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RENTALS AND LEASES | 12 Months Ended
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Dec. 31, 2023
RENTALS AND LEASES |
RENTAL AND LEASES | 13. RENTALS AND LEASES ​ Lessee ​ The Company leases sales and administrative office facilities, distribution centers, research and manufacturing facilities, as well as vehicles and other equipment under operating leases. Certain of the Company’s lease arrangements are finance leases, which are immaterial individually and in the aggregate. ​ The Company’s operating lease cost was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2023 | ​ | 2022 | ​ | 2021
Operating lease cost* | ​ | ​ | $215.4 | ​ | ​ | ​ | $196.9 | ​ | ​ | ​ | $179.4 | ​
​ *Includes immaterial short-term and variable lease costs ​ Future maturity of operating lease liabilities as of December 31, 2023 were as follows: ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(millions) | ​ | ​ | ​
2024 | ​ |  | $147
2025 | ​ |  | 128
2026 | ​ |  | 101
2027 | ​ |  | 69
2028 | ​ | ​ | 39
Thereafter | ​ |  | 148
Total lease payments | ​ | ​ | 632
Less: imputed interest | ​ | ​ | 80
Present value of lease liabilities | ​ | ​ | $552
​ The Company’s operating leases term and discount rate were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31 | ​ | December 31
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease terms (years) | ​ | ​ | 6.44 | ​ | ​ | ​ | 6.71 | ​ | ​ | ​ | 5.99 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | 4.02 | % | ​ | ​ | 2.98 | % | ​ | ​ | 3.07 | %
​ The Company’s other lease information was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31 | ​ | December 31
(millions) | ​ | 2023 | ​ | 2022 | ​ | 2021
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | $170.6 | ​ | ​ | ​ | $157.3 | ​ | ​ | ​ | $157.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Leased assets obtained in exchange for new operating lease liabilities | ​ | ​ | 251.5 | ​ | ​ | ​ | 202.7 | ​ | ​ | ​ | 116.8 | ​
​ ​ Lessor ​ The Company leases warewashing and water treatment equipment to customers under operating leases. ​ Gross assets under operating leases recorded in Property, plant and equipment, net is $1,397.5 million and $1,288.3 million, and related accumulated depreciation is $878.9 million and $811.2 million, as of December 31, 2023 and 2022, respectively. ​ The Company’s operating lease revenue was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2023 | ​ | 2022 | ​ | 2021
Operating lease revenue* | ​ | ​ | $511.8 | ​ | ​ | ​ | $466.7 | ​ | ​ | ​ | $412.5 | ​
​ *Includes immaterial variable lease revenue ​ Future revenue from operating leases for existing contracts as of December 31, 2023 were as follows:
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(millions) | ​ | ​ | ​
2024 | ​ |  | $424
2025 | ​ |  | 304
2026 | ​ |  | 243
2027 | ​ |  | 168
2028 | ​ | ​ | 84
Thereafter | ​ |  | 49
Total lease revenue | ​ | ​ | $1,272
​ The Company mitigates the risk of residual value subsequent to the lease term by redeploying assets. As such, the Company expects to receive revenue from the operating lease assets through the remaining useful life and therefore subsequent to the initial contract termination date.

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- References No definition available. + Details
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