Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to our operating leases was as follows (dollars in millions):

	Year Ended December 31,
	2023		2022
Operating lease right-of-use assets	$	279.6	$	298.3
Current portion of operating lease obligations	$	78.6	$	72.2
Long-term portion of operating lease obligations		212.1		234.6
Total operating lease obligations	$	290.7	$	306.8

Schedule of Supplemental Balance Sheet Information Related to Finance Leases

Supplemental balance sheet information related to our finance leases was as follows (dollars in millions):

	Year Ended December 31,
	2023			2022
Buildings	$	0.3		$	0.3
Machinery and equipment		28.5			28.5
Total		28.8			28.8
Less accumulated amortization		(24.0	)		(22.6	)
Total	$	4.8		$	6.2
Current portion of finance lease obligations	$	2.0		$	1.9
Long-term portion of finance lease obligations		8.7			10.8
Total finance lease obligations	$	10.7		$	12.7

Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rates for Leases

For both operating and finance leases, the weighted average remaining lease term in years and weighted average discount rates were as follows:

	Year Ended December 31,
	2023			2022
Weighted-average remaining lease term (years):
Operating leases	4.9			5.4
Finance leases	4.8			5.8
Weighted-average discount rate:
Operating leases		3.75	%		3.29	%
Finance leases		6.66	%		6.66	%

Components of Lease Expense

The components of lease expense were as follows (dollars in millions):

	Year Ended December 31,
	2023		2022		2021
Finance lease cost:
Amortization of finance lease assets	$	1.4	$	1.5	$	1.5
Interest on lease liabilities		0.8		0.9		1.0
Total finance lease cost		2.2		2.4		2.5
Operating lease cost		87.7		81.4		77.0
Short-term lease cost		24.6		27.0		22.7
Variable lease cost		21.7		17.2		19.4
Total lease cost	$	136.2	$	128.0	$	121.6

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (dollars in millions):

	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	(77.6	)	$	(73.6	)	$	(71.7	)
Operating cash flows for finance leases		(1.4	)		(1.5	)		(1.5	)
Financing cash flows for finance leases		(0.8	)		(0.9	)		(1.0	)
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	(58.9	)	$	(83.5	)	$	(44.4	)
Finance leases		—			—			—
Supplemental non-cash information on changes in lease liabilities	$	1.3		$	51.6		$	31.3
Supplemental non-cash information on changes in right-of-use assets	$	77.6		$	23.5		$	40.3

Schedule of Future Minimum Payments Under Operating and Finance Lease Liabilities

The future minimum payments under operating and finance lease liabilities at December 31, 2023 were as follows (dollars in millions):

	Operating Leases			Finance Leases
2024	$	88.1		$	2.7
2025		75.4			2.7
2026		56.1			2.7
2027		38.0			2.7
2028		22.4			1.8
Thereafter		39.4			—
Total lease payments		319.4			12.6
Less imputed interest (a)		(28.7	)		(1.9	)
Present value of lease liabilities	$	290.7		$	10.7

(a)Calculated using the incremental borrowing rate for each lease applied to the future payments.