Leases (Notes)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

As of December 31, 2023 and 2022, the majority of our operating leases, for which we serve as the lessee, consist primarily of real-estate property for our offices around the world, and we do not have a material amount of finance leases. Both the right-of-use asset and lease liability are measured at the present value of the future lease payments, with the asset being subject to adjustments such as initial direct costs, prepaid lease payments, and lease incentives. Many of our leases provide for renewal and/or termination options, as well as escalation clauses, which are also factored into our lease payments when appropriate. As of December 31, 2023, our leases have remaining lease terms of 1 year to 13 years. The discount rate used to measure the lease

asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, if readily determinable, or using the Company's collateralized credit-adjusted borrowing rate.

The following tables present information on our operating leases for the full years of 2023, 2022 and 2021.

	Years ended December 31,
	2023			2022			2021
Operating lease cost	$	268.4		$	290.7		$	306.0
Short-term lease cost	7.9			6.4			8.1
Sublease income	(26.4)			(23.8)			(21.1)
Total lease cost	$	249.9		$	273.3		$	293.0
Cash paid related to operating lease liabilities	$	299.5		$	320.9		$	347.6
Right-of-use assets obtained in exchange for lease liabilities	$	83.0		$	93.0		$	431.0
	As of December 31,
	2023			2022			2021
Weighted-average remaining lease term	Seven years			Eight years			Eight years
Weighted-average discount rate	3.63		%	3.51		%	3.45		%

Our future payments of our operating leases as of December 31, 2023 are listed in the table below.

Period	Payments
2024	$	299.6
2025	270.1
2026	249.8
2027	215.4
2028	170.9
Thereafter	458.4
Total future lease payments	1,664.2
Less: imputed interest	194.8
Present value of future lease payments	1,469.4
Less: current portion of operating leases	252.6
Non-current operating leases	$	1,216.8

As of December 31, 2023, we had additional operating leases that had not yet commenced with future lease payments of approximately $81.0 commencing in 2024 with lease terms of 1 to 12 years.