XML 62 R14.htm IDEA: XBRL DOCUMENT
v3.22.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Lessee, Operating Leases | LEASES The Company leases certain facilities within the U.S., Europe and Canada from which the Company manufactures vehicles and equipment, and provides sales, service and/or equipment rentals. Some of the Company’s lease agreements contain options to renew. The Company also leases vehicles and various other equipment. The Company’s lease agreements may contain lease and non-lease components, which are accounted for separately. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. In connection with acquisitions completed in recent years, the Company has entered into certain lease agreements for facilities owned by affiliates of the sellers. All lease agreements contain an annual rent that is considered to be market-based. Total rent paid under these arrangements was $2.8 million, $2.5 million and $1.5 million during the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s total lease liabilities under these agreements were $6.9 million and $17.3 million as of December 31, 2022 and 2021, respectively. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental collateralized borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Implicit rates are used when readily determinable. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the respective lease term. The following table summarizes the Company’s total lease costs and supplemental cash flow information arising from operating lease transactions:
(in millions) | For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Total operating lease costs (a) | $ | 11.7 |  |  | $ | 14.9 |  |  | $ | 13.3 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | 7.7 |  |  | 10.7 |  |  | 9.2 |
(a) Includes short-term leases and variable lease costs. The following table summarizes the components of lease right-of-use assets and liabilities:
(in millions) | 2022 |  | 2021 |  | Affected Line Item in Consolidated Balance Sheets
Assets |  |  |  |  |
Operating lease right-of-use assets | $ | 24.7 |  |  | $ | 29.8 |  |  | Operating lease right-of-use assets
Finance lease right-of-use assets | 1.9 |  |  | 2.0 |  |  | Properties and equipment, net
Total lease right-of-use assets | $ | 26.6 |  |  | $ | 31.8 |  |  |
Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating leases | $ | 6.9 |  |  | $ | 8.8 |  |  | Current operating lease liabilities
Finance leases | 0.7 |  |  | 0.6 |  |  | Current portion of long-term borrowings and finance lease obligations
Noncurrent: |  |  |  |  |
Operating leases | 18.5 |  |  | 22.1 |  |  | Long-term operating lease liabilities
Finance leases | 1.3 |  |  | 1.5 |  |  | Long-term borrowings and finance lease obligations
Total lease liabilities | $ | 27.4 |  |  | $ | 33.0 |  |  |
The weighted-average remaining lease terms and discount rates of the Company’s operating leases were as follows:
| 2022 |  | 2021
Weighted-average remaining lease term of operating leases | 4.9 years |  | 5.1 years
Weighted-average discount rate of operating leases | 2.5 | % |  | 2.5 | %
Maturities of operating lease liabilities as of December 31, 2022 were as follows:
(in millions) |
2023 | $ | 7.5 |
2024 | 6.1 |
2025 | 4.3 |
2026 | 3.3 |
2027 | 1.7 |
Thereafter | 4.0 |
Total lease payments | 26.9 |
Less: Imputed interest | 1.5 |
Present value of operating lease liabilities | $ | 25.4 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration