LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

LEASES

Supplemental information related to leases and balance sheet classification as of December 31 was as follows ($ in millions):

Leases	Balance Sheet Classification	2023		2022
Assets:
Operating lease assets	Right of use assets	$	163.9	$	161.8
Finance lease assets	Property and equipment, net	45.6		—
Total		$	209.5	$	161.8
Liabilities:
Current
Operating	Accounts payable and other current liabilities	$	23.9	$	24.1
Finance	Current maturities of long-term debt	—		—
Non-Current
Operating	Long-term portion of operating lease liabilities	134.1		126.7
Finance	Long-term debt, net of current maturities	49.8		—
Total lease liabilities		$	207.8	$	150.8

The weighted-average remaining lease term and discount rate for our operating and financing leases as of December 31 for the corresponding year were as follows:

	2023		2022
Weighted average remaining lease term (years):
Operating leases	13.9		14.6
Finance leases	39.7		—
Weighted average discount rate:
Operating leases	14.1	%	14.0	%
Finance leases	9.0	%	—	%

The following table provides information related to the lease costs of finance and operating leases ($ in millions):

Lease Expense	Income Statement Classification	2023		2022
Operating	SG&A expenses	$	32.6	$	31.4
Finance:
Amortization of finance lease assets	Depreciation and amortization expense	0.9		—
Interest on lease liabilities	Interest expense	1.4		—
Total lease costs		$	34.9	$	31.4

The Company has related party operating leases for 24 properties. The following table provides information related to the portion of operating lease assets and liabilities which are attributable to related party leases at December 31 ($ in millions):

Leases	2023		2022
Assets:
Right of use assets – related party	$	108.5	$	105.3
All other right of use assets	55.4		56.5
Total	$	163.9	$	161.8
Liabilities:
Current:
Current portion of lease liabilities – related party	$	14.2	$	14.5
Current portion of lease liabilities – all other leases	9.7		9.6
Total current liabilities	23.9		24.1
Non-Current:
Long-term portion of lease liabilities – related party	96.2		93.7
Long-term portion of lease liabilities – all other leases	37.9		33.0
Total non-current liabilities	134.1		126.7
Total lease liabilities	$	158.0	$	150.8

Supplemental cash flow information related to leases was as follows:

($ in millions)	2023		2022
Cash payments for operating leases	$	29.3	$	25.9
New assets obtained in exchange for operating lease liabilities	14.9		18.1
Cash payments for finance leases	1.2		—

The following table summarizes the future minimum payments for leases as of December 31, 2023:

($ in millions)	Operating Leases		Finance Lease
2024	$	29.7	$	3.8
2025	28.7		3.8
2026	27.7		3.9
2027	26.9		4.0
2028	21.9		4.1
Thereafter	260.8		205.8
Total lease payments	395.7		225.4
Less imputed interest	(237.7)		(175.6)
Present value of lease liabilities(1)	$	158.0	$	49.8

(1) Finance lease liability is recorded in long-term debt. See Note 9.

LEASES

LEASES

Supplemental information related to leases and balance sheet classification as of December 31 was as follows ($ in millions):

Leases	Balance Sheet Classification	2023		2022
Assets:
Operating lease assets	Right of use assets	$	163.9	$	161.8
Finance lease assets	Property and equipment, net	45.6		—
Total		$	209.5	$	161.8
Liabilities:
Current
Operating	Accounts payable and other current liabilities	$	23.9	$	24.1
Finance	Current maturities of long-term debt	—		—
Non-Current
Operating	Long-term portion of operating lease liabilities	134.1		126.7
Finance	Long-term debt, net of current maturities	49.8		—
Total lease liabilities		$	207.8	$	150.8

The weighted-average remaining lease term and discount rate for our operating and financing leases as of December 31 for the corresponding year were as follows:

	2023		2022
Weighted average remaining lease term (years):
Operating leases	13.9		14.6
Finance leases	39.7		—
Weighted average discount rate:
Operating leases	14.1	%	14.0	%
Finance leases	9.0	%	—	%

The following table provides information related to the lease costs of finance and operating leases ($ in millions):

Lease Expense	Income Statement Classification	2023		2022
Operating	SG&A expenses	$	32.6	$	31.4
Finance:
Amortization of finance lease assets	Depreciation and amortization expense	0.9		—
Interest on lease liabilities	Interest expense	1.4		—
Total lease costs		$	34.9	$	31.4

The Company has related party operating leases for 24 properties. The following table provides information related to the portion of operating lease assets and liabilities which are attributable to related party leases at December 31 ($ in millions):

Leases	2023		2022
Assets:
Right of use assets – related party	$	108.5	$	105.3
All other right of use assets	55.4		56.5
Total	$	163.9	$	161.8
Liabilities:
Current:
Current portion of lease liabilities – related party	$	14.2	$	14.5
Current portion of lease liabilities – all other leases	9.7		9.6
Total current liabilities	23.9		24.1
Non-Current:
Long-term portion of lease liabilities – related party	96.2		93.7
Long-term portion of lease liabilities – all other leases	37.9		33.0
Total non-current liabilities	134.1		126.7
Total lease liabilities	$	158.0	$	150.8

Supplemental cash flow information related to leases was as follows:

($ in millions)	2023		2022
Cash payments for operating leases	$	29.3	$	25.9
New assets obtained in exchange for operating lease liabilities	14.9		18.1
Cash payments for finance leases	1.2		—

The following table summarizes the future minimum payments for leases as of December 31, 2023:

($ in millions)	Operating Leases		Finance Lease
2024	$	29.7	$	3.8
2025	28.7		3.8
2026	27.7		3.9
2027	26.9		4.0
2028	21.9		4.1
Thereafter	260.8		205.8
Total lease payments	395.7		225.4
Less imputed interest	(237.7)		(175.6)
Present value of lease liabilities(1)	$	158.0	$	49.8

(1) Finance lease liability is recorded in long-term debt. See Note 9.