Leases

12 Months Ended

Dec. 31, 2022

We lease certain buildings and equipment under various noncancellable operating lease agreements. In addition, we have sub-lease agreements on a limited number of our building lease agreements. We generally have the option to renew the majority of our building leases and equipment leases at the end of the lease term at the fair rental value at the time of renewal.

We do not have any lease agreements or sub-lease agreements that contain variable lease payments. In addition, we do not have lease agreements or sub-lease agreements that contain residual value guarantees or impose any financial restrictions or covenants with the lessors.

Operating lease information is as follows:


	Year Ended December 31
	2022			2021			2020
	(in millions of dollars)
Lease Cost
Operating Lease Cost	$	19.6		$	35.2		$	48.6
Sublease Income	(1.1)			(1.0)			(1.3)
Total Lease Cost	$	18.5		$	34.2		$	47.3

Other Information
Cash Paid for Amounts Included in the Measurement of Lease Liabilities	$	23.1		$	29.9		$	30.8
Weighted-Average Remaining Lease Term	6 years			6 years			6 years
Weighted-Average Discount Rate	4.32		%	4.45		%	4.37		%

As of December 31, 2022, aggregate undiscounted minimum lease payments and the reconciliation to our lease liability are as follows (in millions of dollars):


2023	$	18.2
2024	14.4
2025	11.1
2026	9.1
2027	8.3
2028 and Thereafter	17.4
Total	78.5
Less Imputed Interest	10.6
Lease Liability	$	67.9

The right-of-use asset was $37.7 million and $49.1 million at December 31, 2022 and 2021, respectively.

During 2021 and 2020, we recognized impairment losses of $13.9 million and $12.7 million, respectively, on the ROU asset related to one of our operating leases for office space that we do not plan to continue using to support our general operations. The impairment losses were recorded as a result of a decrease in the fair value of the ROU asset compared to its carrying value. The fair value of the ROU asset was determined based on a discounted cash flow model utilizing estimated market rates for sub-lease rentals. The impairment losses for each period are recorded within other expenses in the consolidated statements of income and are included within our Corporate segment.