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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases As of December 31, 2023, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. The Company also leases land and a manufacturing building in Malaysia, which are classified as finance leases. The Company has the option to purchase the property at any point after the completion of construction and is contractually obligated to purchase the property nine months after completion, which occurred in December 2023. Because the Company is reasonably certain to purchase the property, the lease term of each finance lease equals the economic life of the underlying asset. As of December 31, 2023, the Company had not exercised the purchase option. As of December 31, 2023, lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
| Years Ended December 31,
(in millions) | 2023 |  | 2022
Operating leases |  |  |
Operating lease asset: |  |  |
Other assets | $ | 27.9 |  |  | $ | 26.0 |
Operating lease liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 3.5 |  |  | $ | 3.6 |
Other liabilities | 29.5 |  |  | 27.4 |
Total operating lease liabilities | $ | 33.0 |  |  | $ | 31.0 |
Finance leases |  |  |
Finance lease assets: |  |  |
Property, plant and equipment, net | $ | 37.8 |  |  | $ | — |
Finance lease liabilities: |  |  |
Current portion of long-term debt and finance leases | $ | 22.9 |  |  | $ | — |
The Company’s operating and financing lease cost was as follows:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 8.8 |  |  | $ | 8.8 |  |  | $ | 6.0 |
Finance lease cost: |  |  |  |  |
Amortization of leased assets | 0.4 |  |  | — |  |  | — |
Interest on lease liabilities | 0.6 |  |  | — |  |  | — |
Total finance lease cost | 1.0 |  |  | — |  |  | — |
Total operating and financing lease cost | $ | 9.8 |  |  | $ | 8.8 |  |  | $ | 6.0 |
Maturities of lease liabilities as of December 31, 2023 are as follows:
(in millions) |  |  |
Years Ending December 31, | Operating Leases |  | Finance Lease(1)
2024 | $ | 5.7 |  |  | $ | 23.2 |
2025 | 4.7 |  |  | — |
2026 | 2.8 |  |  | — |
2027 | 2.8 |  |  | — |
2028 | 3.0 |  |  | — |
Thereafter | 33.8 |  |  | — |
Total future minimum lease payments | 52.8 |  |  | 23.2 |
Less: imputed interest | (19.8) |  |  | (0.3) |
Present value of future minimum lease payments | $ | 33.0 |  |  | $ | 22.9 |
(1) Excludes optional variable lease payments. As of December 31, 2023, the weighted average remaining lease term and weighted-average discount rate for leases were as follows:
| Operating Leases |  | Finance Leases
Weighted average remaining lease term | 12.4 years |  | 9 months
Weighted-average discount rate used to determine the lease liability | 7.1 | % |  | 6.0 | %
Leases | Leases As of December 31, 2023, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. The Company also leases land and a manufacturing building in Malaysia, which are classified as finance leases. The Company has the option to purchase the property at any point after the completion of construction and is contractually obligated to purchase the property nine months after completion, which occurred in December 2023. Because the Company is reasonably certain to purchase the property, the lease term of each finance lease equals the economic life of the underlying asset. As of December 31, 2023, the Company had not exercised the purchase option. As of December 31, 2023, lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
| Years Ended December 31,
(in millions) | 2023 |  | 2022
Operating leases |  |  |
Operating lease asset: |  |  |
Other assets | $ | 27.9 |  |  | $ | 26.0 |
Operating lease liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 3.5 |  |  | $ | 3.6 |
Other liabilities | 29.5 |  |  | 27.4 |
Total operating lease liabilities | $ | 33.0 |  |  | $ | 31.0 |
Finance leases |  |  |
Finance lease assets: |  |  |
Property, plant and equipment, net | $ | 37.8 |  |  | $ | — |
Finance lease liabilities: |  |  |
Current portion of long-term debt and finance leases | $ | 22.9 |  |  | $ | — |
The Company’s operating and financing lease cost was as follows:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 8.8 |  |  | $ | 8.8 |  |  | $ | 6.0 |
Finance lease cost: |  |  |  |  |
Amortization of leased assets | 0.4 |  |  | — |  |  | — |
Interest on lease liabilities | 0.6 |  |  | — |  |  | — |
Total finance lease cost | 1.0 |  |  | — |  |  | — |
Total operating and financing lease cost | $ | 9.8 |  |  | $ | 8.8 |  |  | $ | 6.0 |
Maturities of lease liabilities as of December 31, 2023 are as follows:
(in millions) |  |  |
Years Ending December 31, | Operating Leases |  | Finance Lease(1)
2024 | $ | 5.7 |  |  | $ | 23.2 |
2025 | 4.7 |  |  | — |
2026 | 2.8 |  |  | — |
2027 | 2.8 |  |  | — |
2028 | 3.0 |  |  | — |
Thereafter | 33.8 |  |  | — |
Total future minimum lease payments | 52.8 |  |  | 23.2 |
Less: imputed interest | (19.8) |  |  | (0.3) |
Present value of future minimum lease payments | $ | 33.0 |  |  | $ | 22.9 |
(1) Excludes optional variable lease payments. As of December 31, 2023, the weighted average remaining lease term and weighted-average discount rate for leases were as follows:
| Operating Leases |  | Finance Leases
Weighted average remaining lease term | 12.4 years |  | 9 months
Weighted-average discount rate used to determine the lease liability | 7.1 | % |  | 6.0 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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