LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

Schedule of Lease Assets and Liabilities, Weighted-Average Lease Term and Discount Rate

dollars in millions	Classification on the Balance Sheet	2023	2022
Assets
Operating lease ROU assets		$        636.1	$        665.4
Accumulated amortization		(124.4)	(92.8)
Operating leases, net	Operating lease right-of-use assets, net	511.7	572.6
Finance lease ROU assets		62.3	93.2
Accumulated depreciation		(20.2)	(14.9)
Finance leases, net	Property, plant & equipment, net	42.1	78.3
Total lease assets		$        553.8	$        650.9
Liabilities
Current
Operating	Other current liabilities	$          47.3	$          48.1
Finance	Other current liabilities	12.5	22.3
Noncurrent
Operating	Noncurrent operating lease liabilities	507.4	548.4
Finance	Other noncurrent liabilities	16.6	34.8
Total lease liabilities		$        583.8	$        653.6
Lease Term and Discount Rate
Weighted-average remaining lease term (years)
Operating leases		19.5	19.7
Finance leases		2.5	3.0
Weighted-average discount rate
Operating leases		4.3%	3.9%
Finance leases		2.4%	1.8%

Components of Lease Expense

in millions	2023	2022	2021
Lease Cost
Finance lease cost
Depreciation of right-of-use assets	$          12.8	$          16.5	$            7.1
Interest on lease liabilities	0.9	1.2	0.6
Operating lease cost	77.5	85.6	71.0
Short-term lease cost 1	50.4	46.4	27.3
Variable lease cost	23.5	14.4	10.6
Sublease income	(3.4)	(2.9)	(3.1)
Total lease cost	$        161.7	$        161.2	$        113.5

¹ Our short-term lease cost includes the cost of leases with an initial term of one year or less (including those with terms of one month or less).

Maturity Analysis on an Undiscounted Basis

	Operating	Finance
in millions	Leases	Leases
Maturity of Lease Liabilities
2024	$          69.8	$          13.1
2025	63.9	10.0
2026	57.3	5.5
2027	52.8	1.2
2028	47.4	0.4
Thereafter	606.5	0.0
Total minimum lease payments	$        897.7	$          30.2
Less: Lease payments representing interest	343.0	1.1
Present value of future minimum lease payments	$        554.7	$          29.1
Less: Current obligations under leases	47.3	12.5
Long-term lease obligations	$        507.4	$          16.6