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v3.22.2.2

Leases (Tables) | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Lease, Cost | The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions) |  | Sep 30, 2022 |  | Dec 31, 2021
Operating Lease Right-of-Use Assets |  | $ | 59.3 |  |  | $ | 64.4 |
Operating Lease Liabilities |  | 77.8 |  |  | 84.8 |
Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below.
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021 |  | Sep 30, 2022 |  | Sep 30, 2021
Lease Cost: |  |  |  |  |  |  |  |
Amortization of Right-of-Use Assets - Finance Leases |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.1 |
Operating Lease Cost |  | 17.2 |  |  | 16.8 |  |  | 5.8 |  |  | 5.8 |
Variable Lease Cost |  | 0.2 |  |  | 0.1 |  |  | 0.1 |  |  | — |
Short-Term Lease Cost (1) |  | 3.2 |  |  | 2.4 |  |  | 1.0 |  |  | 0.8 |
Total Lease Expense |  | $ | 20.6 |  |  | $ | 19.5 |  |  | $ | 6.9 |  |  | 6.7 |
Less: Sub-Lease Income |  | 0.1 |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total Lease Cost |  | $ | 20.5 |  |  | $ | 19.3 |  |  | $ | 6.9 |  |  | $ | 6.5 |
(1) - Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets. Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2022 and 2021 is as follows:
|  | Nine Months Ended
(Dollars in Millions) |  | Sep 30, 2022 |  | Sep 30, 2021
Operating Cash Flows from Operating Lease (Fixed Payments) |  | $ | 19.1 |  |  | $ | 17.5 |
Operating Cash Flows from Operating Lease (Liability Reduction) |  | 17.1 |  |  | 15.6 |
Financing Cash Flows from Finance Leases |  | — |  |  | 0.2 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  | 10.1 |  |  | 19.4 |
Significant judgments and assumptions for determining lease asset and liability at September 30, 2022 and 2021 are presented below.
|  | Nine Months Ended
|  | Sep 30, 2022 |  | Sep 30, 2021
Weighted-average Remaining Lease Term - Finance Leases |  | 0.3 years |  | 1.3 years
Weighted-average Remaining Lease Term - Operating Leases |  | 5.6 years |  | 6.5 years
Weighted-average Discount Rate - Finance Leases |  | 0.6 | % |  | 0.6 | %
Weighted-average Discount Rate - Operating Leases |  | 3.4 | % |  | 3.3 | %
Schedule of Future Minimum Lease Payments for Capital and Operating Leases | Future minimum lease payments under operating leases at September 30, 2022 are presented below. There are no significant future minimum lease payments under finance leases.
(Dollars in Millions) |  |  |  |
Remainder of 2022 |  |  |  | $ | 6.4 |
2023 |  |  |  | 23.9 |
2024 |  |  |  | 17.8 |
2025 |  |  |  | 12.2 |
2026 |  |  |  | 5.8 |
2027 and Thereafter |  |  |  | 21.1 |
Total Future Payments |  |  |  | $ | 87.2 |
Less Imputed Interest |  |  |  | 9.4 |
Present Value of Minimum Lease Payments |  |  |  | $ | 77.8 |

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- Definition Schedule of Future Minimum Lease Payments for Capital and Operating Leases [Table Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- References No definition available. + Details
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