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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Summary of Operating and Finance Lease Assets and Obligations | The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2022 and 2021:
(in millions) |  |  |  | December 31, 2022 |  | December 31, 2021 |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 506.8 |  |  | $ | 480.6 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 68.1 |  |  | 64.8 |  |  |
Total leased assets |  |  |  | $ | 574.9 |  |  | $ | 545.4 |  |  |
Liabilities |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Short-term operating lease obligations |  | $ | 105.5 |  |  | $ | 101.7 |  |  |
Finance lease obligations |  | Current portion of long-term debt |  | 13.1 |  |  | 13.7 |  |  |
Long-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 453.5 |  |  | 427.0 |  |  |
Finance lease obligations |  | Long-term debt, net |  | 65.6 |  |  | 61.5 |  |  |
Total lease obligations |  |  |  | $ | 637.7 |  |  | $ | 603.9 |  |  |
Summary of Lease Expense | The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020:
|  | Twelve Months Ended
(in millions) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Operating lease expense: |  |  |  |  |  |
Operating lease expense |  | $ | 128.9 |  |  | $ | 99.8 |  |  | $ | 75.4 |
Short-term lease expense |  | 15.3 |  |  | 13.1 |  |  | 11.1 |
Variable lease expense |  | 31.5 |  |  | 26.9 |  |  | 22.2 |
Finance lease expense: |  |  |  |  |  |
Amortization of right-of-use assets |  | 14.9 |  |  | 12.6 |  |  | 9.3 |
Interest on lease obligations |  | 4.4 |  |  | 4.5 |  |  | 4.7 |
Total lease expense |  | $ | 195.0 |  |  | $ | 156.9 |  |  | $ | 122.7 |
The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020:
|  | Twelve Months Ended December 31,
(in millions) |  | 2022 |  | 2021 |  | 2020 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 126.4 |  |  | $ | 89.6 |  |  | $ | 70.1 |  |  |
Operating cash flows paid for finance leases |  | $ | 14.7 |  |  | $ | 4.5 |  |  | $ | 4.7 |  |  |
Financing cash flows paid for finance leases |  | $ | 4.4 |  |  | $ | 13.4 |  |  | $ | 10.2 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 173.0 |  |  | $ | 101.6 |  |  | $ | 109.4 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 19.1 |  |  | $ | 10.8 |  |  | $ | 17.6 |  |  |
(a)Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
Schedule of Operating Lease Maturities | The following table sets forth the scheduled maturities of lease obligations as of December 31, 2022:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2023 |  | $ | 123.7 |  |  | $ | 16.8 |  |  | $ | 140.5 |
2024 |  | 109.5 |  |  | 14.0 |  |  | 123.5 |
2025 |  | 94.2 |  |  | 12.1 |  |  | 106.3 |
2026 |  | 79.3 |  |  | 12.0 |  |  | 91.3 |
2027 |  | 67.3 |  |  | 10.5 |  |  | 77.8 |
Thereafter |  | 165.6 |  |  | 28.5 |  |  | 194.1 |
Total lease payments |  | 639.6 |  |  | 93.9 |  |  | 733.5 |
Less: Interest |  | (80.6) |  |  | (15.2) |  |  | (95.8) |
Present value of lease obligations |  | $ | 559.0 |  |  | $ | 78.7 |  |  | $ | 637.7 |
Schedule of Finance Lease Maturity | The following table sets forth the scheduled maturities of lease obligations as of December 31, 2022:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2023 |  | $ | 123.7 |  |  | $ | 16.8 |  |  | $ | 140.5 |
2024 |  | 109.5 |  |  | 14.0 |  |  | 123.5 |
2025 |  | 94.2 |  |  | 12.1 |  |  | 106.3 |
2026 |  | 79.3 |  |  | 12.0 |  |  | 91.3 |
2027 |  | 67.3 |  |  | 10.5 |  |  | 77.8 |
Thereafter |  | 165.6 |  |  | 28.5 |  |  | 194.1 |
Total lease payments |  | 639.6 |  |  | 93.9 |  |  | 733.5 |
Less: Interest |  | (80.6) |  |  | (15.2) |  |  | (95.8) |
Present value of lease obligations |  | $ | 559.0 |  |  | $ | 78.7 |  |  | $ | 637.7 |
Summary of Lease Term and Discount Rate | The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2022:
|  | December 31, 2022
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.37
Finance leases |  | 6.96
Weighted average discount rate: |  |
Operating leases |  | 4.24 | %
Finance leases |  | 5.02 | %

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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