Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Lease Information

A summary of the Company’s lease information is as follows:

		March 31,			December 31,
	Classification	2024			2023
Assets
Right of use assets	Other Assets	$	195.1		$	186.0
Liabilities
Current lease liabilities	Accrued and Other Liabilities	$	26.8		$	24.7
Long-term lease liabilities	Deferred and Other Long-term Liabilities		183.6			174.9
Total lease liabilities		$	210.4		$	199.6
Other information
Weighted-average remaining lease term (years)			8.1			8.1
Weighted-average discount rate			4.6	%		4.5	%

	Three Months		Three Months
	Ended		Ended
	March 31, 2024		March 31, 2023
Statement of Income
Lease cost(1)	$	9.9	$	7.7
Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	16.7	$	1.0
Cash paid for amounts included in the measurement of lease liabilities	$	7.8	$	7.6

(1)Lease expense is included in cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first three months of 2024 and 2023 was $7.5 and $5.9, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

(2)In January 2024, the Company expanded space at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.4 recorded in the first quarter of 2024.

Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:

	Operating
	Leases
2024	$	26.4
2025		37.4
2026		29.0
2027		27.4
2028		25.1
2029 and thereafter		109.7
Total future minimum lease commitments		255.0
Less: Imputed interest		(44.6	)
Present value of lease liabilities	$	210.4