LEASES

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022 consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2023		2022		2023		2022
Operating lease cost	$	34.7	$	40.8	$	114.8	$	120.8
Short-term lease cost		3.8		0.2		5.5		0.4
Variable lease cost		0.1		0.2		0.5		0.6
Total lease cost	$	38.6	$	41.2	$	120.8	$	121.8

Maturities of operating lease liabilities at September 30, 2023 are as follows:

	As of
Year (in millions)	September 30, 2023
Remainder of 2023	$	35.2
2024		131.4
2025		75.8
2026		32.7
2027		15.6
Thereafter		57.7
Total lease payments		348.4
Less: Interest		(34.6)
Present value of operating lease liabilities		313.8
Less: Short-term portion		(127.7)
Long-term operating lease liabilities	$	186.1