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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Lease Expense, Payments for Operating Leases, and Information Related to Lease Term and Discount Rates | Our expenses and payments for operating leases were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Operating leases expense | $ | 1.3 |  |  | $ | 1.1 |  |  | $ | 3.9 |  |  | $ | 2.9 |
Short-term leases expense | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.6 |
Payments on operating lease obligations | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 3.5 |  |  | $ | 2.6 |
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:
| September 30, 2024 |  | December 31, 2023
Weighted Average Remaining Lease Term |  |  |
Finance leases | 3.6 years |  | 4.0 years
Operating leases | 7.3 years |  | 7.0 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.29% |  | 4.14%
Operating leases | 5.56% |  | 5.35%
Schedule of Assets and Liabilities Balance Related To Finance and Operating Leases | 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 | September 30, 2024 |  | December 31, 2023
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 1.4 |  |  | $ | 1.5 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 25.4 |  |  | $ | 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 | $ | 4.1 |  |  | $ | 3.5 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 21.7 |  |  | $ | 15.4 |
Total operating lease obligations |  | $ | 25.8 |  |  | $ | 18.9 |
Schedule of Finance Lease Liability Maturity | 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 September 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 | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |
2025 | 1.6 |  |  | (1.1) |  |  | 0.5 |  |  | 5.5 |  |  | — |  |  | 5.5 |
2026 | 1.7 |  |  | (1.2) |  |  | 0.5 |  |  | 4.8 |  |  | — |  |  | 4.8 |
2027 | 1.5 |  |  | (1.3) |  |  | 0.2 |  |  | 3.9 |  |  | — |  |  | 3.9 |
2028 | 1.4 |  |  | (1.3) |  |  | 0.1 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Thereafter | 5.2 |  |  | (5.1) |  |  | 0.1 |  |  | 13.0 |  |  | — |  |  | 13.0 |
Total lease payments | 11.5 |  |  | (10.0) |  |  | 1.5 |  |  | 31.9 |  |  | — |  |  | 31.9 |
Less: Interest | (1.8) |  |  | 1.7 |  |  | (0.1) |  |  | (6.1) |  |  | — |  |  | (6.1) |
Present Value of Net Future Minimum Lease Payments | $ | 9.7 |  |  | $ | (8.3) |  |  | $ | 1.4 |  |  | $ | 25.8 |  |  | $ | — |  |  | $ | 25.8 |
Schedule of Operating Lease Liability Maturity | 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 September 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 | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |
2025 | 1.6 |  |  | (1.1) |  |  | 0.5 |  |  | 5.5 |  |  | — |  |  | 5.5 |
2026 | 1.7 |  |  | (1.2) |  |  | 0.5 |  |  | 4.8 |  |  | — |  |  | 4.8 |
2027 | 1.5 |  |  | (1.3) |  |  | 0.2 |  |  | 3.9 |  |  | — |  |  | 3.9 |
2028 | 1.4 |  |  | (1.3) |  |  | 0.1 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Thereafter | 5.2 |  |  | (5.1) |  |  | 0.1 |  |  | 13.0 |  |  | — |  |  | 13.0 |
Total lease payments | 11.5 |  |  | (10.0) |  |  | 1.5 |  |  | 31.9 |  |  | — |  |  | 31.9 |
Less: Interest | (1.8) |  |  | 1.7 |  |  | (0.1) |  |  | (6.1) |  |  | — |  |  | (6.1) |
Present Value of Net Future Minimum Lease Payments | $ | 9.7 |  |  | $ | (8.3) |  |  | $ | 1.4 |  |  | $ | 25.8 |  |  | $ | — |  |  | $ | 25.8 |
Schedule of Unrecorded Unconditional Purchase Obligations | 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 September 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 | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | 1.5 |
2025 | 1.6 |  |  | (1.1) |  |  | 0.5 |  |  | 5.5 |  |  | — |  |  | 5.5 |
2026 | 1.7 |  |  | (1.2) |  |  | 0.5 |  |  | 4.8 |  |  | — |  |  | 4.8 |
2027 | 1.5 |  |  | (1.3) |  |  | 0.2 |  |  | 3.9 |  |  | — |  |  | 3.9 |
2028 | 1.4 |  |  | (1.3) |  |  | 0.1 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Thereafter | 5.2 |  |  | (5.1) |  |  | 0.1 |  |  | 13.0 |  |  | — |  |  | 13.0 |
Total lease payments | 11.5 |  |  | (10.0) |  |  | 1.5 |  |  | 31.9 |  |  | — |  |  | 31.9 |
Less: Interest | (1.8) |  |  | 1.7 |  |  | (0.1) |  |  | (6.1) |  |  | — |  |  | (6.1) |
Present Value of Net Future Minimum Lease Payments | $ | 9.7 |  |  | $ | (8.3) |  |  | $ | 1.4 |  |  | $ | 25.8 |  |  | $ | — |  |  | $ | 25.8 |

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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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- 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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