Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Cost Components

The components of lease costs for the years ended December 31, 2023 and 2022 were as follows.

TABLE 78: LEASE COST COMPONENTS

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022
Operating Lease Cost	$	109.2	$	104.5
Variable Lease Cost (1)	54.7		82.2
Sublease Income	(2.7)		(2.9)
Total Lease Cost	$	161.2	$	183.8

(1) Variable Lease Cost includes rental payments based on usage, common-area maintenance costs and property taxes.

The following table provides supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022.

TABLE 82: SUPPLEMENTAL CASH FLOW INFORMATION

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	91.4	$	70.3
Supplemental non-cash information
Right-of-use assets obtained in exchange for new operating lease liabilities	$	122.6	$	61.0

Maturity of Lease Liability

The following table presents a maturity analysis of lease liabilities as of December 31, 2023.

TABLE 79: MATURITY OF LEASE LIABILITIES

(In Millions)	MATURITY OF LEASE LIABILITIES
2024	$	93.2
2025	100.3
2026	85.5
2027	84.9
2028	72.8
Later Years	393.5
Total Lease Payments	830.2
Less: Imputed Interest	(137.4)
Present Value of Lease Liabilities	$	692.8

Leases

The location and amount of ROU assets and lease liabilities recorded on the consolidated balance sheets as of December 31, 2023 and 2022 are presented in the following table.

TABLE 80: LOCATION AND AMOUNT OF LEASE ASSETS AND LIABILITIES

(In Millions)	LOCATION OF LEASE ASSETS AND LEASE LIABILITIES ON THE BALANCE SHEET	DECEMBER 31, 2023		DECEMBER 31, 2022
Assets
Operating Lease Right-of-Use Asset	Other Assets	$	522.8	$	484.8
Liabilities
Operating Lease Liability	Other Liabilities	$	692.8	$	626.2

The weighted-average remaining lease term and weighted-average discount rate applied to leases as of December 31, 2023 and 2022 were as follows:

TABLE 81: WEIGHTED-AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE

	DECEMBER 31, 2023		DECEMBER 31, 2022
Operating Leases
Weighted-Average Remaining Lease Term	10.1 years		9.3 years
Weighted-Average Discount Rate	3.3	%	3.0	%