Leases

12 Months Ended

Dec. 31, 2023

The Company’s operating leases are primarily for real property in support of our business operations. Although many of our leases contain renewal options, we generally are not reasonably certain to exercise these options at the commencement date. Accordingly, renewal options are generally not included in the lease term for determining the right-of-use (“ROU”) asset and lease liability at commencement. Variable lease payments generally depend on an inflation-based index and such payments are not included in the original estimate of the lease liability. These variable lease payments are not material.

For the years ended December 31, 2023, 2022, and 2021, the Company recognized $50.6, $48.7, and $51.8 of operating lease expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the years ended December 31:


	2023		2022		2021
Operating cash flows used for operating leases	$	50.6	$	48.3	$	51.5
Right-of-use assets obtained in exchange for operating lease obligations	29.6		53.9		28.2

The following table presents the lease balances within the Consolidated Balance Sheets related to the Company’s operating leases as of December 31:


Lease assets and liabilities	Balance sheet account	2023		2022
ASSETS:
Operating lease ROU assets	Other assets	$	189.8	$	196.1

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	43.3		46.4
Operating lease liabilities	Other liabilities	158.7		164.2
Total operating lease liabilities		$	202.0	$	210.6

Future minimum lease payments under non-cancellable leases were as follows:


2024	$	47.9
2025	42.9
2026	35.1
2027	28.3
2028	21.9
Thereafter	44.6
Total operating lease payments	220.7
Less: Imputed interest	18.7
Total operating lease liabilities	$	202.0


Weighted average remaining lease term – operating leases (years)			6
Weighted average discount rate (%)			3.0