COMMITMENTS AND LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

COMMITMENTS AND LEASES

COMMITMENTS AND LEASES

Supplemental cost information related to leases is shown below.

(In millions)	2022		2021		2020
Operating lease costs	$	70.8	$	68.8	$	63.1

Lease costs related to finance leases were not material in 2022, 2021 or 2020.

Supplemental balance sheet information related to leases is shown below.

(In millions)	Balance Sheet Location	2022		2021
Assets
Operating	Other assets	$	161.7	$	183.0
Finance(1)	Property, plant and equipment, net	27.5		28.9
Total leased assets		$	189.2	$	211.9
Liabilities
Current:
Operating	Other current liabilities	$	42.4	$	47.3
Finance	Short-term borrowings and current portion of long-term debt and finance leases	5.4		5.5
Non-current:
Operating	Long-term retirement benefits and other liabilities	113.6		135.3
Finance	Long-term debt and finance leases	8.2		11.7
Total lease liabilities		$	169.6	$	199.8

(1) Finance lease assets are net of accumulated amortization of $12.4 million and $10.4 million as of December 31, 2022 and January 1, 2022, respectively.

Supplemental cash flow information related to leases is shown below.

(In millions)	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	60.5	$	54.2	$	54.9
Operating lease assets obtained in exchange for operating lease liabilities	37.2		58.0		48.4

Cash flows related to finance leases were not material in 2022, 2021 or 2020.

Weighted average remaining lease term and discount rate information related to leases as of December 31, 2022 and January 1, 2022 is shown below.

	2022		2021
Weighted average remaining lease term (in years):
Operating	5.9		6.5
Finance	2.7		3.3
Weighted average discount rate (percentage):
Operating	3.2	%	3.0	%
Finance	2.8		2.9

Operating and finance lease liabilities by maturity date from December 31, 2022 are shown below.

(In millions)	Operating Leases		Finance Leases
2023	$	45.8	$	5.8
2024	35.4		5.4
2025	27.8		2.1
2026	18.8		.7
2027	10.8		.2
2028 and thereafter	35.5		—
Total lease payments	174.1		14.2
Less: imputed interest	(18.1)		(.6)
Present value of lease liabilities	$	156.0	$	13.6

As of December 31, 2022, we had no significant operating or finance leases that had not yet commenced.