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Leases
 9 Months Ended
Sep. 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 nine-month periods ended September 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 nine-month periods ended September 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 EndedNine Months Ended
(Dollars in millions)September 30, 2024September 30, 2023September 30, 2024September 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 
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 ItemSeptember 30, 2024December 31, 2023
Finance lease right-of-use assetsProperty, plant and equipment, net$1.4 $1.5 
Operating lease right-of-use assetsOperating lease right-of-use assets$25.4 $18.9 
Finance lease obligations, current portionOther accrued liabilities$0.4 $0.4 
Finance lease obligations, non-current portionOther long-term liabilities$1.0 $1.1 
Total finance lease obligations$1.4 $1.5 
Operating lease obligations, current portionOperating lease obligations, current portion$4.1 $3.5 
Operating lease obligations, non-current portionOperating lease obligations, non-current portion$21.7 $15.4 
Total operating lease obligations$25.8 $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 September 30, 2024:
FinanceOperating
(Dollars in millions)Leases SignedLess: Leases Not Yet CommencedLeases in EffectLeases SignedLess: Leases Not Yet CommencedLeases in Effect
2024$0.1 $— $0.1 $1.5 $— $1.5 
20251.6 (1.1)0.5 5.5 — 5.5 
20261.7 (1.2)0.5 4.8 — 4.8 
20271.5 (1.3)0.2 3.9 — 3.9 
20281.4 (1.3)0.1 3.2 — 3.2 
Thereafter5.2 (5.1)0.1 13.0 — 13.0 
Total lease payments11.5 (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 
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, 2024December 31, 2023
Weighted Average Remaining Lease Term
Finance leases3.6 years4.0 years
Operating leases7.3 years7.0 years
Weighted Average Discount Rate
Finance leases4.29%4.14%
Operating leases5.56%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 nine-month periods ended September 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 nine-month periods ended September 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 EndedNine Months Ended
(Dollars in millions)September 30, 2024September 30, 2023September 30, 2024September 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 
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 ItemSeptember 30, 2024December 31, 2023
Finance lease right-of-use assetsProperty, plant and equipment, net$1.4 $1.5 
Operating lease right-of-use assetsOperating lease right-of-use assets$25.4 $18.9 
Finance lease obligations, current portionOther accrued liabilities$0.4 $0.4 
Finance lease obligations, non-current portionOther long-term liabilities$1.0 $1.1 
Total finance lease obligations$1.4 $1.5 
Operating lease obligations, current portionOperating lease obligations, current portion$4.1 $3.5 
Operating lease obligations, non-current portionOperating lease obligations, non-current portion$21.7 $15.4 
Total operating lease obligations$25.8 $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 September 30, 2024:
FinanceOperating
(Dollars in millions)Leases SignedLess: Leases Not Yet CommencedLeases in EffectLeases SignedLess: Leases Not Yet CommencedLeases in Effect
2024$0.1 $— $0.1 $1.5 $— $1.5 
20251.6 (1.1)0.5 5.5 — 5.5 
20261.7 (1.2)0.5 4.8 — 4.8 
20271.5 (1.3)0.2 3.9 — 3.9 
20281.4 (1.3)0.1 3.2 — 3.2 
Thereafter5.2 (5.1)0.1 13.0 — 13.0 
Total lease payments11.5 (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 
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, 2024December 31, 2023
Weighted Average Remaining Lease Term
Finance leases3.6 years4.0 years
Operating leases7.3 years7.0 years
Weighted Average Discount Rate
Finance leases4.29%4.14%
Operating leases5.56%5.35%