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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES Terex has operating leases for real property, vehicles and office and industrial equipment, generally expiring over terms from 1 to 15 years. Many of the leases held by Terex include options to extend or terminate the lease. Real property leases are used for office, administrative and industrial purposes. The base terms of these leases typically expire between 1 and 15 years, with options to renew between 2 and 15 years. Most of our renewal options are linked to market conditions and Terex cannot estimate how existing renewal options will affect the monthly payments. The vehicle leases mainly include cars and trucks. Term length for these leases typically varies between 1 and 7 years. Office and industrial equipment leases primarily include machinery used for conducting business at office locations and manufacturing sites worldwide. Term length for these leases typically varies between 1 and 6 years. Operating Leases Operating lease cost consists of the following (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 37.7 |  |  | $ | 32.4 |  |  | $ | 31.3 |
Variable lease cost | 4.7 |  |  | 4.3 |  |  | 4.1 |
Short-term lease cost | 6.1 |  |  | 4.6 |  |  | 4.3 |
Total operating lease costs | $ | 48.5 |  |  | $ | 41.3 |  |  | $ | 39.7 |
Variable lease costs are expensed as incurred and are not included in the determination of right-of-use assets or lease liabilities. Operating lease obligations consist primarily of commitments to rent real properties. Supplemental balance sheet information related to leases (in millions, except lease term and discount rate):
| December 31,
| 2023 |  | 2022
Operating lease right-of-use assets included within Other assets | $ | 126.0 |  |  | $ | 89.4 |
Current maturities of operating leases included within Other current liabilities | $ | 28.4 |  |  | $ | 26.3 |
Non-current operating leases included within Other liabilities | 92.4 |  |  | 62.8 |
Total operating lease liabilities | $ | 120.8 |  |  | $ | 89.1 |
Weighted average discount rate for operating leases | 5.69 | % |  | 4.89 | %
Weighted average remaining operating lease term in years | 5 |  | 5
Maturities of operating lease liabilities (in millions):
2024 | $ | 37.0 |  |  |
2025 | 31.3 |  |  |
2026 | 25.8 |  |  |
2027 | 17.8 |  |  |
2028 | 12.9 |  |  |
Thereafter | 19.8 |  |  |
Total undiscounted operating lease payments | 144.6 |  |  |
Less: Imputed interest | (23.8) |  |  |
Total operating lease liabilities | 120.8 |  |  |
Less: Current maturities of operating lease liabilities | (28.4) |  |  |
Non-current operating lease liabilities | $ | 92.4 |  |  |
Supplemental cash flow and other information related to operating leases (in millions):
| December 31,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 46.5 |  |  | $ | 31.3 |
Operating right-of-use assets obtained in exchange for operating lease liabilities | $ | 67.7 |  |  | $ | 20.9 |

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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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