Leases (Tables)

12 Months Ended

Dec. 31, 2022

Information on the Company’s leases is summarized as follows (in millions):


		As of December 31,
	Classification	2022		2021
Assets
Operating lease assets	Operating lease assets	$	111.0	$	90.5
Finance lease assets	Property and equipment, net (1)	7.4		9.3
Total leased assets		$	118.4	$	99.8
Liabilities
Current
Operating lease liabilities	Current operating lease liabilities	$	24.1	$	19.4
Finance lease liabilities	Current portion of debt, finance lease obligations and notes payable	1.5		1.4
Long-term
Operating lease liabilities	Long-term operating lease liabilities	87.0		71.3
Finance lease liabilities	Finance lease obligations	9.9		12.1
Total lease liabilities		$	122.5	$	104.2

(1) Finance lease assets are recorded net of accumulated amortization of $10.4 million and $10.0 million as of December 31, 2022 and 2021, respectively.

Schedule of lease cost


		For the Year Ended December 31,
Lease Cost	Classification	2022		2021
Operating lease cost (1)	Operating expenses and cost of sales	$	40.0	$	33.8
Finance lease cost
Amortization of leased assets	Operating expenses and cost of sales	1.1		1.3
Interest on lease liabilities	Interest expense	0.7		0.7
Sublease income	Other (income) expense, net	—		(0.6)
Total lease cost		$	41.8	$	35.2

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


	As of December 31,
Lease Term and Discount Rate	2022		2021
Weighted-average remaining lease term (years)
Operating leases	6.26		3.56
Finance leases	6.54		7.49
Weighted-average discount rate
Operating leases	2.45	%	1.15	%
Finance leases	5.21	%	5.17	%


	For the Year Ended December 31,
Other Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	40.4	$	33.8
Operating cash flows from finance leases	0.6		0.8
Financing cash flows from finance leases	1.4		1.5
Leased assets obtained in exchange for new operating lease liabilities	52.8		82.0

Schedule of finance lease liability


Maturity of Lease Liabilities	Operating Leases(1)		Finance Leases		Total
2023	$	26.5	$	2.0	$	28.5
2024	21.3		2.0		23.3
2025	17.1		2.0		19.1
2026	14.7		2.0		16.7
2027	10.5		2.1		12.6
Thereafter	30.1		3.4		33.5
Total lease payments	$	120.2	$	13.5	$	133.7
Less: interest	9.1		2.1
Present value of lease payments	$	111.1	$	11.4

(1) Operating lease payments exclude $8.3 million of legally binding minimum lease payments for leases signed but not yet commenced. There were no options to extend lease terms that were reasonably certain of being exercised as of December 31, 2022.