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Leases (Tables)
 12 Months Ended
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, 2023December 31, 2022
Assets
Operating lease assetsOperating lease right-of-use assets$636.5 $506.8 
Finance lease assetsProperty, plant and equipment, net80.1 68.1 
Total leased assets$716.6 $574.9 
Liabilities
Short-term:
Operating lease obligationsShort-term operating lease obligations$119.6 $105.5 
Finance lease obligationsCurrent portion of long-term debt15.1 13.1 
Long-term:
Operating lease obligationsLong-term operating lease obligations574.8 453.5 
Finance lease obligationsLong-term debt, net77.0 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, 2023December 31, 2022December 31, 2021
Operating lease expense:
Operating lease expense$148.1 $128.9 $99.8 
Short-term lease expense13.5 15.3 13.1 
Variable lease expense36.3 31.5 26.9 
Finance lease expense:
Amortization of right-of-use assets14.4 14.9 12.6 
Interest on lease obligations3.9 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)202320222021
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 LeasesFinance LeasesTotal
Year Ended December 31,
2024$147.8 $19.4 $167.2 
2025135.6 17.6 153.2 
2026117.1 17.5 134.6 
2027102.2 15.9 118.1 
202885.5 13.8 99.3 
Thereafter239.4 25.4 264.8 
Total lease payments827.6 109.6 937.2 
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 LeasesFinance LeasesTotal
Year Ended December 31,
2024$147.8 $19.4 $167.2 
2025135.6 17.6 153.2 
2026117.1 17.5 134.6 
2027102.2 15.9 118.1 
202885.5 13.8 99.3 
Thereafter239.4 25.4 264.8 
Total lease payments827.6 109.6 937.2 
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 leases6.78
Finance leases6.23
Weighted average discount rate:
Operating leases5.07 %
Finance leases5.50 %