v3.23.2
Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases
Note 13 - Leases
The Company has operating leases for corporate offices under non-cancelable agreements with various expiration dates. Our leases do not have significant rent escalation, holidays, concessions, material residual value guarantees, material restrictive covenants, or contingent rent provisions. Our leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component. In addition, we have elected the practical expedient to exclude short-term leases, which have an original lease term of one year or less, from our right-of-use assets and lease liabilities as well as the package of practical expedients relating to adoption of Topic 842.
The Company subleases two offices. The subleases have remaining lease terms of less than eight years. Sublease income, which is recorded as a reduction of rent expense and allocated to the appropriate financial statement line items to arrive at Income from operations on our Consolidated Statements of Operations, was immaterial for the three and six months ended June 30, 2023 and 2022.
The following are additional details related to operating leases recorded on our Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:
June 30,December 31,
20232022
(in millions)
Assets
Operating lease right-of-use assets, net$67.4 $63.0 
Liabilities
Current portion of operating lease liabilities$7.8 $10.3 
Operating lease liabilities, net of current portion$73.9 $67.9 
Rent expense was $3.6 million and $3.4 million for the three months ended June 30, 2023 and 2022, respectively. Rent expense was $7.6 million and $6.8 million for the six months ended June 30, 2023 and 2022, respectively.
Other information related to leases was as follows:
(in millions)Three Months Ended June 30,Six Months Ended June 30,
Supplemental Cash Flow Information2023202220232022
Cash paid for amounts included in the measurement of operating lease liabilities$4.8 $3.1 $7.1 $6.3 
Lease liabilities arising from obtaining right-of-use assets
From new and existing lease agreements and modifications$9.8 $3.4 $9.8 $3.7 
As of
June 30, 2023December 31, 2022
Weighted average remaining lease term (in years)12.211.7
Weighted average discount rate5.8 %5.4 %
The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases to the total lease liabilities recognized as of June 30, 2023 (in millions):
Year Ending December 31,Operating Leases
2023 (excluding six months ended June 30, 2023)
$5.7 
202411.5 
202511.9 
202611.0 
20279.3 
Thereafter66.9 
Total future minimum lease payments116.3 
Less effects of discounting34.6 
Total lease liabilities$81.7 
Reported as of June 30, 2023
Current portion of operating lease liabilities$7.8 
Operating lease liabilities, net of current portion73.9 
Total lease liabilities$81.7 
The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced.
Expense associated with short term leases and variable lease costs were immaterial for the three and six months ended June 30, 2023 and 2022. The expense related to short-term leases reasonably reflected our short-term lease commitments.
Undiscounted lease payments under all leases executed and not yet commenced are anticipated to be $315.2 million, which are not included in the tabular disclosure of undiscounted future minimum lease payments under non-cancelable leases above.