Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Leases

The Company has operating leases for corporate offices, data centers and certain equipment. The operating leases have remaining lease terms of less than 1 year to 12 years, some of which include options to extend the leases for up to 5 years.

The following table summarizes information about the Company’s operating leases for the three and nine months ended September 30 (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost	$	2.5	$	2.8	$	7.5	$	8.6
Variable lease cost	—		—		0.1		0.1
Sublease income	(0.1)		$	—	(0.4)		(0.4)
Total operating lease expense	$	2.4	$	2.8	$	7.2	$	8.3
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1.3	$	2.5	$	5.7	$	8.6
Right of use assets obtained in exchange for new operating lease liabilities	—		—		1.8		1.6

In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. For the nine months ended September 30, 2022 and 2021, the weighted average remaining lease term was 10.7 years and 11.6 years, respectively, and the weighted average discount rate was 3.39% and 3.34%, respectively.

Maturities of operating lease liabilities were as follows (in millions):

	Operating Leases
Year Ending December 31,
2022 (excluding the nine months ended September 30, 2022)	$	0.7
2023	8.8
2024	8.3
2025	8.1
2026	8.1
Thereafter	56.5
Total lease payments	$	90.5
Less imputed interest	(15.2)
Total	$	75.3