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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)20232022
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 liabilities29.5 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)
202320222021
Operating lease cost$8.8 $8.8 $6.0 
Finance lease cost:
    Amortization of leased assets0.4 — — 
    Interest on lease liabilities0.6 — — 
Total finance lease cost1.0 — — 
    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 
20254.7 — 
20262.8 — 
20272.8 — 
20283.0 — 
Thereafter33.8 — 
    Total future minimum lease payments52.8 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 term12.4 years9 months
Weighted-average discount rate used to determine the lease liability7.1 %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)20232022
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 liabilities29.5 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)
202320222021
Operating lease cost$8.8 $8.8 $6.0 
Finance lease cost:
    Amortization of leased assets0.4 — — 
    Interest on lease liabilities0.6 — — 
Total finance lease cost1.0 — — 
    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 
20254.7 — 
20262.8 — 
20272.8 — 
20283.0 — 
Thereafter33.8 — 
    Total future minimum lease payments52.8 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 term12.4 years9 months
Weighted-average discount rate used to determine the lease liability7.1 %6.0 %