Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 4. Leases

The Company has operating leases for certain service centers, office space, warehouses and equipment. The Company made payments of $4.5 million and $5.5 million for the three months ended March 31, 2023 and 2022, respectively, related to its operating lease liabilities.

The Company has finance leases primarily related to certain IT equipment. The Company made payments of $0.6 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively, related to its finance lease liabilities.

The components of lease expense were as follows:

	Three Months Ended March 31,
	2023			2022
Operating lease expense:
Operating lease expense	$	3.9		$	4.5
Sublease income		(1.1	)		(1.1	)
Net operating lease expense	$	2.8		$	3.4
Finance lease expense:
Amortization of ROU assets	$	0.6		$	0.4
Interest on lease liabilities		0.1			0.1
Total finance lease expense	$	0.7		$	0.5

The Company’s finance leases are presented on the Company’s Unaudited Condensed Consolidated Balance Sheets as follows:

	March 31, 2023		December 31, 2022
Property, plant and equipment, net	$	8.9	$	7.1
Accrued liabilities	$	2.5	$	2.0
Other noncurrent liabilities		6.6		5.1
Total	$	9.1	$	7.1

Other information related to finance leases as of and for the three months ended March 31, 2023 were as follows:

	March 31, 2023
Non-cash disclosure:
Increase in finance lease liabilities due to new ROU assets	$	2.5
Weighted-average remaining lease term	3.7 years
Weighted-average discount rate		3.4	%