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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Summary of Lease Assets and Liabilities Recognized Within Consolidated Balance Sheets | Leases with an initial term of twelve months or less are not recorded on the Company’s consolidated balance sheets, and the Company does not separate nonlease components from lease components. The Company’s lease assets and liabilities recognized within its consolidated balance sheets were as follows:
|  | December 31, |  |  |
|  | 2023 |  |  | 2022 |  |  | Balance Sheet Location
|  | (in millions) |  |  |
ASSETS: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 185.8 |  |  | $ | 207.1 |  |  | Operating lease right-of-use assets
Finance lease right-of-use assets |  |  | 1.6 |  |  |  | 1.3 |  |  | Property, plant, and equipment, at cost, net of accumulated depreciation and amortization(1)
Total lease assets |  | $ | 187.4 |  |  | $ | 208.4 |  |  |
LIABILITIES: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 39.5 |  |  | $ | 37.4 |  |  | Other current liabilities
Finance lease liabilities |  |  | 0.8 |  |  |  | 0.6 |  |  | Current portion of long-term debt
Non-current: |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | 167.6 |  |  |  | 192.4 |  |  | Non-current operating lease liabilities
Finance lease liabilities |  |  | 0.9 |  |  |  | 0.7 |  |  | Long-term debt, net of current portion
Total lease liabilities |  | $ | 208.8 |  |  | $ | 231.1 |  |  |
(1) Finance lease assets are recorded net of accumulated amortization of $2.9 million and $2.3 million as of December 31, 2023 and 2022, respectively.
Summary of Lease Cost Recognized Over the Lease Term | Lease cost is recognized on a straight-line basis over the lease term. The components of lease cost are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in millions) |
Operating lease cost(1)(2) |  | $ | 61.3 |  |  | $ | 65.9 |  |  | $ | 67.1 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 0.3 |
Interest on lease liabilities |  |  | 0.1 |  |  |  | — |  |  |  | — |
Net lease cost |  | $ | 62.0 |  |  | $ | 66.3 |  |  | $ | 67.4 |
(1) Includes short-term leases and variable lease costs, which were $6.2 million and $3.2 million, respectively, for the year ended December 31, 2023, $7.0 million and $3.0 million, respectively, for the year ended December 31, 2022, and $9.5 million and $1.9 million, respectively, for the year ended December 31, 2021. Variable lease costs, which include items such as real estate taxes, common area maintenance, and changes based on an index or rate, are not included in the calculation of the right-of-use assets and are recognized as incurred. (2) Amount includes $56.7 million, $61.4 million, and $62.7 million recorded to selling, general, and administrative expenses within the Company’s consolidated statements of income for the years ended December 31, 2023, 2022, and 2021, respectively, and $4.6 million, $4.5 million, and $4.4 million capitalized as part of the cost of another asset, which includes inventories, for the years ended December 31, 2023, 2022, and 2021, respectively.
Summary of Annual Scheduled Lease Payments | As of December 31, 2023, annual scheduled lease payments were as follows:
|  | Operating Leases(1) |  |  | Finance Leases |
|  | (in millions) |
2024 |  | $ | 48.8 |  |  | $ | 0.9 |
2025 |  |  | 41.2 |  |  |  | 0.5 |
2026 |  |  | 31.2 |  |  |  | 0.3 |
2027 |  |  | 27.1 |  |  |  | 0.1 |
2028 |  |  | 22.0 |  |  |  | — |
Thereafter |  |  | 79.6 |  |  |  | — |
Total lease payments |  |  | 249.9 |  |  |  | 1.8 |
Less: imputed interest |  |  | 42.8 |  |  |  | 0.1 |
Present value of lease liabilities |  | $ | 207.1 |  |  | $ | 1.7 |
(1) Operating lease payments exclude $1.7 million of legally binding minimum lease payments for leases signed but not yet commenced.
Summary of Weighted-average Remaining Lease Term and Weighted-average Discount Rate | The weighted-average remaining lease term and weighted-average discount rate used to calculate the present value of lease liabilities are as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted-average remaining lease term: |  |  |  |  |  |  |  |  |
Operating leases |  | 6.7 years |  |  | 7.3 years |  |  | 7.8 years |
Finance leases |  | 2.5 years |  |  | 2.5 years |  |  | 3.0 years |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 5.2 | % |  |  | 4.9 | % |  |  | 4.8 | %
Finance leases |  |  | 5.5 | % |  |  | 4.4 | % |  |  | 3.6 | %
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in millions) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 52.0 |  |  | $ | 56.6 |  |  | $ | 50.2 |
Operating cash flows for finance leases |  |  | 0.1 |  |  |  | — |  |  |  | — |
Financing cash flows for finance leases |  |  | 0.6 |  |  |  | 0.4 |  |  |  | 0.3 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 19.5 |  |  |  | 36.3 |  |  |  | 46.0 |
Finance leases |  |  | 1.1 |  |  |  | 0.7 |  |  |  | 1.0 |

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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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