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Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases

12)

Leases

The Company has various operating leases for real estate and non-real estate items. The non-real estate leases are mainly comprised of automobiles but also include office equipment and other lower-valued items. The Company does not have any finance leases.

The elements of lease expense were as follows:

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Lease cost:

 

 

 

 

 

 

 

 

Operating lease (1)

 

$

27.6

 

 

$

29.2

 

Short-term lease

 

 

4.5

 

 

 

4.9

 

Total lease cost

 

$

32.1

 

 

$

34.1

 

 

(1)

Operating lease cost includes an immaterial amount of variable expenses, offset by certain sublease rental income.

The weighted average discount rate and the weighted average remaining lease term were 3.0% and 14.2 years, respectively, as of December 31, 2021. The weighted average discount rate and the weighted average remaining lease term were 3.0% and 15 years, respectively, as of December 31, 2020. Operating cash flows used for operating leases for the years

ended December 31, 2021 and 2020 were $18.0 and $13.0, respectively. Operating cash flows used for operating leases for the years ended December 31, 2021 and 2020 were net of $5.0 and $10.3, respectively, in tenant improvement allowance receipts.

In 2019, the Company sold two properties in Boulder, Colorado, and three properties in Portland, Oregon, the latter of which were part of sale and leaseback transactions and leased back the buildings over varying terms into 2021. Total net cash proceeds received for these two transactions were $41.2 and the Company recognized a net gain on the sale of these long-lived assets of $6.8.

Future lease payments under non-cancelable leases as of December 31, 2021 are detailed as follows:

 

Year Ending December 31,

 

Operating Leases

 

2022

 

$

24.0

 

2023

 

 

22.6

 

2024

 

 

21.0

 

2025

 

 

18.8

 

2026

 

 

16.7

 

Thereafter

 

 

158.1

 

Total lease payments

 

 

261.2

 

Less: imputed interest

 

 

50.6

 

Total lease liabilities

 

$

210.6

 

 

The 2022 lease payment amount of $24.0 is net of tenant improvement allowances of $1.3. Amounts presented above do not include payments relating to immaterial leases excluded from the balance sheet as well as leases with terms of less than twelve months.