Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of operating leases

All of our leases qualify as operating leases. The following table summarizes the presentation in our consolidated balance sheets of our operating leases:

		As of December 31,
(In millions)	Balance sheet location	2022		2021
Assets:
Operating lease assets	Operating lease assets	$	403.9	$	375.4
Liabilities
Current operating lease liabilities	Accrued expense and other	$	97.2	$	89.1
Non-current operating lease liabilities	Long-term operating lease liabilities	333.0		330.4
Total operating lease liabilities		$	430.2	$	419.5

Operating lease costs

The following table summarizes the effect of lease costs in our consolidated statements of income:

		For the Years Ended December 31,
(In millions)	Income Statement Location	2022		2021		2020
Operating lease cost	Research and development	$	2.0	$	3.4	$	5.2
	Selling, general and administrative	95.9		95.9		93.1
Variable lease cost	Research and development	0.4		0.8		1.1
	Selling, general and administrative	25.4		25.7		21.1
Sublease income	Selling, general and administrative	(24.0)		(23.9)		(24.2)
	Other (income) expense, net	(4.1)		(4.0)		(3.9)
Net lease cost		$	95.6	$	97.9	$	92.4

Operating lease liability maturity

The minimum lease payments for the next five years and thereafter is expected to be as follows:

(In millions)	As of December 31, 2022
2023	$	111.0
2024	107.0
2025	80.5
2026	65.7
2027	69.5
Thereafter	36.6
Total lease payments	$	470.3
Less: interest	40.1
Present value of operating lease liabilities	$	430.2

Operating lease weighted average remaining term and discount rate

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of December 31,
	2022		2021
Weighted average remaining lease term in years	4.64		5.43
Weighted average discount rate	3.7	%	2.9	%

Operating lease supplemental cash flow disclosure

Supplemental disclosure of cash flow information related to our operating leases included in cash flow provided by operating activities in our consolidated statements of cash flow is as follows:

	As of December 31,
(In millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	107.4	$	105.8	$	100.2
Operating lease assets obtained in exchange for lease obligations	108.3		18.1		59.0