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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: 1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment); and 2) the customer has the right to control the use of the identified asset. Lease payments included in the measurement of the operating lease right-of-use assets and lease liabilities are comprised of fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The components of lease expense were as follows:
| Three Months Ended March 31, |  |
($ in millions) | 2024 |  | 2023 |  |  |  |
Operating lease cost | $ | 5.6 |  |  | $ | 5.9 |  |  |  |  |
Short-term lease cost | 0.5 |  |  | 1.3 |  |  |  |  |
Variable lease cost | 1.9 |  |  | 1.7 |  |  |  |  |
Total lease cost | $ | 8.0 |  |  | $ | 8.9 |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
| Three Months Ended March 31, |  |
($ in millions) | 2024 |  |  | 2023 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 5.3 |  |  |  | $ | 4.9 |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 4.2 |  |  |  | $ | 0.6 |  |  |  |
As of March 31, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 9.4 years and 9.8 years, respectively. As of March 31, 2024 and December 31, 2023, the weighted average discount rate was 3.55% and 3.55%, respectively. Maturities of operating lease liabilities were as follows:
($ in millions) | March 31, |  | December 31, |  |  |  |  |  |
Year | 2024 |  | 2023 |  |  |  |
2024 (remaining period as of) | $ | 16.0 |  |  | $ | 20.9 |  |  |  |  |  |  |
2025 | 19.5 |  |  | 18.7 |  |  |  |  |  |  |
2026 | 16.5 |  |  | 15.7 |  |  |  |  |  |  |
2027 | 11.9 |  |  | 11.2 |  |  |  |  |  |  |
2028 | 10.1 |  |  | 9.5 |  |  |  |  |  |  |
Thereafter | 41.7 |  |  | 42.1 |  |  |  |  |  |  |
| 115.7 |  |  | 118.1 |  |  |  |  |  |  |
Less: imputed lease interest | (15.3) |  |  | (15.9) |  |  |  |  |  |  |
Total lease liabilities | $ | 100.4 |  |  | $ | 102.2 |  |  |  |  |  |  |

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- References No definition available. + 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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