LEASES

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 consisted of the following:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In millions)	2024		2023		2024		2023
Operating lease cost	$	36.2	$	34.7	$	108.4	$	114.8
Short-term lease cost		2.5		3.8		9.9		5.5
Variable lease cost		0.1		0.1		0.5		0.5
Total lease cost	$	38.8	$	38.6	$	118.8	$	120.8

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

	As of
Year (in millions)	September 30, 2024
Remainder of 2024	$	36.3
2025		98.7
2026		48.2
2027		31.2
2028		18.6
Thereafter		65.0
Total lease payments		298.0
Less: Interest		(40.9)
Present value of operating lease liabilities		257.1
Less: Short-term portion		(106.6)
Long-term operating lease liabilities	$	150.5