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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2023, 2022 and 2021. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2023, 2022 and 2021. Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2023, 2022 and 2021. Operating Leases We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Our expenses and payments for operating leases were as follows:
| Year Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Operating leases expense | $ | 4.1 |  |  | $ | 2.8 |  |  | $ | 3.0 |
Short-term leases expense | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.3 |
Payments on operating lease obligations | $ | 4.0 |  |  | $ | 3.1 |  |  | $ | 2.8 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position were as follows:
|  | As of December 31,
(Dollars in millions) | Financial Statement Line Item | 2023 |  | 2022
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1.5 |  |  | $ | 1.7 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 18.9 |  |  | $ | 13.0 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 0.4 |  |  | $ | 0.5 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 1.1 |  |  | $ | 1.3 |
Total finance lease obligations |  | $ | 1.5 |  |  | $ | 1.8 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 3.5 |  |  | $ | 2.8 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 15.4 |  |  | $ | 10.7 |
Total operating lease obligations |  | $ | 18.9 |  |  | $ | 13.5 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2023:
| Finance |  | Operating
(Dollars in millions) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2024 | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 4.4 |
2025 | 0.4 |  |  | — |  |  | 0.4 |  |  | 3.9 |  |  | (0.1) |  |  | 3.8 |
2026 | 0.4 |  |  | — |  |  | 0.4 |  |  | 3.1 |  |  | (0.1) |  |  | 3.0 |
2027 | 0.2 |  |  | — |  |  | 0.2 |  |  | 2.6 |  |  | — |  |  | 2.6 |
2028 | 0.1 |  |  | — |  |  | 0.1 |  |  | 1.9 |  |  | — |  |  | 1.9 |
Thereafter | 0.1 |  |  | — |  |  | 0.1 |  |  | 7.3 |  |  | — |  |  | 7.3 |
Total lease payments | 1.6 |  |  | — |  |  | 1.6 |  |  | 23.2 |  |  | (0.2) |  |  | 23.0 |
Less: Interest | (0.1) |  |  | — |  |  | (0.1) |  |  | (4.1) |  |  | — |  |  | (4.1) |
Present Value of Net Future Minimum Lease Payments | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 19.1 |  |  | $ | (0.2) |  |  | $ | 18.9 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| 2023 |  | 2022
Weighted Average Remaining Lease Term |  |  |
Finance leases | 4.0 years |  | 4.6 years
Operating leases | 7.0 years |  | 6.5 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.14% |  | 3.89%
Operating leases | 5.35% |  | 5.24%
Leases | Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2023, 2022 and 2021. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the consolidated statements of operations, was immaterial for each of the years ended December 31, 2023, 2022 and 2021. Payments made on the principal portion of our finance lease obligations were immaterial for each of the years ended December 31, 2023, 2022 and 2021. Operating Leases We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Our expenses and payments for operating leases were as follows:
| Year Ended December 31,
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Operating leases expense | $ | 4.1 |  |  | $ | 2.8 |  |  | $ | 3.0 |
Short-term leases expense | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.3 |
Payments on operating lease obligations | $ | 4.0 |  |  | $ | 3.1 |  |  | $ | 2.8 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position were as follows:
|  | As of December 31,
(Dollars in millions) | Financial Statement Line Item | 2023 |  | 2022
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1.5 |  |  | $ | 1.7 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 18.9 |  |  | $ | 13.0 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 0.4 |  |  | $ | 0.5 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 1.1 |  |  | $ | 1.3 |
Total finance lease obligations |  | $ | 1.5 |  |  | $ | 1.8 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 3.5 |  |  | $ | 2.8 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 15.4 |  |  | $ | 10.7 |
Total operating lease obligations |  | $ | 18.9 |  |  | $ | 13.5 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of December 31, 2023:
| Finance |  | Operating
(Dollars in millions) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2024 | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 4.4 |
2025 | 0.4 |  |  | — |  |  | 0.4 |  |  | 3.9 |  |  | (0.1) |  |  | 3.8 |
2026 | 0.4 |  |  | — |  |  | 0.4 |  |  | 3.1 |  |  | (0.1) |  |  | 3.0 |
2027 | 0.2 |  |  | — |  |  | 0.2 |  |  | 2.6 |  |  | — |  |  | 2.6 |
2028 | 0.1 |  |  | — |  |  | 0.1 |  |  | 1.9 |  |  | — |  |  | 1.9 |
Thereafter | 0.1 |  |  | — |  |  | 0.1 |  |  | 7.3 |  |  | — |  |  | 7.3 |
Total lease payments | 1.6 |  |  | — |  |  | 1.6 |  |  | 23.2 |  |  | (0.2) |  |  | 23.0 |
Less: Interest | (0.1) |  |  | — |  |  | (0.1) |  |  | (4.1) |  |  | — |  |  | (4.1) |
Present Value of Net Future Minimum Lease Payments | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 19.1 |  |  | $ | (0.2) |  |  | $ | 18.9 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| 2023 |  | 2022
Weighted Average Remaining Lease Term |  |  |
Finance leases | 4.0 years |  | 4.6 years
Operating leases | 7.0 years |  | 6.5 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.14% |  | 3.89%
Operating leases | 5.35% |  | 5.24%

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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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