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COMMITMENTS AND LEASES | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
COMMITMENTS AND LEASES | COMMITMENTS AND LEASES Supplemental cost information related to leases is shown below.
(In millions) |  | 2022 |  | 2021 |  | 2020
Operating lease costs |  | $ | 70.8 |  |  | $ | 68.8 |  |  | $ | 63.1 |
Lease costs related to finance leases were not material in 2022, 2021 or 2020. Supplemental balance sheet information related to leases is shown below.
(In millions) |  | Balance Sheet Location |  | 2022 |  | 2021
Assets |  |  |  |  |  |
Operating |  | Other assets |  | $ | 161.7 |  |  | $ | 183.0 |
Finance(1) |  | Property, plant and equipment, net |  | 27.5 |  |  | 28.9 |
Total leased assets |  |  |  | $ | 189.2 |  |  | $ | 211.9 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating |  | Other current liabilities |  | $ | 42.4 |  |  | $ | 47.3 |
Finance |  | Short-term borrowings and current portion of long-term debt and finance leases |  | 5.4 |  |  | 5.5 |
Non-current: |  |  |  |  |  |
Operating |  | Long-term retirement benefits and other liabilities |  | 113.6 |  |  | 135.3 |
Finance |  | Long-term debt and finance leases |  | 8.2 |  |  | 11.7 |
Total lease liabilities |  |  |  | $ | 169.6 |  |  | $ | 199.8 |
(1) | Finance lease assets are net of accumulated amortization of $12.4 million and $10.4 million as of December 31, 2022 and January 1, 2022, respectively.
Supplemental cash flow information related to leases is shown below.
(In millions) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 60.5 |  |  | $ | 54.2 |  |  | $ | 54.9 |
Operating lease assets obtained in exchange for operating lease liabilities |  | 37.2 |  |  | 58.0 |  |  | 48.4 |
Cash flows related to finance leases were not material in 2022, 2021 or 2020. Weighted average remaining lease term and discount rate information related to leases as of December 31, 2022 and January 1, 2022 is shown below.
|  | 2022 |  | 2021
Weighted average remaining lease term (in years): |  |  |  |
Operating |  | 5.9 |  | 6.5
Finance |  | 2.7 |  | 3.3
Weighted average discount rate (percentage): |  |  |  |
Operating |  | 3.2 | % |  | 3.0 | %
Finance |  | 2.8 |  |  | 2.9 |
Operating and finance lease liabilities by maturity date from December 31, 2022 are shown below.
(In millions) |  | Operating Leases |  | Finance Leases
2023 |  | $ | 45.8 |  |  | $ | 5.8 |
2024 |  | 35.4 |  |  | 5.4 |
2025 |  | 27.8 |  |  | 2.1 |
2026 |  | 18.8 |  |  | .7 |
2027 |  | 10.8 |  |  | .2 |
2028 and thereafter |  | 35.5 |  |  | — |
Total lease payments |  | 174.1 |  |  | 14.2 |
Less: imputed interest |  | (18.1) |  |  | (.6) |
Present value of lease liabilities |  | $ | 156.0 |  |  | $ | 13.6 |
As of December 31, 2022, we had no significant operating or finance leases that had not yet commenced.

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- Definition Lessee operating and finance leases. + References No definition available. + Details
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- References No definition available. + Details
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