SunCoke Energy Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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13. Leases
- Leases
The Company's operating leases consist primarily of leases for land, office space, equipment, railcars and locomotives. Certain of our long-term leases includeone or more options to renew or to terminate, with renewal terms that can extend the lease term fromone month to 50 years. The Company's finance leases are immaterial to our consolidated financial statements.
The components of lease expense were as follows:
| Years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (Dollars in millions) | ||
| Operating leases: | ||
| Cost of products sold and operating expenses | $2.3 | $2.3 |
| Selling, general and administrative expenses | 0.5 | 0.4 |
| $2.8 | $2.7 | |
| Short-term leases: | ||
| Cost of products sold and operating expenses(1)(2) | 4.0 | 5.5 |
| Total lease expense | $6.8 | $8.2 |
(1)Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.
(2)Includes variable lease expenses, which are immaterial to the consolidated financial statements.
Supplemental balance sheet information related to leases was as follows:
| Years ended December 31, | |||
|---|---|---|---|
| Financial Statement Classification | 2023 | 2022 | |
| (Dollars in millions) | |||
| Operating ROU assets | Deferred charges and other assets | $11.6 | $11.3 |
| Operating lease liabilities: | |||
| Current operating lease liabilities | Accrued liabilities | $2.3 | $2.0 |
| Noncurrent operating lease liabilities | Other deferred credits and liabilities | 8.6 | 8.5 |
| Total operating lease liabilities | $10.9 | $10.5 | |
The weighted average remaining lease term and weighted average discount rate were as follows:
| Years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Weighted average remaining lease term of operating leases | 7.1 years | 5.9 years |
| Weighted average discount rate of operating leases | 4.7% | 4.2% |
Supplemental cash flow information related to leases was as follows:
| Years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (Dollars in millions) | ||
| Operating cash flow information: | ||
| Cash paid for amounts included in the measurement of operating lease liabilities | $2.5 | $2.4 |
| Non-cash activity: | ||
| ROU assets obtained in exchange for new operating lease liabilities | $2.6 | $0.6 |
Maturities of operating lease liabilities as of December 31, 2023 are as follows:
| (Dollars in millions) | |
|---|---|
| 2024 | $2.7 |
| 2025 | 2.6 |
| 2026 | 1.8 |
| 2027 | 1.4 |
| 2028 | 1.4 |
| 2029-Thereafter | 3.1 |
| Total lease payments | 13.0 |
| Less: imputed interest | 2.1 |
| Total lease liabilities | $10.9 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.