Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The Company has operating leases primarily for real estate, data centers and equipment. Remaining lease terms are up to 12 years.

Supplemental Consolidated Balance Sheets information related to the Company’s operating leases is as follows:

		December 31,
Lease	Balance Sheet Presentation	2023			2022
Operating lease right-of-use asset	Operating lease right-of-use assets	$	128.8		$	149.2
Current operating lease liabilities	Accrued expenses and other current liabilities - Other	$	34.0		$	31.9
Long-term operating lease liabilities	Long-term liabilities - Operating lease liabilities	164.0			175.2
Total lease liabilities		$	198.0		$	207.1
		December 31,
Lease term and discount rate		2023			2022
Weighted average remaining lease term (years)		8.0			8.4
Weighted average discount rate		4.03		%	3.86		%

Operating lease expense for the years ended December 31, 2023, 2022 and 2021 was $62 million, $62 million and $50 million, respectively. During the year ended December 31, 2023, the Company initiated workplace optimization activities, which included the reduction of its real estate portfolio. As a result of the workplace optimization, the Company recognized an impairment charge of $13 million during the year ended December 31, 2023, which is presented in Selling and administrative expenses in the Consolidated Statements of Operations.

Maturities of operating lease liabilities are as follows:

	December 31, 2023
2024	$	41.4
2025	37.9
2026	31.3
2027	23.8
2028	19.0
Thereafter	84.4
Total lease payments	$	237.8
Less: Interest	(36.4)
Less: Lease Incentives(1)	(3.4)
Present value of lease liabilities	$	198.0

(1)Includes lease incentives that will be realized in 2024.

Supplemental cash flow information related to operating leases is as follows:

	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	41.7	$	42.8	$	35.9
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	24.6	$	43.6	$	49.8