Leases

12 Months Ended

Dec. 31, 2023

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


		As of December 31,
	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	143.9	$	111.0
Finance lease assets	Property and equipment, net (1)	7.0		7.4
Total lease assets		$	150.9	$	118.4
Liabilities
Current
Operating lease liabilities	Other current liabilities	$	29.5	$	24.1
Finance lease liabilities	Current financing obligations	1.7		1.5
Long-term
Operating lease liabilities	Other long-term liabilities	115.1		87.0
Finance lease liabilities	Long-term financing obligations	8.6		9.9
Total lease liabilities		$	154.9	$	122.5

(1) Finance lease assets are recorded net of accumulated amortization of $12.9 million and $10.4 million as of December 31, 2023 and 2022, respectively.


		For the Years Ended December 31,
Lease Cost	Classification	2023		2022
Operating lease cost (1)	Operating expenses and cost of sales	$	46.0	$	40.0
Finance lease cost
Amortization of lease assets	Operating expenses and cost of sales	1.3		1.1
Interest on lease liabilities	Interest expense	0.6		0.7
Total lease cost		$	47.9	$	41.8

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


Maturity of Lease Liabilities	Operating Leases(1)		Finance Leases		Total
2024	$	34.0	$	2.1	$	36.1
2025	28.7		2.1		30.8
2026	23.6		2.1		25.7
2027	18.8		2.1		20.9
2028	16.0		2.2		18.2
Thereafter	39.9		1.3		41.2
Total lease payments	$	161.0	$	11.9	$	172.9
Less: interest	16.4		1.6
Present value of lease payments	$	144.6	$	10.3

(1) As of December 31, 2023, the Company did not have any 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, 2023.


	As of December 31,
Lease Term and Discount Rate	2023		2022
Weighted-average remaining lease term (years)
Operating leases	6.28		6.26
Finance leases	5.56		6.54
Weighted-average discount rate
Operating leases	3.37	%	2.45	%
Finance leases	5.22	%	5.21	%


	For the Years Ended December 31,
Other Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	45.6	$	40.4
Operating cash flows from finance leases	0.6		0.6
Financing cash flows from finance leases	1.5		1.4
Leased assets obtained in exchange for new operating lease liabilities	57.4		52.8