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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of ROU Assets and Lease Liabilities

The components of ROU assets and lease liabilities and the classification within the Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows:

 

(millions)

 

Classification

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Right-of-use assets

 

$

179.4

 

 

$

166.9

 

Finance

 

Property and equipment, net

 

 

24.6

 

 

 

24.4

 

Total leased assets

 

 

 

$

204.0

 

 

$

191.3

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Short-term lease liabilities

 

$

56.2

 

 

$

60.2

 

Finance

 

Current portion of long-term borrowings

 

 

7.5

 

 

 

7.2

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Long-term lease liabilities

 

 

158.0

 

 

 

158.5

 

Finance

 

Long-term borrowings, excluding current portion

 

 

16.6

 

 

 

16.0

 

Total lease liabilities

 

 

 

$

238.3

 

 

$

241.9

 

Schedule of Components of Lease Cost

The components of lease cost and classification within the Consolidated Statements of Income during the years ended December 31, 2023, 2022 and 2021 were as follows:

 

(millions)

 

Classification

 

2023

 

 

2022

 

 

2021

 

Operating lease (a)(b)

 

Cost of services - lease type contracts

 

$

60.6

 

 

$

61.6

 

 

$

57.5

 

Short-term lease (a)

 

Cost of services - lease type contracts

 

 

19.9

 

 

 

19.4

 

 

 

15.9

 

Variable lease

 

Cost of services - lease type contracts

 

 

84.7

 

 

 

72.1

 

 

 

36.7

 

Operating lease cost

 

 

 

 

165.2

 

 

 

153.1

 

 

 

110.1

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

6.7

 

 

 

5.9

 

 

 

5.7

 

Interest on lease liabilities

 

Interest expense

 

 

1.3

 

 

 

1.0

 

 

 

1.0

 

Lease Impairment

 

Lease impairment

 

 

 

 

 

3.7

 

 

 

3.6

 

Net lease cost

 

 

 

$

173.2

 

 

$

163.7

 

 

$

120.4

 

(a)
Included expense related to leases for office space recorded in General and administrative expenses within the Consolidated Statements of Income of $3.8 million, $4.0 million and $4.1 million during the years ended December 31, 2023, 2022 and 2021, respectively.
(b)
Included rent concessions of $4.1 million, $6.2 million and $16.6 million during the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Maturities of Lease Liabilities

Maturities, lease term and discount rate information of lease liabilities as of December 31, 2023 were as follows:

 

 

Operating

 

 

Finance

 

 

 

 

(millions)

 

Leases

 

 

Leases

 

 

Total

 

2024

 

$

66.1

 

 

$

8.7

 

 

$

74.8

 

2025

 

 

53.7

 

 

 

6.5

 

 

 

60.2

 

2026

 

 

41.6

 

 

 

5.2

 

 

 

46.8

 

2027

 

 

27.8

 

 

 

3.1

 

 

 

30.9

 

2028

 

 

21.7

 

 

 

1.7

 

 

 

23.4

 

After 2028

 

 

36.0

 

 

 

2.0

 

 

 

38.0

 

Total lease payments

 

 

246.9

 

 

 

27.2

 

 

 

274.1

 

Less: Imputed interest

 

 

32.7

 

 

 

3.1

 

 

 

35.8

 

Present value of lease liabilities

 

$

214.2

 

 

$

24.1

 

 

$

238.3

 

Weighted-average remaining lease term (years)

 

 

5.1

 

 

 

4.0

 

 

 

 

Weighted-average discount rate

 

 

5.6

%

 

 

5.9

%

 

 

 

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases during the years ended December 31, 2023, 2022 and 2021 were as follows:

 

(millions)

 

2023

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

Operating cash outflows related to operating leases

 

$

88.7

 

 

$

91.5

 

 

$

96.4

 

Operating cash outflows related to interest on finance leases

 

 

1.3

 

 

 

1.0

 

 

 

1.0

 

Financing cash outflows related to finance leases

 

 

7.8

 

 

 

9.6

 

 

 

7.7

 

Leased assets obtained in exchange for new operating lease liabilities

 

 

69.4

 

 

 

22.2

 

 

 

40.7

 

Leased assets obtained in exchange for new finance lease liabilities

 

 

9.0

 

 

 

10.1

 

 

 

0.4