Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of amounts recognized in the condensed consolidated balance sheet

Amounts recognized in the Consolidated Balance Sheet related to the Company's leases are included in the table below.

		As of December 31,
(In millions)	Classification	2023		2022
Assets:
Finance lease right-of-use assets	Property, plant, and equipment, net(a)	$	605.7	$	620.3
Operating lease right-of-use assets	Other noncurrent assets(b)	78.0		71.2
		$	683.7	$	691.5
Liabilities:
Finance lease liabilities - noncurrent	Finance lease liabilities	$	720.0	$	720.0
Operating lease liabilities - current	Accrued expenses and other current liabilities	19.0		12.4
Operating lease liabilities - noncurrent	Other noncurrent liabilities	68.7		55.8
		$	807.7	$	788.2
(a) Finance lease right-of-use assets were recorded net of accumulated amortization of $133.9 million and $119.4 million as of December 31, 2023 and 2022, respectively.
(b) Operating lease right-of-use assets were recorded net of accumulated amortization of $44.6 million and $31.0 million as of December 31, 2023 and 2022, respectively.

Schedule of lease cost and other information

Lease costs consist of the following:

	Year Ended December 31,
(In millions)	2023		2022		2021
Operating lease costs	$	19.2	$	12.4	$	10.3
Finance lease costs:
Amortization of finance lease right-of-use assets	14.5		14.5		14.4
Interest on finance lease liabilities	45.0		21.6		11.9
Total finance lease costs	59.5		36.1		26.3
Total lease costs	$	78.7	$	48.5	$	36.6

Other information related to the Company's leases includes the following:

	As of December 31,
	2023	2022
Weighted-average remaining lease term (in years):
Finance leases	3.2	4.2
Operating leases	7.4	7.2
Weighted-average discount rate:
Finance leases	5.08%	4.84%
Operating leases	5.38%	5.20%

Supplemental cash flow information related to the Company's leases includes the following:

	Year Ended December 31,
(In millions)	2023		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities (included within cash flows from operating activities)	$	22.5	$	7.7	$	10.2
Right-of-use assets obtained in exchange for operating lease liabilities	$	31.9	$	35.1	$	0.2

Schedule of maturities of operating lease liabilities

The following is a maturity analysis of the Company's lease liabilities as of December 31, 2023:

(In millions)	Finance Leases		Operating Leases		Total
2024	$	44.8	$	24.1	$	68.9
2025	39.5		20.1		59.6
2026	30.9		15.6		46.5
2027	728.4		12.4		740.8
2028	—		11.0		11.0
Thereafter	—		20.1		20.1
Total undiscounted lease payments	843.6		103.3		946.9
Imputed interest	(123.6)		(15.6)		(139.2)
Total lease liabilities	$	720.0	$	87.7	$	807.7

Schedule of maturities of finance lease liabilities

The following is a maturity analysis of the Company's lease liabilities as of December 31, 2023:

(In millions)	Finance Leases		Operating Leases		Total
2024	$	44.8	$	24.1	$	68.9
2025	39.5		20.1		59.6
2026	30.9		15.6		46.5
2027	728.4		12.4		740.8
2028	—		11.0		11.0
Thereafter	—		20.1		20.1
Total undiscounted lease payments	843.6		103.3		946.9
Imputed interest	(123.6)		(15.6)		(139.2)
Total lease liabilities	$	720.0	$	87.7	$	807.7