Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Costs

The components of lease expense were as follows:

	2023		2022		2021
Operating Lease Cost	$	56.1	$	40.7	$	33.7
Finance Lease Cost:
Amortization of ROU Assets	3.2		3.2		1.3
Interest on Lease Liabilities	3.7		3.8		1.1
Total Lease Expense	$	63.0	$	47.7	$	36.1

Other information related to leases was as follows:

Supplemental Cash Flows Information	2023			2022			2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating Cash Flows for Operating Leases	$	56.2		$	38.4		$	32.6
Operating Cash Flows for Finance Leases	3.7			3.8			1.1
Financing Cash Flows for Finance Leases	3.3			2.9			1.0
Leased Assets Obtained in Exchange for New Finance Lease Liabilities(1)	0.6			—			73.8
Leased Assets Obtained in Exchange for New Operating Lease Liabilities(2)	115.7			31.4			65.4
Weighted Average Remaining Lease Term
Operating Leases	7.2 years			5.5 years			6.0 years
Finance Leases	16.1 years			17.0 years			17.8 years
Weighted Average Discount Rate
Operating Leases	8.1		%	8.0		%	7.9		%
Finance Leases	5.2		%	5.2		%	5.2		%

(1) Includes $0.3 million of leases assets acquired in the Altra Transaction in 2023 and $73.8 million of lease assets acquired in the Rexnord Transaction in 2021.

(2) Includes $46.8 million of lease assets acquired in the Altra Transaction in 2023 and $46.4 million of lease assets acquired in the Rexnord Transaction in 2021.

Schedule of Finance Lease Maturities

Maturity of lease liabilities as of December 31, 2023 were as follows:

	Operating Leases		Finance Leases		Total
2024	$	48.0	$	7.1	$	55.1
2025	40.8		7.2		48.0
2026	34.4		7.2		41.6
2027	26.3		7.3		33.6
2028	17.5		6.8		24.3
Thereafter	81.5		69.0		150.5
Total Lease Payments	$	248.5	$	104.6	$	353.1
Less: Interest	(79.1)		(34.1)		(113.2)
Present Value of Lease Liabilities	$	169.4	$	70.5	$	239.9

Schedule of Operating Lease Maturities

Maturity of lease liabilities as of December 31, 2023 were as follows:

	Operating Leases		Finance Leases		Total
2024	$	48.0	$	7.1	$	55.1
2025	40.8		7.2		48.0
2026	34.4		7.2		41.6
2027	26.3		7.3		33.6
2028	17.5		6.8		24.3
Thereafter	81.5		69.0		150.5
Total Lease Payments	$	248.5	$	104.6	$	353.1
Less: Interest	(79.1)		(34.1)		(113.2)
Present Value of Lease Liabilities	$	169.4	$	70.5	$	239.9