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LEASES

12 Months Ended

Dec. 31, 2023

The Company has operating leases for fleet vehicles, transfer sites, processing facilities, corporate and regional offices, and certain equipment.

The components of net lease cost were as follows:


In millions
	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	128.0	$	110.8	$	108.2
Finance lease cost:
Amortization of leased assets	2.6		3.2		3.4
Interest on lease liabilities	0.9		1.0		1.1
Net lease cost	$	131.5	$	115.0	$	112.7

Short-term lease costs were $20.4 million, $25.6 million, and $11.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Variable lease cost and sublease income were not material during the years ended December 31, 2023, and 2022.

Supplemental cash flow information related to leases was as follows:


In millions
	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126.9	$	109.7	$	107.1
Operating cash flows from finance leases (interest)	1.8		1.1		1.1
Financing cash flows from finance leases (principal)	2.7		3.1		3.9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	178.2		165.2		96.8
Finance leases	0.7		—		0.5

Finance lease assets, net of accumulated amortization, were $12.8 million and $14.0 million as of December 31, 2023, and 2022, respectively, and are included in Property, Plant and Equipment, net on the Consolidated Balance Sheet.

Information regarding lease terms and discount rates were as follows:


In millions
	December 31,
	2023		2022
Weighted average remaining lease term (years):
Operating leases	5.6		5.7
Finance leases	16.2		15.6
Weighted average discount rate:
Operating leases	6.1	%	5.5	%
Finance leases	4.8	%	5.3	%

Maturities of lease liabilities as of December 31, 2023, were as follows:


In millions
	Operating Leases		Finance Leases
2024	$	129.4	$	3.3
2025	110.8		3.0
2026	89.6		2.3
2027	76.1		1.9
2028	62.5		0.7
Thereafter	100.9		17.3
Total lease payments	569.3		28.5
Less: Interest	85.0		12.2
Present value of lease liabilities	$	484.3	$	16.3

LEASES

The Company has operating leases for fleet vehicles, transfer sites, processing facilities, corporate and regional offices, and certain equipment.

The components of net lease cost were as follows:


In millions
	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	128.0	$	110.8	$	108.2
Finance lease cost:
Amortization of leased assets	2.6		3.2		3.4
Interest on lease liabilities	0.9		1.0		1.1
Net lease cost	$	131.5	$	115.0	$	112.7

Supplemental cash flow information related to leases was as follows:


In millions
	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	126.9	$	109.7	$	107.1
Operating cash flows from finance leases (interest)	1.8		1.1		1.1
Financing cash flows from finance leases (principal)	2.7		3.1		3.9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	178.2		165.2		96.8
Finance leases	0.7		—		0.5

Information regarding lease terms and discount rates were as follows:


In millions
	December 31,
	2023		2022
Weighted average remaining lease term (years):
Operating leases	5.6		5.7
Finance leases	16.2		15.6
Weighted average discount rate:
Operating leases	6.1	%	5.5	%
Finance leases	4.8	%	5.3	%

Maturities of lease liabilities as of December 31, 2023, were as follows:


In millions
	Operating Leases		Finance Leases
2024	$	129.4	$	3.3
2025	110.8		3.0
2026	89.6		2.3
2027	76.1		1.9
2028	62.5		0.7
Thereafter	100.9		17.3
Total lease payments	569.3		28.5
Less: Interest	85.0		12.2
Present value of lease liabilities	$	484.3	$	16.3