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Leases (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Summary of Lease Information | A summary of the Company’s lease information is as follows:
|  | June 30, |  | December 31, |
| Classification | 2024 |  | 2023 |
Assets |  |  |  |  |
Right of use assets | Other Assets | $ | 189.0 |  | $ | 186.0 |
Liabilities |  |  |  |  |
Current lease liabilities | Accrued and Other Liabilities | $ | 28.9 |  | $ | 24.7 |
Long-term lease liabilities | Deferred and Other Long-term Liabilities |  | 177.2 |  |  | 174.9 |
Total lease liabilities |  | $ | 206.1 |  | $ | 199.6 |
Other information |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 7.9 |  |  | 8.1 |
Weighted-average discount rate |  |  | 4.6 | % |  | 4.5 | %
| Three Months |  |  | Three Months |  |  | Six Months |  |  | Six Months |
| Ended |  |  | Ended |  |  | Ended |  |  | Ended |
| June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Statement of Income |  |  |  |  |  |  |  |  |  |  |
Lease cost(1) | $ | 9.9 |  |  | $ | 7.9 |  |  | $ | 19.8 |  |  | $ | 15.6 |
Other information |  |  |  |  |  |  |  |  |  |  |
Leased assets obtained in exchange for new lease liabilities net of modifications(2) | $ | 1.7 |  |  | $ | 4.1 |  |  | $ | 18.4 |  |  | $ | 5.1 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 8.5 |  |  | $ | 7.9 |  |  | $ | 16.3 |  |  | $ | 15.5 |
(1) Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first six months of 2024 and 2023 was $15.1 a nd $11.9, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows. (2) In January 2024, the Company expanded space at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.4 recorded in the first quarter of 2024.
Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements | The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:
|  | Operating |
|  | Leases |
2024 |  | $ | 18.3 |
2025 |  |  | 38.0 |
2026 |  |  | 29.6 |
2027 |  |  | 27.8 |
2028 |  |  | 25.2 |
2029 and thereafter |  |  | 109.3 |
Total future minimum lease commitments |  |  | 248.2 |
Less: Imputed interest |  |  | (42.1 | )
Present value of lease liabilities |  | $ | 206.1 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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