LEASES

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021 consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2022		2021		2022		2021
Operating lease cost	$	40.8	$	26.7	$	120.8	$	79.4
Short-term lease cost		0.2		0.1		0.4		2.9
Variable lease cost		0.2		0.1		0.6		0.5
Total lease cost	$	41.2	$	26.9	$	121.8	$	82.8

Maturities of operating lease liabilities at September 30, 2022 are as follows:

	As of
Year (in millions)	September 30, 2022
Remainder of 2022	$	41.8
2023		146.0
2024		121.3
2025		70.4
2026		28.2
Thereafter		59.4
Total lease payments		467.1
Less: Interest		(35.7)
Present value of operating lease liabilities		431.4
Less: Short-term portion		(147.1)
Long-term operating lease liabilities	$	284.3