Leases

12 Months Ended

Dec. 31, 2023

Leases

Several of the Company's subsidiaries maintain their offices in leased premises. A number of these leases provide for the payment of real estate taxes, insurance, and other operating expenses. In addition, many of the subsidiaries also lease equipment for use in their businesses. Substantially all of the Company's leases are classified as operating leases.

The Company presents assets and liabilities related to leases with a term greater than 12 months within other assets and liabilities in the consolidated balance sheets. The established right of use asset and corresponding lease liability was $194.4 and $220.2, respectively, as of December 31, 2023, and $199.6, and $222.1, respectively, as of December 31, 2022.

In determining the lease liability, future lease payments are discounted at rates determined based on the type of underlying asset and remaining lease term. The weighted average discount rate was 5.49% and 5.27% as of December 31, 2023 and 2022, respectively, with an average remaining lease term of 6.9 years and 7.0 years at December 31, 2023 and 2022, respectively. Total lease costs were $76.3, $76.2, and $75.6 in 2023, 2022, and 2021, respectively. Fixed lease payments for 2023, 2022, and 2021 were $60.6, $64.0, and $65.0, respectively.

The following table presents a summary of future undiscounted lease payments as of the dates shown:


As of December 31:	2023		2022
Year 1	$	58.1	$	58.8
Year 2	51.0		50.6
Year 3	38.1		42.7
Year 4	29.0		30.1
Year 5	22.0		21.4
Thereafter	82.1		79.3
Total	280.6		283.1
Discount	60.4		60.9
Lease Liability	$	220.2	$	222.1