Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

8. Leases

The Company has leases for manufacturing, sales, support, and engineering facilities, certain manufacturing and office equipment, and vehicles. The majority of the leases have remaining terms of 1 to 5 years, some of which include options to extend the leases for up to 6 years, and some of which include options to terminate the leases within 1 year. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain facilities to third parties.

The following table details the components of lease cost:

	Years Ended December 31,
(in millions)	2022		2021		2020
Operating lease cost (1)	$	8.2	$	9.9	$	9.9
Finance lease cost:
Amortization of right-of-use assets	2.3		2.3		2.1
Interest on lease liabilities	0.3		0.4		0.5
Sublease income	(3.5)		(3.0)		(3.0)
Total lease cost	$	7.3	$	9.6	$	9.5

(1) Includes short-term and variable lease costs, which were immaterial.

The components of lease cost other than Interest on lease liabilities are presented within the Cost of goods sold, Research and development expenses, and Selling and administrative expenses lines on the Consolidated Statements of Earnings based on the use of the underlying assets. Interest on lease liabilities is presented within the Interest expense, net line on the Consolidated Statements of Earnings.

The following table presents supplemental balance sheet information related to finance leases:

(in millions)	Balance Sheet Line	December 31, 2022		December 31, 2021
Finance lease right-of-use assets	Property, plant, and equipment, net	$	5.3	$	8.1
Current finance lease liabilities	Other accrued expenses	$	2.5	$	2.7
Long-term finance lease liabilities	Other liabilities	1.4		3.6
Total finance lease liabilities		$	3.9	$	6.3

The following table presents supplemental cash flow information related to leases:

	Years Ended December 31,
(in millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12.4	$	10.2	$	9.6
Operating cash flows from finance leases	0.3		0.4		0.5
Financing cash flows from finance leases	4.8		2.3		2.0
Lease liabilities arising from obtaining right-of-use assets:
Operating leases	$	2.0	$	6.5	$	2.2
Finance leases	0.4		0.3		0.1

The following table details weighted-average remaining lease terms and discount rates:

	December 31, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Operating leases	2.5		3.1
Finance leases	2.2		3.1
Weighted-average discount rate:
Operating leases	3.4	%	3.8	%
Finance leases	5.3	%	5.4	%

The following table details maturities of lease liabilities as of December 31, 2022:

(in millions)	Operating Leases		Finance Leases
2023	$	8.8	$	2.5
2024	4.2		1.4
2025	2.0		0.1
2026	0.7		0.1
2027	0.3		—
2028 and thereafter	—		—
Total lease payments	16.0		4.1
Less interest	(0.4)		(0.2)
Present value of lease liabilities	$	15.6	$	3.9