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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease. 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 |
Note 17 - Leases (Continued) 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.
Other Information on Operating Leases 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 | %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value. 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 |
As of June 30, 2024 and December 31, 2023, the Company did not have any finance leases.
Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain vehicles and equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease. 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 |
Note 17 - Leases (Continued) 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.
Other Information on Operating Leases 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 | %
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine its lease payments’ present value. 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 |
As of June 30, 2024 and December 31, 2023, the Company did not have any finance leases.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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