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Leases | 6 Months Ended
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Jun. 30, 2024
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 condensed consolidated statements of operations, was immaterial for each of the three- and six-month periods ended June 30, 2024 and 2023. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three- and six-month periods ended June 30, 2024 and 2023. 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:
| Three Months Ended |  | Six Months Ended
(Dollars in millions) | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Operating leases expense | $ | 1.3 |  |  | $ | 0.8 |  |  | $ | 2.6 |  |  | $ | 1.8 |
Short-term leases expense | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.4 |
Payments on operating lease obligations | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | 2.4 |  |  | $ | 1.7 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in millions) | Financial Statement Line Item | June 30, 2024 |  | December 31, 2023
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1.3 |  |  | $ | 1.5 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 17.6 |  |  | $ | 18.9 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 0.4 |  |  | $ | 0.4 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 1.0 |  |  | $ | 1.1 |
Total finance lease obligations |  | $ | 1.4 |  |  | $ | 1.5 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 3.7 |  |  | $ | 3.5 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 14.1 |  |  | $ | 15.4 |
Total operating lease obligations |  | $ | 17.8 |  |  | $ | 18.9 |
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 June 30, 2024:
| 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 | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 2.5 |  |  | $ | (0.1) |  |  | $ | 2.4 |
2025 | 1.5 |  |  | (1.1) |  |  | 0.4 |  |  | 5.2 |  |  | (1.1) |  |  | 4.1 |
2026 | 1.6 |  |  | (1.2) |  |  | 0.4 |  |  | 4.6 |  |  | (1.2) |  |  | 3.4 |
2027 | 1.4 |  |  | (1.2) |  |  | 0.2 |  |  | 3.7 |  |  | (1.1) |  |  | 2.6 |
2028 | 1.3 |  |  | (1.2) |  |  | 0.1 |  |  | 2.6 |  |  | (0.8) |  |  | 1.8 |
Thereafter | 5.0 |  |  | (4.9) |  |  | 0.1 |  |  | 11.9 |  |  | (4.8) |  |  | 7.1 |
Total lease payments | 11.0 |  |  | (9.6) |  |  | 1.4 |  |  | 30.5 |  |  | (9.1) |  |  | 21.4 |
Less: Interest | (1.6) |  |  | 1.6 |  |  | — |  |  | (5.9) |  |  | 2.3 |  |  | (3.6) |
Present Value of Net Future Minimum Lease Payments | $ | 9.4 |  |  | $ | (8.0) |  |  | $ | 1.4 |  |  | $ | 24.6 |  |  | $ | (6.8) |  |  | $ | 17.8 |
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:
| June 30, 2024 |  | December 31, 2023
Weighted Average Remaining Lease Term |  |  |
Finance leases | 3.6 years |  | 4.0 years
Operating leases | 6.5 years |  | 7.0 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.24% |  | 4.14%
Operating leases | 5.39% |  | 5.35%
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 condensed consolidated statements of operations, was immaterial for each of the three- and six-month periods ended June 30, 2024 and 2023. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three- and six-month periods ended June 30, 2024 and 2023. 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:
| Three Months Ended |  | Six Months Ended
(Dollars in millions) | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Operating leases expense | $ | 1.3 |  |  | $ | 0.8 |  |  | $ | 2.6 |  |  | $ | 1.8 |
Short-term leases expense | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.4 |
Payments on operating lease obligations | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | 2.4 |  |  | $ | 1.7 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in millions) | Financial Statement Line Item | June 30, 2024 |  | December 31, 2023
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1.3 |  |  | $ | 1.5 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 17.6 |  |  | $ | 18.9 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 0.4 |  |  | $ | 0.4 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 1.0 |  |  | $ | 1.1 |
Total finance lease obligations |  | $ | 1.4 |  |  | $ | 1.5 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 3.7 |  |  | $ | 3.5 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 14.1 |  |  | $ | 15.4 |
Total operating lease obligations |  | $ | 17.8 |  |  | $ | 18.9 |
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 June 30, 2024:
| 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 | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 2.5 |  |  | $ | (0.1) |  |  | $ | 2.4 |
2025 | 1.5 |  |  | (1.1) |  |  | 0.4 |  |  | 5.2 |  |  | (1.1) |  |  | 4.1 |
2026 | 1.6 |  |  | (1.2) |  |  | 0.4 |  |  | 4.6 |  |  | (1.2) |  |  | 3.4 |
2027 | 1.4 |  |  | (1.2) |  |  | 0.2 |  |  | 3.7 |  |  | (1.1) |  |  | 2.6 |
2028 | 1.3 |  |  | (1.2) |  |  | 0.1 |  |  | 2.6 |  |  | (0.8) |  |  | 1.8 |
Thereafter | 5.0 |  |  | (4.9) |  |  | 0.1 |  |  | 11.9 |  |  | (4.8) |  |  | 7.1 |
Total lease payments | 11.0 |  |  | (9.6) |  |  | 1.4 |  |  | 30.5 |  |  | (9.1) |  |  | 21.4 |
Less: Interest | (1.6) |  |  | 1.6 |  |  | — |  |  | (5.9) |  |  | 2.3 |  |  | (3.6) |
Present Value of Net Future Minimum Lease Payments | $ | 9.4 |  |  | $ | (8.0) |  |  | $ | 1.4 |  |  | $ | 24.6 |  |  | $ | (6.8) |  |  | $ | 17.8 |
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:
| June 30, 2024 |  | December 31, 2023
Weighted Average Remaining Lease Term |  |  |
Finance leases | 3.6 years |  | 4.0 years
Operating leases | 6.5 years |  | 7.0 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.24% |  | 4.14%
Operating leases | 5.39% |  | 5.35%

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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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