LEASES

3 Months Ended

Mar. 31, 2023

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, 2022.

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, 2023 and 2022 consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2023		2022
Operating lease cost	$	41.8	$	38.4
Short-term lease cost		0.2		0.1
Variable lease cost		0.2		0.2
Total lease cost	$	42.2	$	38.7

Maturities of operating lease liabilities at March 31, 2023 are as follows:

	As of
Year (in millions)	March 31, 2023
Remainder of 2023	$	109.5
2024		124.8
2025		73.8
2026		31.3
2027		15.6
Thereafter		57.6
Total lease payments		412.6
Less: Interest		(36.8)
Present value of operating lease liabilities		375.8
Less: Short-term portion		(134.0)
Long-term operating lease liabilities	$	241.8