XML 64 R26.htm IDEA: XBRL DOCUMENT
v3.24.1

Operating Leases (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Lessee, Operating Leases | Operating Leases As at December 31, 2023, the Company has recognized right-of-use operating lease assets of $61.6 million, net of impairment and operating lease liabilities of $86.1 million. Right-of-use operating lease assets comprise primarily of leased office real estate globally and other assets. For all office real estate leases, rent incentives, including reduced-rent and rent-free periods and contractually agreed rent increases during the lease term, have been included when determining the present value of future cash flows. As part of the Company’s operating effectiveness and efficiency program, the Company has consolidated its office space. Where negotiations are either in advanced stages of discussion and it is probable that the sub-lease transactions will be completed, or the Company has agreed terms to sub-lease our office space, the Company has assessed the right-of-use lease assets for impairment. During the twelve months ended December 31, 2023, no impairment has been recognized on the right-of-use lease asset (2022 — $6.7 million credit). The Company has no lease transactions between related parties. Operating lease charge. The following table summarizes the operating lease charge for the twelve months ended December 31, 2023, 2022 and 2021:
| For the Twelve Months Ended |  |
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |  |  |  |
| ($ in millions) |  |
Amortization charge on right-of-use operating leased assets | $ | 10.7 |  |  | $ | 10.1 |  |  | $ | 12.0 |  |  |  |  |
Interest on operating lease liabilities | 4.5 |  |  | 5.4 |  |  | 5.5 |  |  |  |  |
Operating lease charge | $ | 15.2 |  |  | $ | 15.5 |  |  | $ | 17.5 |  |  |  |  |
Lease Liabilities. The following table summarizes the maturity of lease liabilities under non-cancellable leases as of December 31, 2023 and 2022:
| December 31, 2023 |  | December 31, 2022 |  |  |  |
| ($ in millions) |  |
Operating leases — maturities |  |  |  |  |  |  |
2023 | $ | — |  |  | $ | 15.4 |  |  |  |  |
2024 | 15.4 |  |  | 15.2 |  |  |  |  |
2025 | 15.1 |  |  | 14.9 |  |  |  |  |
2026 | 14.3 |  |  | 14.1 |  |  |  |  |
2027 | 12.8 |  |  | 12.6 |  |  |  |  |
2028 | 12.7 |  |  | 12.4 |  |  |  |  |
Later years | 32.4 |  |  | 34.8 |  |  |  |  |
Total minimum lease payments | $ | 102.7 |  |  | $ | 119.4 |  |  |  |  |
Less imputed interest | (16.6) |  |  | (23.9) |  |  |  |  |
Total lease liabilities | $ | 86.1 |  |  | $ | 95.5 |  |  |  |  |
Other lease information. The following table summarizes the cash flows on operating leases for the twelve months ended December 31, 2023, 2022 and 2021 and other supplemental information:
| For the Twelve Months Ended |
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021 |
| ($ in millions) |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
- Operating cash outflow from operating leases | $ | (15.5) |  |  | $ | (15.5) |  |  | $ | (17.5) |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |
- Operating leases | $ | 0.2 |  |  | $ | 1.9 |  |  | $ | 23.9 |  |
Reduction to Right-of-use assets resulting from reductions to lease obligations |  |  |  |  |  |
- Operating leases | $ | 0.1 |  |  | $ | 7.0 |  |  | $ | 2.3 |  |
Weighted Averages |  |  |  |  |  |
- Operating leases, remaining lease terms (years) | 7.3 |  | 8.1 |  | 8.8 |
- Operating leases, average discount rate | 5.0 | % |  | 5.0 | % |  | 5 | % |

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration