Leases and Property and Equipment

12 Months Ended

Dec. 31, 2023

Leases and Property and Equipment [Abstract]

Leases and Property and Equipment

Leases and Property and Equipment

Leases

	Year Ended December 31,
	2023		2022
Lease cost:
Operating lease cost	$	216.2	$	243.8
Variable lease cost	29.9		23.5
Short-term lease cost	2.5		2.5
Sublease income	(3.7)		(3.8)
Total Operating Leases	244.9		266.0
Finance lease cost:
Depreciation of ROU assets	58.9		55.1
Interest	7.4		5.7
Total Finance Leases	66.3		60.8
Total Lease Cost	$	311.2	$	326.8

Future lease payments:

	December 31
	Operating Leases		Finance Leases
2024	$	251.6	$	57.7
2025	206.8		44.5
2026	176.5		27.5
2027	134.7		12.7
2028	105.4		3.0
Thereafter	470.0		2.1
Total lease payments	1,345.0		147.5
Less: Interest	274.7		9.3
Present Value of Lease Liabilities	$	1,070.3	$	138.2

Balance sheet classification of operating leases:

	December 31,
	2023		2022
Operating Lease ROU Assets	$	1,046.4	$	1,165.0
Lease liability:
Other current liabilities	$	217.3	$	207.9
Long-term liability - operating leases	853.0		900.0
Total Operating Lease Liability	$	1,070.3	$	1,107.9

At December 31, 2023 and 2022, office space and equipment operating leases had a weighted average remaining lease term of 6.4 and 6.9 years, respectively, and a weighted average discount rate of 3.7% and 3.4%, respectively.

Property and Equipment

Property and equipment:

	December 31,
	2023		2022
Property and equipment - owned	$	1,620.9	$	1,684.6
Equipment under finance leases	404.4		383.0
Property and Equipment, Gross	2,025.3		2,067.6
Accumulated depreciation	(1,150.4)		(1,167.5)
Property and Equipment, Net	$	874.9	$	900.1

At December 31, 2023 and 2022, finance leases had a weighted average remaining lease term of 2.9 years and 3.1 years, respectively, and a weighted average discount rate of 6.6% and 5.1%, respectively.