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Leases - The Company as Lessee

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases - The Company as Lessee

Leases - The Company as a Lessee

Principal non-cancelable operating leases include land that have lease terms that expire through 2031. Management expects that in the normal course of business, most operating leases will be renewed or replaced by other similar leases. The Company has equipment under finance leases with terms that expire through 2028.

Lease expense for operating leases that provide for future escalations are accounted for on a straight-line basis. For the years ended December 31, 2023 and 2022, lease expense under operating and finance leases was as follows (in millions):

						2023						2022						2021
Lease cost - operating and finance leases
Operating lease cost						$	2.0					$	2.7					$	2.5
Finance lease cost:
Amortization of right-of-use assets						0.2						0.1						—
Interest on lease liabilities						0.1						—						—
Total lease cost - operating and finance leases						$	2.3					$	2.8					$	2.5

Other amounts relating to leases segregated between those for finance and operating leases include the following for the years ended December 31, 2023 and 2022 (dollars in millions):

						2023						2022						2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases						$	2.0					$	2.7					$	2.5
Operating cash outflows from financing leases						$	0.1					$	—					$	—
Financing cash flows from finance leases						$	0.2					$	0.1					$	—
Other details:
Weighted-average remaining lease term (years) - operating leases						2.5						3.0						3.7
Weighted-average remaining lease term (years) - finance leases						4.2						4.8						0.0
Weighted-average discount rate - operating leases						4.4		%				4.2		%				4.4		%
Weighted-average discount rate - finance leases						4.8		%				4.1		%				—		%

Future lease payments under non-cancelable operating and finance leases as of December 31, 2023, were as follows (in millions):

						Operating Leases						Finance Leases
2024						$	1.6					$	0.3
2025						0.1						0.3
2026						0.1						0.3
2027						0.1						2.0
2028						0.1						1.2
Thereafter						0.2						—
Total lease payments						$	2.2					$	4.1
Less: Interest						(1.1)						—
Total lease liabilities						$	1.1					$	4.1

ROU assets and lease liabilities related to operating leases are presented separately on the consolidated balance sheets. Information for finance leases as of the years ended December 31, 2023 and 2022, were as follows (in millions):

			Consolidated Balance Sheet Location						2023						2022
Assets
ROU assets			Real estate property, net						$	4.2					$	2.6
Liabilities
Lease liabilities			Notes payable and other debt						$	4.1					$	2.6

Leases - The Company as Lessee

Leases - The Company as a Lessee

Principal non-cancelable operating leases include land that have lease terms that expire through 2031. Management expects that in the normal course of business, most operating leases will be renewed or replaced by other similar leases. The Company has equipment under finance leases with terms that expire through 2028.

Lease expense for operating leases that provide for future escalations are accounted for on a straight-line basis. For the years ended December 31, 2023 and 2022, lease expense under operating and finance leases was as follows (in millions):

						2023						2022						2021
Lease cost - operating and finance leases
Operating lease cost						$	2.0					$	2.7					$	2.5
Finance lease cost:
Amortization of right-of-use assets						0.2						0.1						—
Interest on lease liabilities						0.1						—						—
Total lease cost - operating and finance leases						$	2.3					$	2.8					$	2.5

Other amounts relating to leases segregated between those for finance and operating leases include the following for the years ended December 31, 2023 and 2022 (dollars in millions):

						2023						2022						2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases						$	2.0					$	2.7					$	2.5
Operating cash outflows from financing leases						$	0.1					$	—					$	—
Financing cash flows from finance leases						$	0.2					$	0.1					$	—
Other details:
Weighted-average remaining lease term (years) - operating leases						2.5						3.0						3.7
Weighted-average remaining lease term (years) - finance leases						4.2						4.8						0.0
Weighted-average discount rate - operating leases						4.4		%				4.2		%				4.4		%
Weighted-average discount rate - finance leases						4.8		%				4.1		%				—		%

Future lease payments under non-cancelable operating and finance leases as of December 31, 2023, were as follows (in millions):

						Operating Leases						Finance Leases
2024						$	1.6					$	0.3
2025						0.1						0.3
2026						0.1						0.3
2027						0.1						2.0
2028						0.1						1.2
Thereafter						0.2						—
Total lease payments						$	2.2					$	4.1
Less: Interest						(1.1)						—
Total lease liabilities						$	1.1					$	4.1

ROU assets and lease liabilities related to operating leases are presented separately on the consolidated balance sheets. Information for finance leases as of the years ended December 31, 2023 and 2022, were as follows (in millions):

			Consolidated Balance Sheet Location						2023						2022
Assets
ROU assets			Real estate property, net						$	4.2					$	2.6
Liabilities
Lease liabilities			Notes payable and other debt						$	4.1					$	2.6

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- References

No definition available.

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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

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X

- 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

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