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Leases (Notes) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lessee, Operating Leases | LEASES The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes (e.g., office space), and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and equipment. Substantially all of our leases are classified as operating leases. Lease costs associated with fixed payments related to the Company's operating leases were $30.2, $26.6, and $25.7 for the years ended December 31, 2023, 2022 and 2021, respectively. Short-term lease costs, variable lease costs, and sublease income related to our operating leases, as well as total lease costs related to our finance leases, were not material for the years ended December 31, 2023, 2022 and 2021. The following table displays our future lease obligations related to non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2023.
2024 | $ | 23.1 |
2025 | 20.0 |
2026 | 17.1 |
2027 | 12.4 |
2028 | 9.3 |
Thereafter | 23.0 |
Total undiscounted future operating lease obligations | 104.9 |
Less: imputed interest | 13.1 |
Present value of future operating lease obligations(a) | $ | 91.8 |
(a)Includes $19.5 of current operating lease liabilities recorded within Accrued and other current liabilities and $72.3 of non-current operating lease liabilities recorded within Other non-current liabilities in our Consolidated Balance Sheets. The following table includes other supplemental information regarding our operating leases.
As of or for the Year Ended December 31 | 2023 | 2022 |
Operating cash outflows from operating leases(a) | $ | 24.5 |  | $ | 25.9 |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 32.5 |  | $ | 18.3 |  |
Weighted average remaining lease term (in years) | 6.1 | 5.8 |
Weighted average discount rate(b) | 3.4 | % | 2.7 | % |
(a)Included within Other, net in our Consolidated Statements of Cash Flows. (b)We use a discount rate for each lease based on an estimated incremental borrowing rate over a similar term as the lease, as the discount rate implicit in each lease cannot be readily determined. In May 2022, we relocated our corporate headquarters from White Plains, New York to Stamford, Connecticut. During 2022, we terminated our former corporate headquarters lease, which resulted in an asset impairment charge of $1.7, reflected within our Consolidated Statements of Operations.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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