Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

Finance Leases

We have finance leases primarily related to manufacturing equipment. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities was $0.1 million, $0.1 million and $1.7 million for 2024, 2023 and 2022, respectively. Our expenses and payments for finance leases in 2024, 2023 and 2022, were as follows:

(Dollars in millions)	2024		2023		2022
Amortization expense of finance lease right-of-use assets	$	0.5	$	0.6	$	0.4
Interest expense on finance lease obligations	$	(0.1)	$	(0.1)	$	—
Payments on finance lease obligations	$	0.4	$	0.4	$	0.3

Operating Leases

We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Our new leases relate to facility expansion in 2024, 2023 and 2022. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities was $6.0 million, $9.6 million and $8.6 million for 2024, 2023 and 2022, respectively. Our expenses and payments for operating leases in 2024, 2023 and 2022, were as follows:

(Dollars in millions)	2024		2023		2022
Operating leases expense	$	5.3	$	4.1	$	2.8
Short-term leases expense	$	0.8	$	0.7	$	0.6
Payments on operating lease obligations	$	4.9	$	4.0	$	3.1

Lease Balances in Statements of Financial Position

The assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, as of December 31, 2024 and 2023, were as follows:

(Dollars in millions)	Financial Statement Line Item	2024		2023
Finance lease right-of-use assets	Property, plant and equipment, net	$	1.1	$	1.5
Operating lease right-of-use assets	Operating lease right-of-use assets	$	24.1	$	18.9
Finance lease obligations, current portion	Other accrued liabilities	$	0.4	$	0.4
Finance lease obligations, non-current portion	Other long-term liabilities	$	0.8	$	1.1
Total finance lease obligations		$	1.2	$	1.5
Operating lease obligations, current portion	Operating lease obligations, current portion	$	4.0	$	3.5
Operating lease obligations, non-current portion	Operating lease obligations, non-current portion	$	20.6	$	15.4
Total operating lease obligations		$	24.6	$	18.9

Net Future Minimum Lease Payments

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 December 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
2025	$	1.5	$	(1.0)	$	0.5	$	5.3	$	—	$	5.3
2026	1.6		(1.2)		0.4		4.6		—		4.6
2027	1.4		(1.2)		0.2		3.9		—		3.9
2028	1.3		(1.2)		0.1		3.1		—		3.1
2029	1.3		(1.2)		0.1		3.1		—		3.1
Thereafter	3.6		(3.6)		—		10.7		—		10.7
Total lease payments	10.7		(9.4)		1.3		30.7		—		30.7
Less: Interest	(1.6)		1.5		(0.1)		(6.1)		—		(6.1)
Present Value of Net Future Minimum Lease Payments	$	9.1	$	(7.9)	$	1.2	$	24.6	$	—	$	24.6

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:

	2024	2023
Weighted Average Remaining Lease Term
Finance leases	3.4 years	4.0 years
Operating leases	7.3 years	7.0 years
Weighted Average Discount Rate
Finance leases	4.33%	4.14%
Operating leases	5.63%	5.35%

Leases

Leases

Finance Leases

We have finance leases primarily related to manufacturing equipment. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities was $0.1 million, $0.1 million and $1.7 million for 2024, 2023 and 2022, respectively. Our expenses and payments for finance leases in 2024, 2023 and 2022, were as follows:

(Dollars in millions)	2024		2023		2022
Amortization expense of finance lease right-of-use assets	$	0.5	$	0.6	$	0.4
Interest expense on finance lease obligations	$	(0.1)	$	(0.1)	$	—
Payments on finance lease obligations	$	0.4	$	0.4	$	0.3

Operating Leases

We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Our new leases relate to facility expansion in 2024, 2023 and 2022. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities was $6.0 million, $9.6 million and $8.6 million for 2024, 2023 and 2022, respectively. Our expenses and payments for operating leases in 2024, 2023 and 2022, were as follows:

(Dollars in millions)	2024		2023		2022
Operating leases expense	$	5.3	$	4.1	$	2.8
Short-term leases expense	$	0.8	$	0.7	$	0.6
Payments on operating lease obligations	$	4.9	$	4.0	$	3.1

Lease Balances in Statements of Financial Position

The assets and liabilities balances related to finance and operating leases reflected in the consolidated statements of financial position, as of December 31, 2024 and 2023, were as follows:

(Dollars in millions)	Financial Statement Line Item	2024		2023
Finance lease right-of-use assets	Property, plant and equipment, net	$	1.1	$	1.5
Operating lease right-of-use assets	Operating lease right-of-use assets	$	24.1	$	18.9
Finance lease obligations, current portion	Other accrued liabilities	$	0.4	$	0.4
Finance lease obligations, non-current portion	Other long-term liabilities	$	0.8	$	1.1
Total finance lease obligations		$	1.2	$	1.5
Operating lease obligations, current portion	Operating lease obligations, current portion	$	4.0	$	3.5
Operating lease obligations, non-current portion	Operating lease obligations, non-current portion	$	20.6	$	15.4
Total operating lease obligations		$	24.6	$	18.9

Net Future Minimum Lease Payments

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 December 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
2025	$	1.5	$	(1.0)	$	0.5	$	5.3	$	—	$	5.3
2026	1.6		(1.2)		0.4		4.6		—		4.6
2027	1.4		(1.2)		0.2		3.9		—		3.9
2028	1.3		(1.2)		0.1		3.1		—		3.1
2029	1.3		(1.2)		0.1		3.1		—		3.1
Thereafter	3.6		(3.6)		—		10.7		—		10.7
Total lease payments	10.7		(9.4)		1.3		30.7		—		30.7
Less: Interest	(1.6)		1.5		(0.1)		(6.1)		—		(6.1)
Present Value of Net Future Minimum Lease Payments	$	9.1	$	(7.9)	$	1.2	$	24.6	$	—	$	24.6

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:

	2024	2023
Weighted Average Remaining Lease Term
Finance leases	3.4 years	4.0 years
Operating leases	7.3 years	7.0 years
Weighted Average Discount Rate
Finance leases	4.33%	4.14%
Operating leases	5.63%	5.35%