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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company has operating leases for production, office and warehouse facilities, manufacturing and office equipment and vehicles. Operating lease assets and obligations included in the accompanying consolidated balance sheet are shown below (in millions):
December 31, | 2024 |  | 2023
Right-of-use assets under operating leases: |  |  |
Other long-term assets | $ | 699.8 |  |  | $ | 733.5 |
Lease obligations under operating leases: |  |  |
Accrued liabilities | $ | 152.6 |  |  | $ | 151.9 |
Other long-term liabilities | 582.5 |  |  | 623.0 |
| $ | 735.1 |  |  | $ | 774.9 |
Maturities of lease obligations as of December 31, 2024, are shown below (in millions):
2025 | $ | 179.7 |
2026 | 156.6 |
2027 | 130.0 |
2028 | 104.9 |
2029 | 76.9 |
Thereafter | 188.9 |
Total undiscounted cash flows | 837.0 |
Less: Imputed interest | (101.9) |
Lease obligations under operating leases | $ | 735.1 |
In addition to the right-of-use assets obtained in exchange for operating lease obligations shown below, the Company acquired $14.3 million of right-of-use assets and related lease obligations in conjunction with its acquisition of IGB in 2023 (Note 3, "Acquisition"). Cash flow information related to operating leases is shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022
Non-cash activity: |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 171.1 |  |  | $ | 181.6 |  |  | $ | 236.1 |
Operating cash flows: |  |  |  |  |
Cash paid related to operating lease obligations | $ | 195.4 |  |  | $ | 183.2 |  |  | $ | 164.3 |
Lease expense included in the accompanying consolidated statement of income is shown below (in millions):
For the year ended December 31, | 2024 |  | 2023 |  | 2022 |
Operating lease expense | $ | 190.7 |  |  | $ | 182.9 |  |  | $ | 164.5 |  |
Short-term lease expense | 20.0 |  |  | 20.7 |  |  | 22.1 |  |
Variable lease expense | 8.0 |  |  | 9.7 |  |  | 8.4 |  |
Total lease expense | $ | 218.7 |  |  | $ | 213.3 |  |  | $ | 195.0 |  |
The Company's short-term lease expense excludes leases with a duration of one month or less. Variable lease expense includes payments based on performance or usage, as well as changes to index and rate-based lease payments. Additionally, the Company evaluated its supply contracts with its customers and concluded that variable lease expense in these arrangements is not material. For the years ended December 31, 2024, 2023 and 2022, the Company recognized impairment charges of $2.3 million, $10.9 million and $6.5 million, respectively, related to its right-of-use assets in conjunction with its restructuring actions (Note 4, "Restructuring"). For the year ended December 31, 2024, the Company recognized additional right-of-use asset impairment charges of $0.9 million. For the year ended December 31, 2022, the Company recognized additional right-of-use asset impairment charges of $7.0 million related to its Russian operations. The impairment charges are included in cost of sales in the accompanying consolidated statements of income. The weighted average lease term and discount rate for operating leases as of December 31, 2024, are shown below:
Weighted average remaining lease term | Six years
Weighted average discount rate | 3.9 | %
For the year ended December 31, 2023, the Company recognized net gains of $11.3 million on the sale of facilities that were subsequently leased back under short-term leases. The gains are included in other expense, net in the accompanying consolidated statement of income.

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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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