Leases

12 Months Ended

Dec. 31, 2023

We have operating leases for buildings, vehicles and certain equipment. The Company has applied practical expedients for leases with a fair value of less than $5,000 or a lease term of less than twelve months. The majority of our leases have remaining lease terms of one to five years, with one building having 49 years remaining.

None of our leases were classified as finance leases in any of the years disclosed.

The components of the lease expense is as follows:


	Years ended December 31,
In millions	2023		2022		2021
Operating lease cost	$	4.6	$	4.2	$	3.4

Supplemental cash flow information related to leases was as follows:


	Years ended December 31,
In millions	2023		2022		2021
Operating cash flows from operating leases	$	4.6	$	4.2	$	3.4

During the year ended December 31, 2023, there were additional operating leases entered into totaling $0.5 million (2022: $17.7 million, 2021: $2.3 million). There was also a $1.6 million impairment recognized in 2023 in relation to the Graphic Arts segment. These are non-cash items but will impact cash in future years.

Supplemental balance sheet information related to leases was as follows:


	December 31,			December 31,
In millions	2023			2022
Operating leases
Operating lease right-of-use asset	$	15.4		$	19.8

Other current liabilities	4.7			4.7
Other non-current liabilities	15.0			18.2
	$	19.7		$	22.9

Weighted Average Remaining Lease Term (Years)	11.9			12.0
Weighted Average Discount Rate	4.48		%	4.48		%

Maturities of lease liabilities were as follows:


In millions	2023
2024	$	5.4
2025	5.1
2026	4.1
2027	1.5
2028	1.2
Thereafter	8.7
Total lease payments	$	26.0
Less imputed interest	(6.3)
Total	$	19.7