LEASES (Tables)

12 Months Ended

Dec. 31, 2023

The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:


(in millions)	Classification on the Balance Sheet	December 31, 2023		December 31, 2022
Assets
Operating lease assets - third party	Lease right of use assets - third party	$	731.9	$	610.9
Operating lease assets - affiliate	Lease right of use assets - affiliate	380.8		421.6
Finance lease assets	Lease right of use assets - third party	56.3		67.4
Total lease right of use assets		$	1,169.0	$	1,099.9

Liabilities
Current liabilities:
Operating lease liabilities - third party	Current operating lease liabilities - third party	$	131.1	$	60.5
Operating lease liabilities - affiliate	Current operating lease liabilities - affiliate	108.7		104.5
Finance lease liabilities - third party	Accrued expenses	12.2		11.7
Noncurrent liabilities:
Operating lease liabilities - third party	Long-term operating lease liabilities - third party	607.9		551.8
Operating lease liabilities - affiliate	Long-term operating lease liabilities - affiliate	272.1		317.2
Finance lease liabilities - third party	Long-term financing lease liabilities - third party	46.1		57.9
Total lease liabilities		$	1,178.1	$	1,103.6

Lease, Cost

The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2023 and December 31, 2022:


Lease Costs (in millions)	December 31, 2023		December 31, 2022
Components of total lease costs:
Finance lease costs
Amortization of right of use assets	$	13.9	$	12.6
Interest on lease liabilities	4.5		5.3
Operating lease costs	355.7		301.5
Short-term lease costs	137.7		88.0
Variable lease costs	68.9		52.4
Total lease costs	$	580.7	$	459.8

Cash Flow, Lessee

The table below presents supplemental cash flow information related to leases for the year ended December 31, 2023 and December 31, 2022 (in millions):


	Years Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	349.3	$	300.5
Operating cash flows for finance leases	4.5		5.3
Financing cash flows for finance leases	14.1		11.3
Supplemental non-cash quantification of assets acquired or remeasured under operating and financing leases	335.4		82.8

Lease Term and Discount Rate

The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2023:


Weighted average remaining lease term - operating leases	8.4 years
Weighted average remaining lease term - finance leases	4.6 years

Weighted average discount rate - operating leases	13.0	%
Weighted average discount rate - finance leases	7.2	%

Lessee, Liability, Maturity

The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2023:


Amounts due in the year ended December 31, (in millions)	Finance Leases		Operating Leases
2024	$	15.8	$	358.6
2025	13.9		292.0
2026	13.6		221.0
2027	13.6		127.1
2028	10.9		120.7
Thereafter	0.7		756.7
Total minimum lease payments	68.5		1,876.1
Less: effect of discounting	10.2		756.3
Present value of future minimum lease payments	58.3		1,119.8
Less: current obligations under leases	12.2		239.8
Long-term lease obligations	$	46.1	$	880.0

Finance Lease, Liability, Fiscal Year Maturity


Amounts due in the year ended December 31, (in millions)	Finance Leases		Operating Leases
2024	$	15.8	$	358.6
2025	13.9		292.0
2026	13.6		221.0
2027	13.6		127.1
2028	10.9		120.7
Thereafter	0.7		756.7
Total minimum lease payments	68.5		1,876.1
Less: effect of discounting	10.2		756.3
Present value of future minimum lease payments	58.3		1,119.8
Less: current obligations under leases	12.2		239.8
Long-term lease obligations	$	46.1	$	880.0