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Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases LEASES
A summary of the lease classification on our consolidated balance sheet as of December 31, 2023 and 2022 follows:
20232022
Assets
Operating right-of-use lease assetsOther assets$238.1 $275.1 
Finance lease assetsProperty and equipment, net286.7 288.3 
Total leased assets$524.8 $563.4 
Liabilities
Current
OperatingOther accrued liabilities$54.8 $57.9 
FinanceNotes payable and current maturities of long-term debt12.9 14.3 
Long-term
OperatingOther long-term liabilities194.9 238.0 
FinanceLong-term debt, net of current maturities238.4 233.2 
Total lease liabilities$501.0 $543.4 
A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2023 and 2022 follow:
20232022
Operating lease cost
Fixed lease costCost of operations$60.2 $55.5 
Short-term lease costCost of operations89.5 70.4 
Variable lease costCost of operations26.8 26.6 
Finance lease cost
Amortization of leased assetsDepreciation amortization and depletion15.6 15.2 
Interest on lease liabilitiesInterest expense8.8 12.0 
Variable lease costInterest expense21.8 17.4 
Total lease cost$222.7 $197.1 
During the years ended December 31, 2023 and 2022, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $47.8 million and $46.2 million, respectively.
As of December 31, 2023, maturities for operating and finance lease liabilities were as follows:
Operating LeasesFinance LeasesTotal
2024$62.4 $22.4 $84.8 
202552.7 18.4 71.1 
202642.9 17.1 60.0 
202731.8 16.4 48.2 
202827.9 17.5 45.4 
Thereafter72.7 341.8 414.5 
Total lease payments290.4 433.6 724.0 
Less: interest(40.7)(182.3)(223.0)
Present value of lease liabilities$249.7 $251.3 $501.0 
A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2023 and 2022 follows:
20232022
Weighted-average remaining lease term (years)
Operating leases6.97.2
Finance leases27.129.6
Weighted-average discount rate
Operating leases2.9 %3.1 %
Finance leases4.4 %4.4 %
Supplemental cash flow and other non-cash information for the years ended December 31, 2023 and 2022 follow:
20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$176.5 $151.6 
Operating cash flows from finance leases$30.7 $29.4 
Financing cash flows from finance leases$12.3 $33.6 
Leased assets obtained in exchange for new finance lease liabilities$17.0 $31.7 
Leased assets obtained in exchange for new operating lease liabilities$33.4 $73.9 
Leases LEASES
A summary of the lease classification on our consolidated balance sheet as of December 31, 2023 and 2022 follows:
20232022
Assets
Operating right-of-use lease assetsOther assets$238.1 $275.1 
Finance lease assetsProperty and equipment, net286.7 288.3 
Total leased assets$524.8 $563.4 
Liabilities
Current
OperatingOther accrued liabilities$54.8 $57.9 
FinanceNotes payable and current maturities of long-term debt12.9 14.3 
Long-term
OperatingOther long-term liabilities194.9 238.0 
FinanceLong-term debt, net of current maturities238.4 233.2 
Total lease liabilities$501.0 $543.4 
A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2023 and 2022 follow:
20232022
Operating lease cost
Fixed lease costCost of operations$60.2 $55.5 
Short-term lease costCost of operations89.5 70.4 
Variable lease costCost of operations26.8 26.6 
Finance lease cost
Amortization of leased assetsDepreciation amortization and depletion15.6 15.2 
Interest on lease liabilitiesInterest expense8.8 12.0 
Variable lease costInterest expense21.8 17.4 
Total lease cost$222.7 $197.1 
During the years ended December 31, 2023 and 2022, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $47.8 million and $46.2 million, respectively.
As of December 31, 2023, maturities for operating and finance lease liabilities were as follows:
Operating LeasesFinance LeasesTotal
2024$62.4 $22.4 $84.8 
202552.7 18.4 71.1 
202642.9 17.1 60.0 
202731.8 16.4 48.2 
202827.9 17.5 45.4 
Thereafter72.7 341.8 414.5 
Total lease payments290.4 433.6 724.0 
Less: interest(40.7)(182.3)(223.0)
Present value of lease liabilities$249.7 $251.3 $501.0 
A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2023 and 2022 follows:
20232022
Weighted-average remaining lease term (years)
Operating leases6.97.2
Finance leases27.129.6
Weighted-average discount rate
Operating leases2.9 %3.1 %
Finance leases4.4 %4.4 %
Supplemental cash flow and other non-cash information for the years ended December 31, 2023 and 2022 follow:
20232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$176.5 $151.6 
Operating cash flows from finance leases$30.7 $29.4 
Financing cash flows from finance leases$12.3 $33.6 
Leased assets obtained in exchange for new finance lease liabilities$17.0 $31.7 
Leased assets obtained in exchange for new operating lease liabilities$33.4 $73.9