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Leases | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023 were as follows:
(in Millions) | Classification | June 30, 2024 |  | December 31, 2023
Assets |  |  |  |
Operating lease ROU assets | Other assets including long-term receivables, net | $ | 120.1 |  |  | $ | 121.8 |
Liabilities |  |  |  |
Operating lease current liabilities | Accrued and other liabilities | $ | 27.0 |  |  | $ | 24.4 |
Operating lease noncurrent liabilities | Other long-term liabilities | 115.9 |  |  | 123.2 |
The components of lease expense for the six months ended June 30, 2024 and 2023 were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in Millions) | Lease Cost Classification | 2024 |  | 2023 |  | 2024 |  | 2023
Lease Cost |  |  |  |  |  |  |  |
Operating lease cost | Costs of sales and services / Selling, general and administrative expenses | $ | 8.5 |  |  | $ | 7.5 |  |  | $ | 17.8 |  |  | $ | 15.8 |
Variable lease cost | Costs of sales and services / Selling, general and administrative expenses | 3.0 |  |  | 3.4 |  |  | 5.8 |  |  | 5.9 |
Total lease cost |  | $ | 11.5 |  |  | $ | 10.9 |  |  | $ | 23.6 |  |  | $ | 21.7 |
| June 30, 2024
Operating Lease Term and Discount Rate |
Weighted-average remaining lease term (years) | 6.8
Weighted-average discount rate | 4.6 | %
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in Millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Other Information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | (8.2) |  |  | $ | (8.0) |  |  | $ | (23.5) |  |  | $ | (17.0) |
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 | $ | 2.8 |  |  | $ | 2.1 |  |  | $ | 19.4 |  |  | $ | 11.9 |
The following table represents our future minimum operating lease payments as of, and subsequent to, June 30, 2024 under ASC 842:
(in Millions) |  |  |  |  | Operating Leases Total
Maturity of Lease Liabilities |  |  |  |  |
2024 (excluding the six months ending June 30, 2024) |  |  |  |  | $ | 16.9 |
2025 |  |  |  |  | 29.0 |
2026 |  |  |  |  | 24.4 |
2027 |  |  |  |  | 21.7 |
2028 |  |  |  |  | 18.2 |
Thereafter |  |  |  |  | 56.5 |
Total undiscounted lease payments |  |  |  |  | $ | 166.7 |
Less: Present value adjustment |  |  |  |  | (23.8) |
Present value of lease liabilities |  |  |  |  | $ | 142.9 |

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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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