Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

We lease certain assets, principally warehouse facilities and computer equipment, under agreements that expire at various dates through the year ended December 31, 2040. Certain leases contain provisions for renewal and purchase options and require us to pay various related expenses. Rent expense under all leases was $51.4 million, $49.6 million, and $44.5 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively.

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	December 31, 2023		December 31, 2022
Operating	Operating lease assets	$	183.6	$	217.1
Finance	Other non-current assets	13.7		22.0
Total		$	197.3	$	239.1

Liabilities	Balance Sheet Location	December 31, 2023		December 31, 2022
Current
Operating	Other accrued liabilities	$	27.5	$	28.4
Finance	Current indebtedness	1.9		3.3
Non-Current
Operating	Other non-current liabilities	159.6		189.5
Finance	Long-term debt, less current portion	13.2		17.4
Total		$	202.2	$	238.6

The below tables show our lease assets and liabilities by reporting segment (in millions):

	Assets
	Operating				Financing
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
CSCA	$	79.3	$	100.5	$	12.8	$	13.8
CSCI	44.7		49.5		0.3		6.6
Unallocated	59.6		67.1		0.6		1.6
Total	$	183.6	$	217.1	$	13.7	$	22.0

	Liabilities
	Operating				Financing
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
CSCA	$	81.6	$	102.2	$	14.2	$	14.9
CSCI	47.8		51.7		0.3		4.1
Unallocated	57.7		64.0		0.6		1.7
Total	$	187.1	$	217.9	$	15.1	$	20.7

Lease expense was as follows (in millions):

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating leases(1)	$	45.1	$	44.2	$	38.6
Finance leases
Amortization	$	6.3	$	5.4	$	5.9
Interest	0.6		0.7		0.8
Total finance leases	$	6.9	$	6.1	$	6.7

            (1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of December 31, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	32.6	$	2.3	$	34.9
2025	29.8		1.9		31.7
2026	23.8		1.6		25.4
2027	22.3		1.6		23.9
2028	16.3		1.5		17.8
After 2028	90.7		8.9		99.6
Total lease payments	215.5		17.8		233.3
Less: Interest	28.4		2.7		31.1
Present value of lease liabilities	$	187.1	$	15.1	$	202.2

Our weighted average lease terms and discount rates are as follows:

	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.65		10.97
Finance leases	9.14		9.47
Weighted-average discount rate
Operating leases	3.17	%	2.48	%
Finance leases	3.41	%	2.92	%

Our lease cash flow classifications are as follows (in millions):

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	35.7	$	39.3
Operating cash flows for finance leases	$	0.6	$	0.7
Financing cash flows for finance leases	$	3.5	$	4.9
Leased assets (used) obtained in exchange for new finance lease liabilities	$	(2.2)	$	—
Leased assets (used) obtained in exchange for new operating lease liabilities	$	(3.9)	$	73.9

Leases

LEASES

We lease certain assets, principally warehouse facilities and computer equipment, under agreements that expire at various dates through the year ended December 31, 2040. Certain leases contain provisions for renewal and purchase options and require us to pay various related expenses. Rent expense under all leases was $51.4 million, $49.6 million, and $44.5 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively.

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	December 31, 2023		December 31, 2022
Operating	Operating lease assets	$	183.6	$	217.1
Finance	Other non-current assets	13.7		22.0
Total		$	197.3	$	239.1

Liabilities	Balance Sheet Location	December 31, 2023		December 31, 2022
Current
Operating	Other accrued liabilities	$	27.5	$	28.4
Finance	Current indebtedness	1.9		3.3
Non-Current
Operating	Other non-current liabilities	159.6		189.5
Finance	Long-term debt, less current portion	13.2		17.4
Total		$	202.2	$	238.6

The below tables show our lease assets and liabilities by reporting segment (in millions):

	Assets
	Operating				Financing
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
CSCA	$	79.3	$	100.5	$	12.8	$	13.8
CSCI	44.7		49.5		0.3		6.6
Unallocated	59.6		67.1		0.6		1.6
Total	$	183.6	$	217.1	$	13.7	$	22.0

	Liabilities
	Operating				Financing
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
CSCA	$	81.6	$	102.2	$	14.2	$	14.9
CSCI	47.8		51.7		0.3		4.1
Unallocated	57.7		64.0		0.6		1.7
Total	$	187.1	$	217.9	$	15.1	$	20.7

Lease expense was as follows (in millions):

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating leases(1)	$	45.1	$	44.2	$	38.6
Finance leases
Amortization	$	6.3	$	5.4	$	5.9
Interest	0.6		0.7		0.8
Total finance leases	$	6.9	$	6.1	$	6.7

            (1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of December 31, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	32.6	$	2.3	$	34.9
2025	29.8		1.9		31.7
2026	23.8		1.6		25.4
2027	22.3		1.6		23.9
2028	16.3		1.5		17.8
After 2028	90.7		8.9		99.6
Total lease payments	215.5		17.8		233.3
Less: Interest	28.4		2.7		31.1
Present value of lease liabilities	$	187.1	$	15.1	$	202.2

Our weighted average lease terms and discount rates are as follows:

	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.65		10.97
Finance leases	9.14		9.47
Weighted-average discount rate
Operating leases	3.17	%	2.48	%
Finance leases	3.41	%	2.92	%

Our lease cash flow classifications are as follows (in millions):

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	35.7	$	39.3
Operating cash flows for finance leases	$	0.6	$	0.7
Financing cash flows for finance leases	$	3.5	$	4.9
Leased assets (used) obtained in exchange for new finance lease liabilities	$	(2.2)	$	—
Leased assets (used) obtained in exchange for new operating lease liabilities	$	(3.9)	$	73.9