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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to our operating leases was as follows (dollars in millions):
| Year Ended December 31, |
| 2023 |  |  | 2022 |
Operating lease right-of-use assets | $ | 279.6 |  |  | $ | 298.3 |
Current portion of operating lease obligations | $ | 78.6 |  |  | $ | 72.2 |
Long-term portion of operating lease obligations |  | 212.1 |  |  |  | 234.6 |
Total operating lease obligations | $ | 290.7 |  |  | $ | 306.8 |
Schedule of Supplemental Balance Sheet Information Related to Finance Leases | Supplemental balance sheet information related to our finance leases was as follows (dollars in millions):
| Year Ended December 31, |
| 2023 |  |  | 2022 |
Buildings | $ | 0.3 |  |  | $ | 0.3 |
Machinery and equipment |  | 28.5 |  |  |  | 28.5 |
Total |  | 28.8 |  |  |  | 28.8 |
Less accumulated amortization |  | (24.0 | ) |  |  | (22.6 | )
Total | $ | 4.8 |  |  | $ | 6.2 |
Current portion of finance lease obligations | $ | 2.0 |  |  | $ | 1.9 |
Long-term portion of finance lease obligations |  | 8.7 |  |  |  | 10.8 |
Total finance lease obligations | $ | 10.7 |  |  | $ | 12.7 |
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rates for Leases | For both operating and finance leases, the weighted average remaining lease term in years and weighted average discount rates were as follows:
| Year Ended December 31, |
| 2023 |  |  | 2022 |
Weighted-average remaining lease term (years): |  |  |  |  |
Operating leases | 4.9 |  |  | 5.4 |
Finance leases | 4.8 |  |  | 5.8 |
Weighted-average discount rate: |  |  |  |  |
Operating leases |  | 3.75 | % |  |  | 3.29 | %
Finance leases |  | 6.66 | % |  |  | 6.66 | %
Components of Lease Expense | The components of lease expense were as follows (dollars in millions):
| Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance lease assets | $ | 1.4 |  |  | $ | 1.5 |  |  | $ | 1.5 |
Interest on lease liabilities |  | 0.8 |  |  |  | 0.9 |  |  |  | 1.0 |
Total finance lease cost |  | 2.2 |  |  |  | 2.4 |  |  |  | 2.5 |
Operating lease cost |  | 87.7 |  |  |  | 81.4 |  |  |  | 77.0 |
Short-term lease cost |  | 24.6 |  |  |  | 27.0 |  |  |  | 22.7 |
Variable lease cost |  | 21.7 |  |  |  | 17.2 |  |  |  | 19.4 |
Total lease cost | $ | 136.2 |  |  | $ | 128.0 |  |  | $ | 121.6 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (dollars in millions):
| Year Ended December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | (77.6 | ) |  | $ | (73.6 | ) |  | $ | (71.7 | )
Operating cash flows for finance leases |  | (1.4 | ) |  |  | (1.5 | ) |  |  | (1.5 | )
Financing cash flows for finance leases |  | (0.8 | ) |  |  | (0.9 | ) |  |  | (1.0 | )
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases | $ | (58.9 | ) |  | $ | (83.5 | ) |  | $ | (44.4 | )
Finance leases |  | — |  |  |  | — |  |  |  | — |
Supplemental non-cash information on changes in lease liabilities | $ | 1.3 |  |  | $ | 51.6 |  |  | $ | 31.3 |
Supplemental non-cash information on changes in right-of-use assets | $ | 77.6 |  |  | $ | 23.5 |  |  | $ | 40.3 |
Schedule of Future Minimum Payments Under Operating and Finance Lease Liabilities | The future minimum payments under operating and finance lease liabilities at December 31, 2023 were as follows (dollars in millions):
|  | Operating Leases |  |  | Finance Leases |
2024 |  | $ | 88.1 |  |  | $ | 2.7 |
2025 |  |  | 75.4 |  |  |  | 2.7 |
2026 |  |  | 56.1 |  |  |  | 2.7 |
2027 |  |  | 38.0 |  |  |  | 2.7 |
2028 |  |  | 22.4 |  |  |  | 1.8 |
Thereafter |  |  | 39.4 |  |  |  | — |
Total lease payments |  |  | 319.4 |  |  |  | 12.6 |
Less imputed interest (a) |  |  | (28.7 | ) |  |  | (1.9 | )
Present value of lease liabilities |  | $ | 290.7 |  |  | $ | 10.7 |
(a) Calculated using the incremental borrowing rate for each lease applied to the future payments.

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