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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2022, operating lease liabilities related to the master lease agreement with Store Capital totaled $31.5 million, or 94% of the total lease liabilities on the consolidated balance sheet.
As discussed in Note 2, on October 22, 2021, the Company completed the DanChem acquisition. As part of the acquisition, the Company assumed certain operating and finance leases. As of December 31, 2022, the balances associated with these leases in the consolidated balance sheet include operating lease assets and liabilities of $0.3 million and finance lease assets and liabilities of $2.9 million.
During the year ended December 31, 2022, the Company entered into new operating lease agreements resulting in an additional $0.2 million of right-of-use assets and lease liabilities.

Balance Sheet Presentation
Operating and finance lease amounts included in the consolidated balance sheet are as follows (in thousands):
Year Ended December 31,
ClassificationFinancial Statement Line Item20222021
Operating lease assetsRight-of-use assets, operating leases$29,224 $30,811 
Finance lease assetsProperty, plant and equipment, net1,494 1,640 
Current liabilitiesCurrent portion of lease liabilities, operating leases1,056 1,104 
Current liabilitiesCurrent portion of lease liabilities, finance leases280 233 
Non-current liabilitiesNon-current portion of lease liabilities, operating leases30,911 32,059 
Non-current liabilitiesNon-current portion of lease liabilities, finance leases$1,242 $1,414 
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Year Ended December 31,
(in thousands)20222021
Operating lease cost1
$4,151 $4,099 
Finance lease cost:
Reduction in carrying amount of right-of-use assets273 100 
Interest on finance lease liabilities36 11 
Sublease income(187)— 
Total lease cost$4,273 $4,210 
1Includes short term leases, which are immaterial

Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income.

Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of December 31, 2022 are as follows:
(in thousands)OperatingFinance
2023$3,645 $311 
20243,667 257 
20253,687 244 
20263,703 244 
20273,765 244 
Thereafter36,151 327 
Total undiscounted minimum future lease payments54,618 1,627 
Imputed Interest(22,651)(105)
Total lease liabilities$31,967 $1,522 

Lease Term and Discount Rate
Year Ended December 31,
20222021
Weighted-average discount rate
Operating leases8.31 %8.30 %
Finance leases2.32 %2.27 %
Weighted-average remaining lease term
Operating leases13.61 years14.43 years
Finance leases6.06 years7.07 years
Leases Leases
The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2022, operating lease liabilities related to the master lease agreement with Store Capital totaled $31.5 million, or 94% of the total lease liabilities on the consolidated balance sheet.
As discussed in Note 2, on October 22, 2021, the Company completed the DanChem acquisition. As part of the acquisition, the Company assumed certain operating and finance leases. As of December 31, 2022, the balances associated with these leases in the consolidated balance sheet include operating lease assets and liabilities of $0.3 million and finance lease assets and liabilities of $2.9 million.
During the year ended December 31, 2022, the Company entered into new operating lease agreements resulting in an additional $0.2 million of right-of-use assets and lease liabilities.

Balance Sheet Presentation
Operating and finance lease amounts included in the consolidated balance sheet are as follows (in thousands):
Year Ended December 31,
ClassificationFinancial Statement Line Item20222021
Operating lease assetsRight-of-use assets, operating leases$29,224 $30,811 
Finance lease assetsProperty, plant and equipment, net1,494 1,640 
Current liabilitiesCurrent portion of lease liabilities, operating leases1,056 1,104 
Current liabilitiesCurrent portion of lease liabilities, finance leases280 233 
Non-current liabilitiesNon-current portion of lease liabilities, operating leases30,911 32,059 
Non-current liabilitiesNon-current portion of lease liabilities, finance leases$1,242 $1,414 
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Year Ended December 31,
(in thousands)20222021
Operating lease cost1
$4,151 $4,099 
Finance lease cost:
Reduction in carrying amount of right-of-use assets273 100 
Interest on finance lease liabilities36 11 
Sublease income(187)— 
Total lease cost$4,273 $4,210 
1Includes short term leases, which are immaterial

Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income.

Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of December 31, 2022 are as follows:
(in thousands)OperatingFinance
2023$3,645 $311 
20243,667 257 
20253,687 244 
20263,703 244 
20273,765 244 
Thereafter36,151 327 
Total undiscounted minimum future lease payments54,618 1,627 
Imputed Interest(22,651)(105)
Total lease liabilities$31,967 $1,522 

Lease Term and Discount Rate
Year Ended December 31,
20222021
Weighted-average discount rate
Operating leases8.31 %8.30 %
Finance leases2.32 %2.27 %
Weighted-average remaining lease term
Operating leases13.61 years14.43 years
Finance leases6.06 years7.07 years
Leases Leases
The Company's portfolio of leases contains both finance and operating leases that relate to real estate and manufacturing equipment. Substantially all of the value of the Company's lease portfolio relates to the Master Lease with Store Master Funding XII, LLC (“Store”), an affiliate of Store Capital Corporation ("Store Capital") that was entered into in 2016 and amended with the American Stainless acquisition in 2019 as well as the sale of land at the Munhall facility in 2020. As of December 31, 2022, operating lease liabilities related to the master lease agreement with Store Capital totaled $31.5 million, or 94% of the total lease liabilities on the consolidated balance sheet.
As discussed in Note 2, on October 22, 2021, the Company completed the DanChem acquisition. As part of the acquisition, the Company assumed certain operating and finance leases. As of December 31, 2022, the balances associated with these leases in the consolidated balance sheet include operating lease assets and liabilities of $0.3 million and finance lease assets and liabilities of $2.9 million.
During the year ended December 31, 2022, the Company entered into new operating lease agreements resulting in an additional $0.2 million of right-of-use assets and lease liabilities.

Balance Sheet Presentation
Operating and finance lease amounts included in the consolidated balance sheet are as follows (in thousands):
Year Ended December 31,
ClassificationFinancial Statement Line Item20222021
Operating lease assetsRight-of-use assets, operating leases$29,224 $30,811 
Finance lease assetsProperty, plant and equipment, net1,494 1,640 
Current liabilitiesCurrent portion of lease liabilities, operating leases1,056 1,104 
Current liabilitiesCurrent portion of lease liabilities, finance leases280 233 
Non-current liabilitiesNon-current portion of lease liabilities, operating leases30,911 32,059 
Non-current liabilitiesNon-current portion of lease liabilities, finance leases$1,242 $1,414 
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Year Ended December 31,
(in thousands)20222021
Operating lease cost1
$4,151 $4,099 
Finance lease cost:
Reduction in carrying amount of right-of-use assets273 100 
Interest on finance lease liabilities36 11 
Sublease income(187)— 
Total lease cost$4,273 $4,210 
1Includes short term leases, which are immaterial

Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the consolidated statements of income.

Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of December 31, 2022 are as follows:
(in thousands)OperatingFinance
2023$3,645 $311 
20243,667 257 
20253,687 244 
20263,703 244 
20273,765 244 
Thereafter36,151 327 
Total undiscounted minimum future lease payments54,618 1,627 
Imputed Interest(22,651)(105)
Total lease liabilities$31,967 $1,522 

Lease Term and Discount Rate
Year Ended December 31,
20222021
Weighted-average discount rate
Operating leases8.31 %8.30 %
Finance leases2.32 %2.27 %
Weighted-average remaining lease term
Operating leases13.61 years14.43 years
Finance leases6.06 years7.07 years