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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Components of Lease Costs | The components of lease costs were as follows (in millions):
| Year Ended December 31, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Operating lease cost | $ | 58.6 |  |  | $ | 54.0 |  |  | $ | 13.9 |  |  | $ | 53.3 |
Finance lease cost - amortization |  | 13.8 |  |  |  | 9.9 |  |  |  | 2.1 |  |  |  | 5.4 |
Finance lease cost - interest |  | 1.4 |  |  |  | 0.6 |  |  |  | 0.1 |  |  |  | 0.4 |
Variable lease cost |  | 31.7 |  |  |  | 31.9 |  |  |  | 7.1 |  |  |  | 34.0 |
Short-term lease cost |  | 11.1 |  |  |  | 11.1 |  |  |  | 2.5 |  |  |  | 9.5 |
Summary of Supplemental Information Related to Leases | Supplemental information related to leases was as follows (in millions):
|  |  |  | December 31, 2023 |
|  | Balance Sheet Classification |  | Operating leases |  |  | Finance leases |  |  | Total |
Lease right of use assets |  | Other long-term assets |  | $ | 205.9 |  |  | $ | 58.4 |  |  | $ | 264.3 |
Current lease liabilities |  | Other current liabilities |  |  | 38.6 |  |  |  | 15.4 |  |  |  | 54.0 |
Long-term lease liabilities |  | Other long-term liabilities |  |  | 178.1 |  |  |  | 43.9 |  |  |  | 222.0 |
Weighted average remaining lease term |  |  |  | 7.2 years |  |  | 5.7 years |  |  |  |
Weighted average discount rates |  |  |  |  | 3.8 | % |  |  | 3.9 | % |  |  |
|  |  |  | December 31, 2022 |
|  | Balance Sheet Classification |  | Operating leases |  |  | Finance leases |  |  | Total |
Lease right of use assets |  | Other long-term assets |  | $ | 209.2 |  |  | $ | 28.0 |  |  | $ | 237.2 |
Current lease liabilities |  | Other current liabilities |  |  | 44.6 |  |  |  | 9.9 |  |  |  | 54.5 |
Long-term lease liabilities |  | Other long-term liabilities |  |  | 174.7 |  |  |  | 18.7 |  |  |  | 193.4 |
Weighted average remaining lease term |  |  |  | 7.9 years |  |  | 4.0 years |  |  |  |
Weighted average discount rates |  |  |  |  | 3.4 | % |  |  | 2.5 | % |  |  |
Summary Right of Use Assets Balance for Leases by Segment | The table below presents the right of use asset balance for leases disaggregated by segment and type of lease (in millions):
|  | December 31, 2023 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and intersegment eliminations |  |  | Total |
Operating Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate leases |  | $ | 83.9 |  |  | $ | 39.3 |  |  | $ | 58.5 |  |  | $ | 9.8 |  |  | $ | 191.5 |
Equipment leases |  |  | 6.4 |  |  |  | 1.0 |  |  |  | 2.1 |  |  |  | 4.9 |  |  |  | 14.4 |
|  | $ | 90.3 |  |  | $ | 40.3 |  |  | $ | 60.6 |  |  | $ | 14.7 |  |  | $ | 205.9 |
Finance Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate leases |  | $ | 8.9 |  |  | $ | 2.4 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 11.9 |
Equipment leases |  |  | 4.9 |  |  |  | 5.6 |  |  |  | 2.3 |  |  |  | 33.7 |  |  |  | 46.5 |
|  | $ | 13.8 |  |  | $ | 8.0 |  |  | $ | 2.9 |  |  | $ | 33.7 |  |  | $ | 58.4 |
|  | December 31, 2022 |
|  | Access |  |  | Defense |  |  | Vocational |  |  | Corporate and intersegment eliminations |  |  | Total |
Operating Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate leases |  | $ | 77.2 |  |  | $ | 45.7 |  |  | $ | 62.9 |  |  | $ | 9.6 |  |  | $ | 195.4 |
Equipment leases |  |  | 3.6 |  |  |  | 1.1 |  |  |  | 2.6 |  |  |  | 6.5 |  |  |  | 13.8 |
|  | $ | 80.8 |  |  | $ | 46.8 |  |  | $ | 65.5 |  |  | $ | 16.1 |  |  | $ | 209.2 |
Finance Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate leases |  | $ | 4.1 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.9 |
Equipment leases |  |  | 3.2 |  |  |  | 3.0 |  |  |  | 1.4 |  |  |  | 13.5 |  |  |  | 21.1 |
|  | $ | 7.3 |  |  | $ | 5.8 |  |  | $ | 1.4 |  |  | $ | 13.5 |  |  | $ | 28.0 |
Schedule of Maturities and Minimum Payments of Lease Liabilities | Maturities of lease liabilities at December 31, 2023 and minimum payments for leases having initial or remaining non-cancelable terms in excess of one year were as follows (in millions):
Amounts due in |  | Operating leases |  |  | Finance leases |  |  | Total |
2024 |  | $ | 48.7 |  |  | $ | 17.4 |  |  | $ | 66.1 |
2025 |  |  | 38.7 |  |  |  | 14.1 |  |  |  | 52.8 |
2026 |  |  | 32.0 |  |  |  | 10.7 |  |  |  | 42.7 |
2027 |  |  | 28.5 |  |  |  | 7.5 |  |  |  | 36.0 |
2028 |  |  | 25.3 |  |  |  | 3.8 |  |  |  | 29.1 |
Thereafter |  |  | 75.8 |  |  |  | 13.2 |  |  |  | 89.0 |
Total lease payments |  |  | 249.0 |  |  |  | 66.7 |  |  |  | 315.7 |
Less: imputed interest |  |  | (32.3 | ) |  |  | (7.4 | ) |  |  | (39.7 | )
Present value of lease liability |  | $ | 216.7 |  |  | $ | 59.3 |  |  | $ | 276.0 |

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