Leases (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Lease Expense, Payments for Operating Leases, and Information Related to Lease Term and Discount Rates

Our expenses and payments for operating leases were as follows:


	Three Months Ended
(Dollars in millions)	March 31, 2024		March 31, 2023
Operating leases expense	$	1.3	$	1.0
Short-term leases expense	$	0.2	$	0.1
Payments on operating lease obligations	$	1.0	$	0.8

The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:


	March 31, 2024	December 31, 2023
Weighted Average Remaining Lease Term
Finance leases	3.9 years	4.0 years
Operating leases	6.7 years	7.0 years
Weighted Average Discount Rate
Finance leases	4.22%	4.14%
Operating leases	5.37%	5.35%

Schedule of Assets and Liabilities Balance Related To Finance and Operating Leases

The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:


(Dollars in millions)	Financial Statement Line Item	March 31, 2024		December 31, 2023
Finance lease right-of-use assets	Property, plant and equipment, net	$	1.4	$	1.5
Operating lease right-of-use assets	Operating lease right-of-use assets	$	18.6	$	18.9

Finance lease obligations, current portion	Other accrued liabilities	$	0.4	$	0.4
Finance lease obligations, non-current portion	Other long-term liabilities	$	1.0	$	1.1
Total finance lease obligations		$	1.4	$	1.5

Operating lease obligations, current portion	Operating lease obligations, current portion	$	3.8	$	3.5
Operating lease obligations, non-current portion	Operating lease obligations, non-current portion	$	15.1	$	15.4
Total operating lease obligations		$	18.9	$	18.9

Schedule of Finance Lease Liability Maturity

The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024:


	Finance						Operating
(Dollars in millions)	Leases Signed		Less: Leases Not Yet Commenced		Leases in Effect		Leases Signed		Less: Leases Not Yet Commenced		Leases in Effect
2024	$	0.3	$	—	$	0.3	$	3.9	$	(0.1)	$	3.8
2025	1.5		(1.1)		0.4		5.2		(1.1)		4.1
2026	1.6		(1.2)		0.4		4.5		(1.2)		3.3
2027	1.4		(1.2)		0.2		3.7		(1.1)		2.6
2028	1.3		(1.2)		0.1		2.6		(0.8)		1.8
Thereafter	5.1		(5.0)		0.1		11.9		(4.8)		7.1
Total lease payments	11.2		(9.7)		1.5		31.8		(9.1)		22.7
Less: Interest	(1.8)		1.7		(0.1)		(6.1)		2.3		(3.8)
Present Value of Net Future Minimum Lease Payments	$	9.4	$	(8.0)	$	1.4	$	25.7	$	(6.8)	$	18.9

Schedule of Operating Lease Liability Maturity

The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024:


	Finance						Operating
(Dollars in millions)	Leases Signed		Less: Leases Not Yet Commenced		Leases in Effect		Leases Signed		Less: Leases Not Yet Commenced		Leases in Effect
2024	$	0.3	$	—	$	0.3	$	3.9	$	(0.1)	$	3.8
2025	1.5		(1.1)		0.4		5.2		(1.1)		4.1
2026	1.6		(1.2)		0.4		4.5		(1.2)		3.3
2027	1.4		(1.2)		0.2		3.7		(1.1)		2.6
2028	1.3		(1.2)		0.1		2.6		(0.8)		1.8
Thereafter	5.1		(5.0)		0.1		11.9		(4.8)		7.1
Total lease payments	11.2		(9.7)		1.5		31.8		(9.1)		22.7
Less: Interest	(1.8)		1.7		(0.1)		(6.1)		2.3		(3.8)
Present Value of Net Future Minimum Lease Payments	$	9.4	$	(8.0)	$	1.4	$	25.7	$	(6.8)	$	18.9