Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Leases

The following table summarizes the balance sheet information related to our operating and finance leases (in millions):

	September 30, 2023		December 31, 2022
Operating Leases
Operating lease right-of-use assets, net	$	23.3	$	24.4
Accrued expenses and other liabilities	$	11.1	$	10.9
Other long-term liabilities	15.4		17.4
Total operating lease liabilities	$	26.5	$	28.3
Finance Leases
Property, plant and equipment	$	9.8	$	13.6
Less: accumulated depreciation	4.9		8.9
Property, plant and equipment, net	$	4.9	$	4.7
Accrued expenses and other liabilities	$	1.7	$	1.9
Other long-term liabilities	3.0		2.7
Total finance lease liabilities	$	4.7	$	4.6

Lease expense. Our operating lease expense, net totaled $3.5 million and $3.4 million for the three months ended September 30, 2023 and 2022 and $10.9 million and $9.2 million for the nine months ended September 30, 2023 and 2022. Our finance lease expense totaled $0.6 million and $0.9 million for the three months ended September 30, 2023 and 2022 and $2.1 million and $2.7 million for the nine months ended September 30, 2023 and 2022.

Other. During March 2022, we exercised an option to purchase crude oil railcars under certain of our finance leases as a result of our plan to exit our crude oil railcar operations. In April 2022, we sold the crude oil railcars to a third party for approximately $24.7 million and we recognized a loss on the sale of approximately $4.1 million during the nine months ended September 30, 2022.

Lessee, Finance Leases

Leases

The following table summarizes the balance sheet information related to our operating and finance leases (in millions):

	September 30, 2023		December 31, 2022
Operating Leases
Operating lease right-of-use assets, net	$	23.3	$	24.4
Accrued expenses and other liabilities	$	11.1	$	10.9
Other long-term liabilities	15.4		17.4
Total operating lease liabilities	$	26.5	$	28.3
Finance Leases
Property, plant and equipment	$	9.8	$	13.6
Less: accumulated depreciation	4.9		8.9
Property, plant and equipment, net	$	4.9	$	4.7
Accrued expenses and other liabilities	$	1.7	$	1.9
Other long-term liabilities	3.0		2.7
Total finance lease liabilities	$	4.7	$	4.6

Lease expense. Our operating lease expense, net totaled $3.5 million and $3.4 million for the three months ended September 30, 2023 and 2022 and $10.9 million and $9.2 million for the nine months ended September 30, 2023 and 2022. Our finance lease expense totaled $0.6 million and $0.9 million for the three months ended September 30, 2023 and 2022 and $2.1 million and $2.7 million for the nine months ended September 30, 2023 and 2022.

Other. During March 2022, we exercised an option to purchase crude oil railcars under certain of our finance leases as a result of our plan to exit our crude oil railcar operations. In April 2022, we sold the crude oil railcars to a third party for approximately $24.7 million and we recognized a loss on the sale of approximately $4.1 million during the nine months ended September 30, 2022.