Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Components of Lease Cost

The components of lease cost are as follows:

years ended December 31 (in millions)	2023		2022		2021
Operating lease cost	$	76.5	$	73.1	$	72.9
Finance lease cost:
Amortization of right-of-use assets		21.2		18.3		14.3
Interest on lease liabilities		4.8		4.4		3.5
Variable lease cost		18.5		16.5		17.9
Short-term lease cost		46.2		45.2		32.3
Total lease cost	$	167.2	$	157.5	$	140.9

Summary of Balance Sheet Classifications of Operating and Finance Leases

The balance sheet classifications of operating and finance leases are as follows:

December 31 (in millions)	2023			2022
Operating leases:
Operating lease right-of-use assets	$	371.6		$	383.5
Current operating lease liabilities	$	53.3		$	52.1
Noncurrent operating lease liabilities		326.7			335.9
Total operating lease liabilities	$	380.0		$	388.0
Finance leases:
Property, plant and equipment	$	253.5		$	236.9
Accumulated depreciation		(58.8	)		(39.4	)
Property, plant and equipment, net	$	194.7		$	197.5
Other current liabilities	$	20.1		$	17.8
Other noncurrent liabilities		179.5			182.1
Total finance lease liabilities	$	199.6		$	199.9

Summary of Weighted-average Remaining Lease Terms and Discount Rates

Weighted-average remaining lease terms and discount rates are as follows:

December 31		2023		2022
Weighted-average remaining lease terms (years):
Operating leases	11.7		12.2
Finance leases	18.3		19.1
Weighted-average discount rates:
Operating leases	4.3%		4.0%
Finance leases	2.6%		2.3%

Summary of Future Lease Payments

Future lease payments as of December 31, 2023 are as follows:

	Operating			Finance
(in millions)	Leases			Leases
2024	$	69.1		$	25.0
2025		60.8			21.1
2026		52.2			13.9
2027		42.1			12.8
2028		36.4			12.0
Thereafter		254.3			171.5
Total lease payments		514.9			256.3
Less: imputed interest		(119.4	)		(55.9	)
Present value of lease payments		395.5			200.4
Less: leases classified as held for sale		(15.5	)		(0.8	)
Less: current lease obligations		(53.3	)		(20.1	)
Total long-term lease obligations	$	326.7		$	179.5