease payments $ 3.4 
Less: imputed interest $ (0.4)
Present value of future lease payments $ 3.0