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Leases and Other Commitments (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Maturity of Operating Lease Liabilities
As of December 31, 2022, the maturities of our operating and finance lease liabilities were as shown in the table below:
(In millions)Operating LeasesFinance Leases
2023$26.6 $7.3 
202425.0 6.3 
202523.9 5.4 
202623.5 5.4 
202718.3 5.4 
Thereafter18.1 65.5 
Total future lease cost (1)
135.4 95.3 
Less: Imputed interest (20.3)(31.5)
Present value of future payments115.1 63.8 
Less: Current portion(20.5)(4.2)
Long-term portion$94.6 $59.6 
(1) Total future lease cost excludes $0.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Maturity of Finance Lease Liabilities
As of December 31, 2022, the maturities of our operating and finance lease liabilities were as shown in the table below:
(In millions)Operating LeasesFinance Leases
2023$26.6 $7.3 
202425.0 6.3 
202523.9 5.4 
202623.5 5.4 
202718.3 5.4 
Thereafter18.1 65.5 
Total future lease cost (1)
135.4 95.3 
Less: Imputed interest (20.3)(31.5)
Present value of future payments115.1 63.8 
Less: Current portion(20.5)(4.2)
Long-term portion$94.6 $59.6 
(1) Total future lease cost excludes $0.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Components of Lease Expense and Other Information
The components of lease expense for the twelve months ended December 31, 2022, 2021 and 2020 were as follows:
Twelve Months Ended
December 31,
(In millions) 202220212020
Finance lease cost:
Amortization of right-of-use assets$5.6 $4.1 $2.0 
Interest on lease liabilities3.3 3.0 1.9 
Operating lease cost22.6 23.3 18.4 
Right-of-use asset impairment6.3 — — 
Short-term lease cost3.5 2.3 1.3 
Variable lease cost (1)
8.0 6.0 4.2 
Total lease cost$49.3 $38.7 $27.8 
(1) Variable lease costs are primarily related to common area maintenance charges and property taxes.
As the result of the Company’s transition to a flexible working environment, we vacated a building in San Diego during the fourth quarter and made it available for sublease. This resulted in an impairment indicator. We tested the asset group as of November 30, 2022 consisting primarily of the leasehold improvements and right-of-use asset for recoverability by comparing its carrying value to an estimate of future undiscounted cash flows. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group were below its carrying value.
We determined the fair value of the asset group by discounting the estimated future cash flows using level 3 fair value inputs under ASC 820 as described in Note 1. As a result of the impairment test, we recorded a non-cash charge of $23.0 million for the twelve months ended December 31, 2022 in the “Selling, general and administrative” caption of our consolidated statements of operations. The fair value of the asset group immediately subsequent to the impairment was $2.5 million and was categorized as Level 3 within the ASC 820, “Fair Value Measurements” fair value hierarchy.
Other information related to our leases is as follows:
Twelve Months Ended
December 31,
(Dollars in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$26.0 $23.3 $18.3 
Operating cash flows from finance leases3.1 1.9 0.7 
Financing cash flows from finance leases15.5 9.9 8.5 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases15.6 13.1 33.5 
Finance leases$16.1 $6.4 $41.7 
Weighted average remaining lease term:
Operating leases5.5 years5.5 years6.1 years
Finance leases15.2 years15.9 years23.3 years
Weighted average discount rate:
Operating leases6.0 %5.0 %5.0 %
Finance leases5.1 %5.1 %5.0 %