LEASES

3 Months Ended

Mar. 31, 2022

LEASES

LEASES

7.          LEASES

The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021 consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2022		2021
Operating lease cost	$	38.4	$	25.3
Short-term lease cost		0.1		2.0
Variable lease cost		0.2		0.2
Total lease cost	$	38.7	$	27.5

Maturities of operating lease liabilities at March 31, 2022 are as follows:

	As of
Year (in millions)	March 31, 2022
Remainder of 2022	$	126.4
2023		144.5
2024		124.2
2025		73.5
2026		31.1
Thereafter		59.0
Total lease payments		558.7
Less: Interest		(40.7)
Present value of operating lease liabilities		518.0
Less: Short-term portion		(158.5)
Long-term operating lease liabilities	$	359.5