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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022:
(in millions) |  |  |  | December 31, 2023 |  | December 31, 2022 |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 636.5 |  |  | $ | 506.8 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 80.1 |  |  | 68.1 |  |  |
Total leased assets |  |  |  | $ | 716.6 |  |  | $ | 574.9 |  |  |
Liabilities |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Short-term operating lease obligations |  | $ | 119.6 |  |  | $ | 105.5 |  |  |
Finance lease obligations |  | Current portion of long-term debt |  | 15.1 |  |  | 13.1 |  |  |
Long-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 574.8 |  |  | 453.5 |  |  |
Finance lease obligations |  | Long-term debt, net |  | 77.0 |  |  | 65.6 |  |  |
Total lease obligations |  |  |  | $ | 786.5 |  |  | $ | 637.7 |  |  |
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, 2023, 2022 and 2021:
|  | Twelve Months Ended
(in millions) |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Operating lease expense: |  |  |  |  |  |
Operating lease expense |  | $ | 148.1 |  |  | $ | 128.9 |  |  | $ | 99.8 |
Short-term lease expense |  | 13.5 |  |  | 15.3 |  |  | 13.1 |
Variable lease expense |  | 36.3 |  |  | 31.5 |  |  | 26.9 |
Finance lease expense: |  |  |  |  |  |
Amortization of right-of-use assets |  | 14.4 |  |  | 14.9 |  |  | 12.6 |
Interest on lease obligations |  | 3.9 |  |  | 4.4 |  |  | 4.5 |
Total lease expense |  | $ | 216.2 |  |  | $ | 195.0 |  |  | $ | 156.9 |
The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021:
|  | Twelve Months Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 146.8 |  |  | $ | 126.4 |  |  | $ | 89.6 |  |  |
Operating cash flows paid for finance leases |  | $ | 3.9 |  |  | $ | 4.4 |  |  | $ | 4.5 |  |  |
Financing cash flows paid for finance leases |  | $ | 14.0 |  |  | $ | 14.7 |  |  | $ | 13.4 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 273.0 |  |  | $ | 173.0 |  |  | $ | 101.6 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 26.3 |  |  | $ | 19.1 |  |  | $ | 10.8 |  |  |
(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, 2023:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2024 |  | $ | 147.8 |  |  | $ | 19.4 |  |  | $ | 167.2 |
2025 |  | 135.6 |  |  | 17.6 |  |  | 153.2 |
2026 |  | 117.1 |  |  | 17.5 |  |  | 134.6 |
2027 |  | 102.2 |  |  | 15.9 |  |  | 118.1 |
2028 |  | 85.5 |  |  | 13.8 |  |  | 99.3 |
Thereafter |  | 239.4 |  |  | 25.4 |  |  | 264.8 |
Total lease payments |  | 827.6 |  |  | 109.6 |  |  | 937.2 |
Less: Interest |  | (133.2) |  |  | (17.5) |  |  | (150.7) |
Present value of lease obligations |  | $ | 694.4 |  |  | $ | 92.1 |  |  | $ | 786.5 |
Schedule of Finance Lease Maturity | The following table sets forth the scheduled maturities of lease obligations as of December 31, 2023:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2024 |  | $ | 147.8 |  |  | $ | 19.4 |  |  | $ | 167.2 |
2025 |  | 135.6 |  |  | 17.6 |  |  | 153.2 |
2026 |  | 117.1 |  |  | 17.5 |  |  | 134.6 |
2027 |  | 102.2 |  |  | 15.9 |  |  | 118.1 |
2028 |  | 85.5 |  |  | 13.8 |  |  | 99.3 |
Thereafter |  | 239.4 |  |  | 25.4 |  |  | 264.8 |
Total lease payments |  | 827.6 |  |  | 109.6 |  |  | 937.2 |
Less: Interest |  | (133.2) |  |  | (17.5) |  |  | (150.7) |
Present value of lease obligations |  | $ | 694.4 |  |  | $ | 92.1 |  |  | $ | 786.5 |
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, 2023:
|  | December 31, 2023
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.78
Finance leases |  | 6.23
Weighted average discount rate: |  |
Operating leases |  | 5.07 | %
Finance leases |  | 5.50 | %

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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