LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of March 31, 2023 are:

	As of March 31, 2023
Maturity of Lease Liabilities (in millions)	Operating Leases (1)
Remainder of 2023	$	35.1
2024	37.6
2025	27.5
2026	19.3
2027	12.6
Thereafter	17.3
Total lease payments	$	149.4
Less: imputed interest	(7.4		)
Present value of lease liabilities	$	142.0

(1) Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements.

Lease expense recognized in the Consolidated Statements of Income is summarized as follows:

Lease Expense (in millions)	Income Statement Classification	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Operating lease expense	Selling, general and administrative and Direct operating costs	$	12.5	$	13.5
Short-term and variable lease expense	Selling, general and administrative and Direct operating costs		35.3		29.7
Total lease expense		$	47.8	$	43.2

Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:


Lease Term and Discount Rate of Operating Leases	As of March 31, 2023
Weighted- average remaining lease term (years)	4.5
Weighted- average discount rate	2.3	%

The following table presents supplemental cash flow and non-cash information related to leases.


Other Information (in millions)	Three Months Ended March 31, 2023		Three months ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities (a)	$	12.7	$	13.5
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets:
ROU assets obtained in exchange for new operating lease liabilities	$	30.5	$	15.2

(a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows.