Leases (Tables)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2019

Leases [Abstract]

Operating Lease, Lease Income [Table Text Block]

The following table shows the components of our lease revenue for the years ended December 31 (in millions):

	2023		2022		2021
Operating lease revenue:
Fixed lease revenue	$	1,145.1	$	1,058.3	$	1,063.4
Variable lease revenue	93.7		86.5		70.1
Total operating lease revenue	$	1,238.8	$	1,144.8	$	1,133.5
Finance lease revenue	12.6		9.8		7.0
Total lease revenue	$	1,251.4	$	1,154.6	$	1,140.5

The following table shows the components of our finance leases as of December 31 (in millions):

	2023		2022
Total contractual lease payments receivable	$	171.8	$	110.4
Estimated unguaranteed residual value of leased assets	17.2		18.1
Unearned income	(52.6)		(32.0)
Finance leases	$	136.4	$	96.5

Assets And Liabilities, Lessee [Table Text Block]

The following table shows the lease terms and discount rates related to leases as of December 31:

	2023		2022
Weighted-average remaining lease term (in years):
Operating leases	7.0		7.9
Weighted-average discount rate:
Operating leases	3.61	%	3.58	%

Lease, Cost [Table Text Block]

The following table shows the components of lease expense for the years ended December 31 (in millions):

	2023		2022		2021
Operating lease cost (1):
Fixed lease cost - operating leases	$	41.6	$	41.4	$	40.0
Finance lease cost:
Amortization of right-of-use assets	—		—		0.2
Total lease cost	$	41.6	$	41.4	$	40.2

________

(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

The following table shows other information related to leases for the years ended December 31 (in millions):

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	41.2	$	42.4	$	40.5
Financing cash flows for finance leases	—		1.5		77.2
Total cash for leases	$	41.2	$	43.9	$	117.7
Non-cash financing lease transactions (1)	$	—	$	—	$	45.1

__________

(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

Lessee, Leases, Future Minimum Payments [Table Text Block]

The following table shows the maturities of our lease liabilities as of December 31, 2023 (in millions):

	Operating Leases
2024	$	39.4
2025	36.8
2026	45.2
2027	38.7
2028	25.4
Thereafter	72.8
Total undiscounted lease payments	$	258.3
Less: amounts representing interest	(31.5)
Total discounted lease liabilities	$	226.8

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2023 (in millions):

	Operating Leases (1)		Finance Leases		Total
2024	$	1,095.1	$	35.1	$	1,130.2
2025	829.2		33.8		863.0
2026	620.6		31.3		651.9
2027	468.4		21.4		489.8
2028	350.7		18.1		368.8
Thereafter	912.2		32.1		944.3
	$	4,276.2	$	171.8	$	4,448.0

__________

(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.