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v3.23.2

Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases: We lease office space, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2035. Our operating and finance leases generally have one- to eight-year terms. Certain leases also include options to purchase the leased property. In March 2023, we renewed the lease on our corporate headquarters office space for a term of 11 years. The lease commences on June 1, 2024 and expires in May 2035. The minimum lease payment obligations due under this lease are $19.8 million. The components of lease costs are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost: |  |  |  |  |  |  |
General and administrative expenses | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 10.1 |  |  | $ | 9.9 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | 0.7 |  |  | 0.9 |  |  | 1.5 |  |  | 1.9 |
Interest on lease liabilities | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Total finance lease cost | 0.7 |  |  | 1.0 |  |  | 1.6 |  |  | 2.0 |
Total lease cost | $ | 5.7 |  |  | $ | 5.9 |  |  | $ | 11.7 |  |  | $ | 11.9 |
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
| Classification |  | As of June 30, 2023 |  | As of December 31, 2022
Assets |  |  |  |  |
Operating lease | Operating lease right-of-use assets |  | $ | 49.3 |  |  | $ | 42.0 |
Finance lease(1) | Property and equipment, net |  | 8.7 |  |  | 10.1 |
Total lease assets |  |  | $ | 58.0 |  |  | $ | 52.1 |
Liabilities |  |  |  |  |
Current Liabilities: |  |  |  |  |
Operating lease | Current portion of operating lease liabilities |  | $ | 11.7 |  |  | $ | 14.0 |
Finance lease | Current portion of long-term debt |  | 2.5 |  |  | 3.1 |
Noncurrent liabilities |  |  |  |  |
Operating lease | Long-term operating lease liabilities, net of current portion |  | 37.5 |  |  | 28.1 |
Finance lease | Long-term debt, net of current portion |  | 1.5 |  |  | 2.1 |
Total lease liabilities |  |  | $ | 53.2 |  |  | $ | 47.3 |
(1) Finance lease assets are recorded net of accumulated amortization of $20.6 million and $21.3 million as of June 30, 2023 and December 31, 2022, respectively.
| As of June 30,
| 2023 |  | 2022
Weighted Average Remaining Lease Term |  |  |
Operating lease | 5.9 years |  | 3.5 years
Finance lease | 1.8 years |  | 1.9 years
Weighted Average Discount Rate |  |  |
Operating lease | 6.3 | % |  | 4.0 | %
Finance lease | 3.4 | % |  | 2.4 | %
Maturities of lease liabilities as of June 30, 2023 are as follows (in millions):
| Operating Leases |  | Finance Leases
July 1 through December 31, 2023 | $ | 6.2 |  |  | $ | 1.4 |
2024 | 9.4 |  |  | 1.8 |
2025 | 11.8 |  |  | 0.7 |
2026 | 9.0 |  |  | 0.1 |
2027 | 6.5 |  |  | 0.1 |
2028 | 4.0 |  |  | — |
2029 and thereafter | 14.7 |  |  | — |
Total lease payments | 61.6 |  |  | 4.1 |
Less: Interest portion | (12.4) |  |  | (0.1) |
Total lease liabilities | $ | 49.2 |  |  | $ | 4.0 |
Supplemental cash flow information related to our leases is as follows (in millions):
| Six Months Ended June 30, |  |
| 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 8.0 |  |  | $ | 8.6 |  |  |
Financing cash flows from finance leases | 1.8 |  |  | 2.6 |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 15.2 |  |  | $ | 3.3 |  |  |
Finance leases | 0.5 |  |  | 2.3 |  |  |
In July 2023, we amended the lease on our corporate headquarters office space to include additional square footage. The minimum lease payment obligations due under the amended lease are $23.8 million. We are still evaluating the terms of the lease and are assessing the financial impact of the renewed lease agreement.
Leases | Leases: We lease office space, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2035. Our operating and finance leases generally have one- to eight-year terms. Certain leases also include options to purchase the leased property. In March 2023, we renewed the lease on our corporate headquarters office space for a term of 11 years. The lease commences on June 1, 2024 and expires in May 2035. The minimum lease payment obligations due under this lease are $19.8 million. The components of lease costs are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost: |  |  |  |  |  |  |
General and administrative expenses | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 10.1 |  |  | $ | 9.9 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | 0.7 |  |  | 0.9 |  |  | 1.5 |  |  | 1.9 |
Interest on lease liabilities | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Total finance lease cost | 0.7 |  |  | 1.0 |  |  | 1.6 |  |  | 2.0 |
Total lease cost | $ | 5.7 |  |  | $ | 5.9 |  |  | $ | 11.7 |  |  | $ | 11.9 |
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
| Classification |  | As of June 30, 2023 |  | As of December 31, 2022
Assets |  |  |  |  |
Operating lease | Operating lease right-of-use assets |  | $ | 49.3 |  |  | $ | 42.0 |
Finance lease(1) | Property and equipment, net |  | 8.7 |  |  | 10.1 |
Total lease assets |  |  | $ | 58.0 |  |  | $ | 52.1 |
Liabilities |  |  |  |  |
Current Liabilities: |  |  |  |  |
Operating lease | Current portion of operating lease liabilities |  | $ | 11.7 |  |  | $ | 14.0 |
Finance lease | Current portion of long-term debt |  | 2.5 |  |  | 3.1 |
Noncurrent liabilities |  |  |  |  |
Operating lease | Long-term operating lease liabilities, net of current portion |  | 37.5 |  |  | 28.1 |
Finance lease | Long-term debt, net of current portion |  | 1.5 |  |  | 2.1 |
Total lease liabilities |  |  | $ | 53.2 |  |  | $ | 47.3 |
(1) Finance lease assets are recorded net of accumulated amortization of $20.6 million and $21.3 million as of June 30, 2023 and December 31, 2022, respectively.
| As of June 30,
| 2023 |  | 2022
Weighted Average Remaining Lease Term |  |  |
Operating lease | 5.9 years |  | 3.5 years
Finance lease | 1.8 years |  | 1.9 years
Weighted Average Discount Rate |  |  |
Operating lease | 6.3 | % |  | 4.0 | %
Finance lease | 3.4 | % |  | 2.4 | %
Maturities of lease liabilities as of June 30, 2023 are as follows (in millions):
| Operating Leases |  | Finance Leases
July 1 through December 31, 2023 | $ | 6.2 |  |  | $ | 1.4 |
2024 | 9.4 |  |  | 1.8 |
2025 | 11.8 |  |  | 0.7 |
2026 | 9.0 |  |  | 0.1 |
2027 | 6.5 |  |  | 0.1 |
2028 | 4.0 |  |  | — |
2029 and thereafter | 14.7 |  |  | — |
Total lease payments | 61.6 |  |  | 4.1 |
Less: Interest portion | (12.4) |  |  | (0.1) |
Total lease liabilities | $ | 49.2 |  |  | $ | 4.0 |
Supplemental cash flow information related to our leases is as follows (in millions):
| Six Months Ended June 30, |  |
| 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 8.0 |  |  | $ | 8.6 |  |  |
Financing cash flows from finance leases | 1.8 |  |  | 2.6 |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 15.2 |  |  | $ | 3.3 |  |  |
Finance leases | 0.5 |  |  | 2.3 |  |  |
In July 2023, we amended the lease on our corporate headquarters office space to include additional square footage. The minimum lease payment obligations due under the amended lease are $23.8 million. We are still evaluating the terms of the lease and are assessing the financial impact of the renewed lease agreement.

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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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