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Leases

6 Months Ended

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

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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

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