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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Lease, Cost | The following table presents operating lease right-of-use assets and lease liabilities.
(Dollars in Millions) |  | Jun 30, 2024 |  | Dec 31, 2023
Operating Lease Right-of-Use Assets |  | $ | 38.6 |  |  | $ | 38.4 |
Operating Lease Liabilities |  | 58.7 |  |  | 62.3 |
Lease expenses are primarily included in insurance expenses in the Condensed Consolidated Statements of Income (Loss). Additional information regarding the Company’s operating leases is presented below.
|  | Three Months Ended |  | Six Months Ended
(Dollars in Millions) |  | Jun 30, 2024 |  | Jun 30, 2023 |  | Jun 30, 2024 |  | Jun 30, 2023
Lease Cost: |  |  |  |  |  |  |  |
Operating Lease Cost |  | $ | 3.8 |  |  | $ | 3.8 |  |  | $ | 7.7 |  |  | $ | 7.9 |
Variable Lease Cost |  | 1.2 |  |  | 2.1 |  |  | 2.3 |  |  | 2.2 |
Short-Term Lease Cost 1 |  | 0.2 |  |  | 0.8 |  |  | 0.2 |  |  | 0.8 |
Total Lease Cost |  | $ | 5.2 |  |  | $ | 6.7 |  |  | $ | 10.2 |  |  | $ | 10.9 |
1 Leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Balance Sheets.
Significant judgments and assumptions for determining lease asset and liability at June 30, 2024 and 2023 are presented below.
|  | Six Months Ended
|  | Jun 30, 2024 |  | Jun 30, 2023
Weighted-average Remaining Lease Term - Operating Leases |  | 5.4 years |  | 5.6 years
Weighted-average Discount Rate - Operating Leases |  | 4.4 | % |  | 3.7 | %
Lessee, Operating Lease, Liability, to be Paid, Maturity | Future minimum lease payments under operating leases at June 30, 2024 are presented below.
(Dollars in Millions) |  |  |  | June 30, 2024
Remainder of 2024 |  |  |  | $ | 10.4 |
2025 |  |  |  | 17.1 |
2026 |  |  |  | 9.6 |
2027 |  |  |  | 8.1 |
2028 |  |  |  | 5.4 |
2029 and Thereafter |  |  |  | 15.8 |
Total Future Payments |  |  |  | $ | 66.4 |
Less: Discount |  |  |  | 7.7 |
Present Value of Minimum Lease Payments |  |  |  | $ | 58.7 |

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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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- References No definition available. + 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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