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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Schedule of Asset and Lease Liability | 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 |
Schedule of Components of Lease Expense, Lease Term and Discount Rate | 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 |
Schedule of Future Minimum Lease Payments | 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 Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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