Leases (Tables)

12 Months Ended

Dec. 31, 2023

A summary of the lease classification on our consolidated balance sheet as of December 31, 2023 and 2022 follows:


		2023		2022
Assets
Operating right-of-use lease assets	Other assets	$	238.1	$	275.1
Finance lease assets	Property and equipment, net	286.7		288.3
Total leased assets		$	524.8	$	563.4

Liabilities
Current
Operating	Other accrued liabilities	$	54.8	$	57.9
Finance	Notes payable and current maturities of long-term debt	12.9		14.3
Long-term
Operating	Other long-term liabilities	194.9		238.0
Finance	Long-term debt, net of current maturities	238.4		233.2
Total lease liabilities		$	501.0	$	543.4

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2023 and 2022 follow:


		2023		2022
Operating lease cost
Fixed lease cost	Cost of operations	$	60.2	$	55.5
Short-term lease cost	Cost of operations	89.5		70.4
Variable lease cost	Cost of operations	26.8		26.6
Finance lease cost
Amortization of leased assets	Depreciation amortization and depletion	15.6		15.2
Interest on lease liabilities	Interest expense	8.8		12.0
Variable lease cost	Interest expense	21.8		17.4
Total lease cost		$	222.7	$	197.1

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2023 and 2022 follows:


	2023		2022
Weighted-average remaining lease term (years)
Operating leases	6.9		7.2
Finance leases	27.1		29.6
Weighted-average discount rate
Operating leases	2.9	%	3.1	%
Finance leases	4.4	%	4.4	%

Supplemental cash flow and other non-cash information for the years ended December 31, 2023 and 2022 follow:


	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	176.5	$	151.6
Operating cash flows from finance leases	$	30.7	$	29.4
Financing cash flows from finance leases	$	12.3	$	33.6
Leased assets obtained in exchange for new finance lease liabilities	$	17.0	$	31.7
Leased assets obtained in exchange for new operating lease liabilities	$	33.4	$	73.9

As of December 31, 2023, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2024	$	62.4	$	22.4	$	84.8
2025	52.7		18.4		71.1
2026	42.9		17.1		60.0
2027	31.8		16.4		48.2
2028	27.9		17.5		45.4
Thereafter	72.7		341.8		414.5
Total lease payments	290.4		433.6		724.0
Less: interest	(40.7)		(182.3)		(223.0)
Present value of lease liabilities	$	249.7	$	251.3	$	501.0

As of December 31, 2023, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2024	$	62.4	$	22.4	$	84.8
2025	52.7		18.4		71.1
2026	42.9		17.1		60.0
2027	31.8		16.4		48.2
2028	27.9		17.5		45.4
Thereafter	72.7		341.8		414.5
Total lease payments	290.4		433.6		724.0
Less: interest	(40.7)		(182.3)		(223.0)
Present value of lease liabilities	$	249.7	$	251.3	$	501.0