Leases

12 Months Ended

Dec. 31, 2022

For the years ended December 31, 2022, December 31, 2021 and December 31, 2020, lease expense (including immaterial short-term and variable lease costs) was as follows.


	For the years ended
	December 31, 2022		December 31, 2021		December 31, 2020
	(In millions)
Operating lease expense	$	72.5	$	73.2	$	71.4
Finance lease expense	9.5		10.4		11.5
Total lease expense	$	82.0	$	83.6	$	82.9

Supplemental cash flow information related to leases for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 was as follows.


	For the years ended
	December 31, 2022		December 31, 2021		December 31, 2020
	(In millions)
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows for operating leases	$	52.5	$	56.8	$	53.2
Operating cash flows for finance leases	$	3.6	$	4.5	$	7.6
Financing cash flows for finance leases	$	4.4	$	3.6	$	34.5
Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities
Operating leases	$	63.9	$	34.0	$	28.5
Finance leases	$	3.8	$	7.5	$	5.4

Supplemental balance sheet information related to leases as of December 31, 2022 and December 31, 2021 was as follows:


		As of
		December 31, 2022		December 31, 2021
	Balance Sheet Classification	(In millions)
Operating Leases
Operating lease right-of-use assets	Other assets	$	132.7	$	119.1
Current operating lease liabilities	Accounts payable and other current liabilities	$	44.7	$	45.4
Non-current operating lease liabilities	Other liabilities	99.3		87.8
Total operating lease liabilities		$	144.0	$	133.2

Finance Leases
Finance lease right-of-use assets	Properties, net	$	50.2	$	61.5
Current finance lease liabilities	Current portion of long-term debt and short-term borrowings	$	5.3	$	4.6
Non-current finance lease liabilities	Long-term debt	56.2		62.6
Total finance lease liabilities		$	61.5	$	67.2

The weighted-average remaining lease term and discount rate as of December 31, 2022 are as follows:


	Weighted-Average Remaining Lease Term (Years)	Weighted-Average Discount Rate
Operating leases	4.9	4.0%
Finance leases	10.8	6.3%

Based on foreign exchange rates as of December 31, 2022, maturities of lease liabilities were as follows:


	Operating Leases		Finance Leases
	(In millions)
2023	$	50.0	$	8.6
2024	34.6		8.5
2025	26.6		8.1
2026	18.5		11.4
2027	8.2		5.1
Thereafter	21.1		45.1
Total lease payments	$	159.0	$	86.8
Less: interest	(15.0)		(25.3)
Present value of lease liabilities	$	144.0	$	61.5

Executed leases that have not yet commenced as of December 31, 2022 are not material except for master railcar leases with total undiscounted payments of $54.6 million expected to commence in 2023.

Leases