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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases For additional detail on the Company's leases and related policies, see Note 17 to our consolidated financial statements included within our 2023 Form 10-K. The ROU asset and lease liability balances as of March 31, 2024 and December 31, 2023 were as follows:
(in Millions) | Classification | March 31, 2024 |  | December 31, 2023
Assets |  |  |  |
Operating lease ROU assets | Other assets including long-term receivables, net | $ | 125.0 |  |  | $ | 121.8 |
Liabilities |  |  |  |
Operating lease current liabilities | Accrued and other liabilities | $ | 28.1 |  |  | $ | 24.4 |
Operating lease noncurrent liabilities | Other long-term liabilities | 120.9 |  |  | 123.2 |
The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:
|  | Three Months Ended March 31, |  |
(in Millions) | Lease Cost Classification | 2024 |  | 2023 |  |  |  |
Lease Cost |  |  |  |  |  |  |  |
Operating lease cost | Costs of sales and services / Selling, general and administrative expenses | $ | 9.3 |  |  | $ | 8.3 |  |  |  |  |
Variable lease cost | Costs of sales and services / Selling, general and administrative expenses | 2.8 |  |  | 2.5 |  |  |  |  |
Total lease cost |  | $ | 12.1 |  |  | $ | 10.8 |  |  |  |  |
| March 31, 2024
Operating Lease Term and Discount Rate |
Weighted-average remaining lease term (years) | 6.9
Weighted-average discount rate | 4.6 | %
| Three Months Ended March 31, |  |
(in Millions) | 2024 |  | 2023 |  |  |  |
Other Information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | (15.3) |  |  | $ | (9.0) |  |  |  |  |
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 16.6 |  |  | $ | 9.8 |  |  |  |  |
The following table represents our future minimum operating lease payments as of, and subsequent to, March 31, 2024 under ASC 842:
(in Millions) |  |  |  |  | Operating Leases Total
Maturity of Lease Liabilities |  |  |  |  |
2024 (excluding the three months ending March 31, 2024) |  |  |  |  | $ | 25.7 |
2025 |  |  |  |  | 28.8 |
2026 |  |  |  |  | 24.0 |
2027 |  |  |  |  | 21.3 |
2028 |  |  |  |  | 18.0 |
Thereafter |  |  |  |  | 56.6 |
Total undiscounted lease payments |  |  |  |  | $ | 174.4 |
Less: Present value adjustment |  |  |  |  | (25.4) |
Present value of lease liabilities |  |  |  |  | $ | 149.0 |

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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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