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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 7 — Leases At December 31, 2023, we had approximately $29.3 million of right of use assets recorded in non-current other assets, and $29.3 million of related liabilities, $22.0 million of which was included in other non-current liabilities with the current portion of $7.3 million included in accrued liabilities. The weighted average of the remaining lease terms was approximately 6 years. We discount the future lease payments of our leases using the prevailing rates extended to us by our lenders relevant to the period of inception. These rates are comprised of LIBOR or SOFR plus a stated spread less a component related to collateralization. The rates are relative to the duration of the lease at inception and the country of origin. The weighted average interest rate used in calculating the fair values listed above was 3.7%. The following table lists the schedule of future undiscounted cash payments related to right of use assets by year:
(In millions) |  |  |
2024 |  | $ | 8.1 |
2025 |  |  | 5.8 |
2026 |  |  | 5.0 |
2027 |  |  | 4.1 |
2028 |  |  | 3.7 |
Thereafter |  |  | 6.0 |
Total lease payments |  |  | 32.7 |
Less: Imputed interest |  |  | 3.4 |
Present value of lease payments |  | $ | 29.3 |
Operating lease expense recognized during the year ended December 31, 2023, 2022 and 2021, wa s $16.1 million, $15.2 million and $15.3 million, respectively. Expense related to operating leases which have a duration of a year or less were not material. Expenses for finance leases for the years ended December 31, 2023, 2022 and 2021 were not material.
(In millions) | Balance Sheet Classification |  | 2023 |  | 2022 |
Operating lease ROU assets | Other assets |  | $ | 29.3 |  | $ | 49.6 |
Operating lease current liabilities | Accrued liabilities |  |  | 7.3 |  |  | 10.2 |
Operating lease long-term liabilities | Other non-current liabilities |  |  | 22.0 |  |  | 39.4 |
Total operating lease liabilities |  |  | $ | 29.3 |  | $ | 49.6 |
Finance lease, gross | Property, plant & equipment, net |  |  | 3.5 |  |  | 5.5 |
Finance lease accumulated depreciation | Property, plant & equipment, net |  |  | 1.5 |  |  | 1.2 |
Finance lease, net |  |  | $ | 2.0 |  | $ | 4.3 |
Finance lease current liabilities | Accrued liabilities |  |  | 0.1 |  |  | 0.2 |
Finance lease long-term liabilities | Long-term debt |  |  | 0.1 |  |  | 0.2 |
Total finance lease liabilities |  |  | $ | 0.2 |  | $ | 0.4 |

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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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