LEASES

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 consisted of the following:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2024		2023		2024		2023
Operating lease cost	$	36.3	$	38.3	$	72.2	$	80.1
Short-term lease cost		5.4		1.5		7.4		1.7
Variable lease cost		0.2		0.2		0.4		0.4
Total lease cost	$	41.9	$	40.0	$	80.0	$	82.2

Maturities of operating lease liabilities at June 30, 2024 are as follows:

	As of
Year (in millions)	June 30, 2024
Remainder of 2024	$	74.1
2025		89.8
2026		37.6
2027		20.7
2028		11.3
Thereafter		52.2
Total lease payments		285.7
Less: Interest		(32.5)
Present value of operating lease liabilities		253.2
Less: Short-term portion		(122.7)
Long-term operating lease liabilities	$	130.5