Leases

12 Months Ended

Dec. 31, 2023

Note 7. Leases

We have operating and finance leases for toll manufacturing facilities, warehouse storage, land, buildings, plant and equipment. Our leases have remaining lease terms of up to 22 years, some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:


(in millions)	Twelve Months Ended December 31		Twelve Months Ended December 31		Twelve Months Ended December 31
	2023		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	0.5
Interest on lease liabilities		—		—		—
Total finance lease cost		—		—		0.5
Operating lease cost		17.9		15.6		13.8
Short-term lease cost		8.1		7.2		3.8
Variable lease cost		—		0.3		0.3
Total lease cost	$	26.0	$	23.1	$	18.4

Supplemental cash flow information related to leases is as follows:


(in millions)	Twelve Months Ended December 31		Twelve Months Ended December 31		Twelve Months Ended December 31
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	26.1	$	23.1	$	18.1
Operating cash flows from finance leases		—		0.1		0.5
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	7.8	$	14.9	$	5.2

Supplemental balance sheet information related to leases is as follows:


(in millions except lease term and discount rate)	December 31, 2023			December 31, 2022
Operating leases:
Operating lease right-of-use assets	$	45.1		$	45.3
Current portion of operating lease liabilities	$	13.6		$	13.9
Operating lease liabilities, net of current portion		31.6			31.4
Total operating lease liabilities	$	45.2		$	45.3
Weighted average remaining lease term:
Operating leases	6.2 years			5.5 years
Weighted average discount rate:
Operating leases		3.5	%		2.6	%

Maturities of lease liabilities were as follows as at December 31, 2023:


(in millions)	Operating Leases
Within one year	$	14.0
Year two		10.0
Year three		7.3
Year four		3.3
Year five		3.0
Thereafter		12.6
Total lease payments		50.2
Less imputed interest		(5.0	)
Total	$	45.2

As of December 31, 2023, additional operating and finance leases that have not yet commenced are $5.8 million.

Future lease payment for all non-cancellable operating and finance leases as of December 31, 2022 were as follows:


(in millions)	Operating Leases
Within one year	$	14.3
Year two		8.9
Year three		6.4
Year four		5.2
Year five		1.5
Thereafter		13.5
Total lease payments		49.8
Less imputed interest		(4.5	)
Total	$	45.3

As of December 31, 2022, additional operating and finance leases that have not yet commenced are $2.7 million.