Leasing (Tables)

12 Months Ended

Dec. 31, 2023

Lease cost consists of the following:


	Twelve Months Ended
	December 31,
	2023		2022		2021
	(in millions)
Finance lease cost
Amortization of right-of-use assets	$	12.3	$	9.9	$	4.2
Interest on lease liabilities	5.1		4.7		2.0
Total finance lease cost	17.4		14.6		6.2

Operating lease cost	30.9		32.6		33.3
Short-term lease cost	2.1		1.4		1.6
Variable lease cost	5.8		5.6		3.2

Total lease cost	$	56.2	$	54.2	$	44.3

The following table summarizes additional information related to our lease agreements.


	Twelve Months Ended
	December 31,
	2023			2022			2021
	(in millions, except lease term and rate)

Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from finance leases	$	5.1		$	4.7		$	2.0
Operating cash flows from operating leases	36.1			37.6			35.9
Financing cash flows from finance leases	13.7			11.2			5.0

Weighted-average remaining lease term - finance leases	12.7 years			13.1 years			16.4 years
Weighted-average remaining lease term - operating leases	7.9 years			8.4 years			8.6 years

Weighted-average discount rate - finance leases	5.0		%	4.9		%	4.8		%
Weighted-average discount rate - operating leases	6.4		%	5.4		%	5.2		%

Future undiscounted minimum payments under non-cancelable leases are as follows:


	Finance Leases		Operating Leases
	(in millions)
2024	$	15.8	$	28.7
2025	12.9		24.1
2026	11.5		17.7
2027	9.6		13.6
2028	8.3		10.6
Thereafter	73.2		54.4
Total future undiscounted minimum lease payments	131.3		149.1
Less: Impact of discounting	(32.8)		(31.7)
Total	$	98.5	$	117.4

The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets are as follows:


	December 31, 2023				December 31, 2022
	Finance Leases		Operating Leases		Finance Leases		Operating Leases
	(in millions)				(in millions)
Property, plant and equipment, net	$	102.4	$	—	$	106.2	$	—
Operating lease right-of-use assets	—		115.6		—		107.2
Total	$	102.4	$	115.6	$	106.2	$	107.2

Current portion of operating lease liabilities	$	—	$	21.9	$	—	$	21.1
Accrued expenses and other	11.2		—		13.0		—
Long-term portion of operating lease liabilities	—		95.5		—		87.2
Postretirement benefits and other long-term liabilities	87.3		—		92.4		—
Total	$	98.5	$	117.4	$	105.4	$	108.3