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Leases | 12 Months Ended
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Dec. 31, 2023
Lessee Disclosure [Abstract] |
Leases | Leases The Company has commitments under operating leases for certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles used in its operations. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of the Company’s lease agreements contain provisions for future rent increases or have rental payments that are adjusted periodically for inflation or based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company does not have any significant leases that have not yet commenced. Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 was as follows:
| Balance Sheet Caption |  | December 31, 2023 |  | December 31, 2022
Right-of-Use (“ROU”) Assets: |  |  |  |  |
Building ROU assets - net | Other noncurrent assets |  | $ | 110.7 |  |  | $ | 104.4 |
Equipment ROU assets - net | Other noncurrent assets |  | 7.6 |  |  | 5.6 |
Total ROU assets - net |  |  | $ | 118.3 |  |  | $ | 110.0 |
Lease Liabilities: |  |  |  |  |
Current lease liabilities | Accrued expenses |  | $ | 22.0 |  |  | $ | 21.6 |
Noncurrent lease liabilities | Other noncurrent liabilities |  | 98.1 |  |  | 96.6 |
Total lease liabilities |  |  | $ | 120.1 |  |  | $ | 118.2 |
The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows:
| 2023 |  | 2022 |  | 2021
Fixed lease cost (1) | $ | 33.0 |  |  | $ | 30.8 |  |  | $ | 31.5 |
Variable lease cost | 2.7 |  |  | 2.3 |  |  | 2.3 |
Total lease expense | $ | 35.7 |  |  | $ | 33.1 |  |  | $ | 33.8 |
(1) Includes short-term leases, which are immaterial. Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows:
| 2023 |  | 2022 |  | 2021
| (In millions)
Cash paid for amounts included in the measurement of lease liabilities | $ | 33.6 |  |  | $ | 31.7 |  |  | $ | 31.2 |
Right-of-use assets obtained in exchange for new lease liabilities | 29.0 |  |  | 19.0 |  |  | 16.0 |
Other supplemental information related to leases as of December 31, 2023 and 2022 was as follows:
Lease Term and Discount Rate | December 31, 2023 |  | December 31, 2022 |  |
Weighted-average remaining lease term (years): |  |  |  |  |
Building and equipment | 7.00 |  | 7.43 |  |
Vehicles | 2.63 |  | 2.14 |  |
Weighted-average discount rate: |  |  |  |  |
Building and equipment | 3.71 | % |  | 3.41 | % |  |
Vehicles | 3.43 | % |  | 1.70 | % |  |
The Company uses its incremental borrowing rate to determine the present value of the lease payments. Total lease liabilities at December 31, 2023 have scheduled maturities as follows:
Maturity of Lease Liabilities |  |
2024 |  | $ | 20.6 |
2025 |  | 23.3 |
2026 |  | 20.7 |
2027 |  | 15.9 |
2028 |  | 13.5 |
Thereafter |  | 39.8 |
Total lease payments |  | 133.8 |
Less: Imputed interest |  | (13.7) |
Present value of lease liabilities |  | $ | 120.1 |

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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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