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v3.23.3

Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Lease, Cost | The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions) |  | Sep 30, 2023 |  | Dec 31, 2022
Operating Lease Right-of-Use Assets |  | $ | 34.7 |  |  | $ | 45.1 |
Operating Lease Liabilities |  | 60.6 |  |  | 72.6 |
Lease expenses are primarily included in Insurance Expenses in the Condensed Consolidated Statements of Loss. Additional information regarding the Company’s lease cost is presented below.
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2023 |  | Sep 30, 2022 |  | Sep 30, 2023 |  | Sep 30, 2022
Lease Cost: |  |  |  |  |  |  |  |
Operating Lease Cost |  | $ | 11.9 |  |  | $ | 17.2 |  |  | $ | 4.0 |  |  | $ | 5.8 |
Variable Lease Cost |  | 3.2 |  |  | 0.2 |  |  | 1.0 |  |  | 0.1 |
Short-Term Lease Cost 1 |  | 0.5 |  |  | 3.2 |  |  | (0.3) |  |  | 1.0 |
Total Lease Expense |  | $ | 15.6 |  |  | $ | 20.6 |  |  | $ | 4.7 |  |  | $ | 6.9 |
Less: Sub-Lease Income |  | — |  |  | 0.1 |  |  | — |  |  | — |
Total Lease Cost |  | $ | 15.6 |  |  | $ | 20.5 |  |  | $ | 4.7 |  |  | $ | 6.9 |
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 leases for the nine months ended September 30, 2023 and 2022 is as follows:
|  | Nine Months Ended
(Dollars in Millions) |  | Sep 30, 2023 |  | Sep 30, 2022
Operating Cash Flows from Operating Lease (Fixed Payments) |  | $ | 19.6 |  |  | $ | 19.1 |
Operating Cash Flows from Operating Lease (Liability Reduction) |  | 17.8 |  |  | 17.1 |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  | 6.6 |  |  | 10.1 |
As of September 30, 2023, the Company does not have any finance leases. Note 18 - Leases (Continued) Significant judgments and assumptions for determining lease asset and liability at September 30, 2023 and 2022 are presented below.
|  | Nine Months Ended
|  | Sep 30, 2023 |  | Sep 30, 2022
Weighted-average Remaining Lease Term - Finance Leases |  | N/A |  | 0.3 years
Weighted-average Remaining Lease Term - Operating Leases |  | 5.6 years |  | 5.6 years
Weighted-average Discount Rate - Finance Leases |  | N/A |  | 0.6 | %
Weighted-average Discount Rate - Operating Leases |  | 4.0 | % |  | 3.4 | %
Lessee, Operating Lease, Liability, to be Paid, Maturity | Future minimum lease payments under operating leases at September 30, 2023 are presented below. There are no significant future minimum lease payments under finance leases.
(Dollars in Millions) |  |  |  | Sep 30, 2023
Remainder of 2023 |  |  |  | $ | 5.7 |
2024 |  |  |  | 19.3 |
2025 |  |  |  | 14.5 |
2026 |  |  |  | 8.5 |
2027 |  |  |  | 6.3 |
2028 and Thereafter |  |  |  | 19.1 |
Total Future Payments |  |  |  | $ | 73.4 |
Less Imputed Interest |  |  |  | 12.8 |
Present Value of Minimum Lease Payments |  |  |  | $ | 60.6 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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