Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Lease Assets and Liabilities

Our Consolidated and Combined Balance Sheets include the following related to leases:

(in millions) December 31,	Classification	2023		2022
Assets
Operating right-of-use assets	Other assets	$	47.8	$	34.0
Liabilities
Current lease liabilities	Accrued liabilities	$	7.2	$	7.4
Long-term lease liabilities	Other liabilities	42.6		29.0
Total lease liabilities		$	49.8	$	36.4

Summary of Operating Leases

The components of lease cost were as follows:

(in millions) December 31,	2023		2022		2021
Operating lease cost	$	11.0	$	10.9	$	12.2
Variable lease cost	1.8		2.3		1.6
Total lease cost	$	12.8	$	13.2	$	13.8

The weighted average remaining lease terms and discount rates for our operating leases were as follows:

December 31,	2023		2022
Weighted-average remaining lease term (in years) - operating leases	16.3		17.9
Weighted-average discount rate - operating leases	5.0	%	4.5	%

Supplemental cash flow information related to our operating leases were as follows:

(in millions) December 31,	2023		2022		2021
Cash paid for amounts included in measurement of operating lease liabilities - operating cash flows	$	8.2	$	9.2	$	9.8
Right-of-use assets obtained in exchange for new operating lease liabilities	$	16.5	$	13.4	$	1.5

Future Minimum Operating Lease Payments

Future minimum operating lease payments are as follows:

(in millions)	December 31, 2023
2024	$	9.4
2025	7.8
2026	5.9
2027	4.8
2028	4.5
Thereafter	47.2
Total future minimum operating lease payments	$	79.6
Imputed interest	29.8
Present value of lease liabilities reported	$	49.8