LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

9.          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, 2023.

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, 2024 and 2023 consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating lease cost	$	35.9	$	41.8
Short-term lease cost		2.0		0.2
Variable lease cost		0.2		0.2
Total lease cost	$	38.1	$	42.2

Maturities of operating lease liabilities at March 31, 2024 are as follows:

	As of
Year (in millions)	March 31, 2024
Remainder of 2024	$	109.9
2025		85.4
2026		36.6
2027		19.8
2028		10.7
Thereafter		52.1
Total lease payments		314.5
Less: Interest		(33.9)
Present value of operating lease liabilities		280.6
Less: Short-term portion		(131.7)
Long-term operating lease liabilities	$	148.9