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Leases

3 Months Ended

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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- References

No definition available.

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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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