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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We are a lessee in various agreements for the lease of office space, land, automobiles, and mobile equipment. All of our leases are considered operating leases. The terms of our leases vary, including the lease term and the ability to renew or extend certain leases. As part of determining the lease term and potential extensions for purposes of calculating the ROUA and ROUL, we consider our historical practices related to renewal of certain leases. The weighted average remaining lease term for our operating leases was 10.1 years as of December 31, 2024 and 11.8 years as of December 31, 2023. Certain lease payment amounts are variable in nature and change periodically based on the local market consumer price index. We use our incremental borrowing rate as the basis for the discount rate used to calculate the ROUA and ROUL, respectively, for our operating leases. The incremental borrowing rate is determined on a lease-by-lease basis and is based on the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to our lease payments. We consider the most likely financing options available for each lease based on the leased asset, legal entity party to the lease, economic environment in which the lease is denominated, the market conditions relative to the leased asset and our historical practices of obtaining financing for similar types of costs. The weighted average discount rate for our operating leases was 7.5% as of December 31, 2024 and 7.3% as of December 31, 2023. Our ROUA and ROUL balances for the years ended December 31, 2024 and December 31, 2023 were as follows (in millions):
| December 31,
| 2024 |  | 2023
ROUA(1) | $ | 21.0 |  |  | $ | 24.7 |
ROUL - current(2) | $ | 3.0 |  |  | $ | 2.3 |
ROUL - non-current(3) | 18.7 |  |  | 21.9 |
Total ROUL | $ | 21.7 |  |  | $ | 24.2 |
(1)ROUA was recorded as part of Other Assets within Non-current assets at December 31, 2024 and 2023. (2)ROUL - current was recorded as part of Accrued and other current liabilities within Current liabilities at December 31, 2024 and 2023. (3)ROUL - non-current was recorded as part of Other liabilities within Non-current liabilities at December 31, 2024 and 2023. The undiscounted maturities of our operating lease liability balances as of December 31, 2024 are as follows (in millions):
Year |
2025 | $ | 3.9 |
2026 | 3.3 |
2027 | 2.8 |
2028 | 2.8 |
2029 | 2.7 |
Thereafter | 16.2 |
Total | 31.7 |
Less: Interest | (10.0) |
ROUL | $ | 21.7 |
During 2024 and 2023, we entered into new lease obligations, which resulted in $2.0 million and $3.2 million of additional right of use assets, respectively. During 2023, we acquired $2.4 million of right of use assets related to lease obligations assumed from the Jamalco acquisition. Total operating expense includes the following (in millions):
| December 31,
| 2024 |  | 2023
Operating leases expense | $ | 5.3 |  |  | $ | 4.9 |
Short term lease expense | 3.2 |  |  | 0.6 |
Total(1) | $ | 8.5 |  |  | $ | 5.5 |
(1)Total lease expense is included in cost of goods sold and selling, general, and administrative expenses on the Consolidated Statements of Operations. We had cash outflows of $5.0 million and $4.6 million for amounts included in the ROUL balance at the beginning of the year related to our operating leases for the years ended December 31, 2024 and December 31, 2023, respectively.

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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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