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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

    Total lease assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):

Lease Assets						Classification						As of December 31, 2023						As of December 31, 2022
Operating ROU assets						Right-of-use lease assets						$	176.2					$	163.9
Finance lease assets						Property, plant and equipment, net(1)						6.5						6.7
Total lease assets												$	182.7					$	170.6
Lease Liabilities						Classification						As of December 31, 2023						As of December 31, 2022
Current:
Operating						Accrued expenses						$	45.4					$	42.2
Finance						Other current liabilities						0.5						0.7
Noncurrent:
Operating						Operating lease liabilities						134.4						125.4
Finance						Other noncurrent liabilities						5.4						5.4
Total lease liabilities												$	185.7					$	173.7

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $3.1 million and $5.1 million as of December 31, 2023 and 2022, respectively.

    Total lease costs for 2023 and 2022 are set forth below (in millions):

						Classification						Year Ended December 31, 2023						Year Ended December 31, 2022
Operating lease cost						Selling, general and administrative expenses						$	57.2					$	51.2
Variable lease cost						Selling, general and administrative expenses						2.3						1.7
Short-term lease cost						Selling, general and administrative expenses						24.1						17.5
Finance lease cost:
Amortization of lease assets						Depreciation expense(1)						0.7						1.0
Interest on lease liabilities						Interest expense, net						0.2						0.2
Total lease cost												$	84.5					$	71.6

____________________________________

(1) Depreciation expense was included in both cost of goods sold and selling, general and administrative expenses.

    Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):

												December 31, 2023
																		Operating Leases						Finance Leases
2024																		$	52.8					$	0.7
2025																		43.0						0.6
2026																		32.6						0.4
2027																		19.7						0.3
2028																		14.7						0.1
Thereafter																		46.5						5.8
Total lease payments																		209.3						7.9
Less: imputed interest(1)																		(29.5)						(2.0)
Present value of lease liabilities																		$	179.8					$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

    Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):

												December 31, 2022
																		Operating Leases						Finance Leases
2023																		$	47.8					$	0.8
2024																		36.6						0.6
2025																		27.0						0.4
2026																		19.1						0.2
2027																		13.4						0.2
Thereafter																		51.2						6.0
Total lease payments																		195.1						8.2
Less: imputed interest(1)																		(27.5)						(2.1)
Present value of lease liabilities																		$	167.6					$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

    The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:

						As of December 31, 2023						As of December 31, 2022
Weighted-average remaining lease term:
Operating leases						6 years						7 years
Finance leases						17 years						17 years
Weighted-average discount rate:
Operating leases						5.5		%				4.7		%
Finance leases						2.7		%				2.7		%

    The following table summarizes the supplemental cash flow information for 2023 and 2022 (in millions):

						Year Ended December 31, 2023						Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	57.0					$	52.3
Operating cash flows from finance leases						0.1						0.2
Financing cash flows from finance leases						0.9						1.0
Leased assets obtained in exchange for lease obligations:
Operating leases						$	54.8					$	65.5
Finance leases						1.1						0.4

Leases

LEASES

    Total lease assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):

Lease Assets						Classification						As of December 31, 2023						As of December 31, 2022
Operating ROU assets						Right-of-use lease assets						$	176.2					$	163.9
Finance lease assets						Property, plant and equipment, net(1)						6.5						6.7
Total lease assets												$	182.7					$	170.6
Lease Liabilities						Classification						As of December 31, 2023						As of December 31, 2022
Current:
Operating						Accrued expenses						$	45.4					$	42.2
Finance						Other current liabilities						0.5						0.7
Noncurrent:
Operating						Operating lease liabilities						134.4						125.4
Finance						Other noncurrent liabilities						5.4						5.4
Total lease liabilities												$	185.7					$	173.7

____________________________________

(1) Finance lease assets are recorded net of accumulated depreciation of $3.1 million and $5.1 million as of December 31, 2023 and 2022, respectively.

    Total lease costs for 2023 and 2022 are set forth below (in millions):

						Classification						Year Ended December 31, 2023						Year Ended December 31, 2022
Operating lease cost						Selling, general and administrative expenses						$	57.2					$	51.2
Variable lease cost						Selling, general and administrative expenses						2.3						1.7
Short-term lease cost						Selling, general and administrative expenses						24.1						17.5
Finance lease cost:
Amortization of lease assets						Depreciation expense(1)						0.7						1.0
Interest on lease liabilities						Interest expense, net						0.2						0.2
Total lease cost												$	84.5					$	71.6

____________________________________

(1) Depreciation expense was included in both cost of goods sold and selling, general and administrative expenses.

    Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2023 were as follows (in millions):

												December 31, 2023
																		Operating Leases						Finance Leases
2024																		$	52.8					$	0.7
2025																		43.0						0.6
2026																		32.6						0.4
2027																		19.7						0.3
2028																		14.7						0.1
Thereafter																		46.5						5.8
Total lease payments																		209.3						7.9
Less: imputed interest(1)																		(29.5)						(2.0)
Present value of lease liabilities																		$	179.8					$	5.9

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

    Lease payment amounts for operating and finance leases with remaining terms greater than one year as of December 31, 2022 were as follows (in millions):

												December 31, 2022
																		Operating Leases						Finance Leases
2023																		$	47.8					$	0.8
2024																		36.6						0.6
2025																		27.0						0.4
2026																		19.1						0.2
2027																		13.4						0.2
Thereafter																		51.2						6.0
Total lease payments																		195.1						8.2
Less: imputed interest(1)																		(27.5)						(2.1)
Present value of lease liabilities																		$	167.6					$	6.1

____________________________________

(1) Calculated using the implicit interest rate for each lease or the Company’s incremental borrowing rate, when implicit rate is not available

    The following table summarizes the weighted-average remaining lease term and weighted-average discount rate:

						As of December 31, 2023						As of December 31, 2022
Weighted-average remaining lease term:
Operating leases						6 years						7 years
Finance leases						17 years						17 years
Weighted-average discount rate:
Operating leases						5.5		%				4.7		%
Finance leases						2.7		%				2.7		%

    The following table summarizes the supplemental cash flow information for 2023 and 2022 (in millions):

						Year Ended December 31, 2023						Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	57.0					$	52.3
Operating cash flows from finance leases						0.1						0.2
Financing cash flows from finance leases						0.9						1.0
Leased assets obtained in exchange for lease obligations:
Operating leases						$	54.8					$	65.5
Finance leases						1.1						0.4

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- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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

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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

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