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Leases

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 were as follows:

(in Millions)			Classification			September 30, 2024						December 31, 2023
Assets
Operating lease ROU assets			Other assets including long-term receivables, net			$	117.3					$	121.8
Liabilities
Operating lease current liabilities			Accrued and other liabilities			$	26.5					$	24.4
Operating lease noncurrent liabilities			Other long-term liabilities			113.5						123.2

The components of lease expense for the nine months ended September 30, 2024 and 2023 were as follows:

						Three Months Ended September 30,												Nine Months Ended September 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					$	8.6					$	26.3					$	24.4
Variable lease cost			Costs of sales and services / Selling, general and administrative expenses			3.0						3.6						8.8						9.5
Total lease cost						$	11.5					$	12.2					$	35.1					$	33.9

			September 30, 2024
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years)			6.6
Weighted-average discount rate			4.8		%

			Three Months Ended September 30,												Nine Months Ended September 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			$	(10.1)					$	(8.7)					$	(33.6)					$	(25.7)
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			$	3.3					$	4.0					$	22.7					$	15.9

The following table represents our future minimum operating lease payments as of, and subsequent to, September 30, 2024 under ASC 842:

(in Millions)															Operating Leases Total
Maturity of Lease Liabilities
2024 (excluding the nine months ending September 30, 2024)															$	8.7
2025															30.3
2026															25.6
2027															22.7
2028															18.9
Thereafter															57.6
Total undiscounted lease payments															$	163.8
Less: Present value adjustment															(23.8)
Present value of lease liabilities															$	140.0

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- References

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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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