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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Components of Lease Expense and Other Information

The components of lease expense were as follows:

 

 

 

Three months ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

7.2

 

 

$

7.1

 

 

$

14.6

 

 

$

14.1

 

Sublease income

 

 

(0.7

)

 

 

(0.7

)

 

 

(1.6

)

 

 

(1.3

)

 Total lease cost

 

$

6.5

 

 

$

6.4

 

 

$

13.0

 

 

$

12.8

 

 

Other information related to leases was as follows:

 

 

 

Six Months Ended
June 30,

 

(in millions, except lease term and discount rate)

 

2024

 

 

2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

14.8

 

 

$

14.8

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

 

$

12.7

 

 

$

7.1

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

5.8 years

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.3

 %

 

 

 

 

Schedule of Future Minimum Lease Payments, Net of Sublease Income

Future minimum lease payments, net of sublease income, for all non-cancelable leases as of June 30, 2024, were as follows:

 

(in millions)

 

Operating
Leases

 

2024

 

$

12.2

 

2025

 

 

24.5

 

2026

 

 

20.1

 

2027

 

 

15.0

 

2028

 

 

12.7

 

2029

 

 

10.2

 

Thereafter

 

 

17.7

 

Total minimum lease payments

 

 

112.4

 

Less imputed interest

 

 

16.9

 

Future minimum payments for leases, net of sublease rental income and imputed interest

 

$

95.5