Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The Company has operating and financing leases for headquarters and field offices and various equipment. Our leases generally have remaining lease terms of one year to 10 years. We determine if an arrangement is a lease at inception.

The components of lease expense are as follows (in millions of dollars):

		December Year to Date
Description	Statements of Earnings Location	2023		2022		2021
Operating:
Operating lease cost	Selling, general and administrative expenses	$	21.0	$	22.8	$	25.8
Short-term lease cost	Selling, general and administrative expenses	2.0		2.4		2.6
Variable lease cost	Selling, general and administrative expenses	6.1		5.2		5.7
Financing:
Amortization of ROU assets	Selling, general and administrative expenses	0.6		0.6		1.4
Interest on lease liabilities	Other income (expense), net	—		0.1		0.2
Total lease cost		$	29.7	$	31.1	$	35.7

Supplemental consolidated balance sheet information related to leases is as follows (in millions of dollars):

Description	Balance Sheet Location	As of Year-End 2023			As of Year-End 2022
ROU Assets:
Operating	Operating lease right-of-use assets	$	61.3	(1)	$	66.8
Financing	Net property and equipment	0.3			1.3
Total lease assets		$	61.6		$	68.1
ROU Liabilities:
Operating - current	Operating lease liabilities, current	$	14.0	(1)	$	14.7
Financing - current	Accounts payable and accrued liabilities	—			1.2
Operating - noncurrent	Operating lease liabilities, noncurrent	51.9		(1)	55.0
Financing - noncurrent	Other long-term liabilities	—			—
Total lease liabilities		$	65.9		$	70.9

(1)ROU operating assets and liabilities, current and non-current, include held for sale leases (see Held for Sale footnote).

Weighted average remaining lease terms and discount rates are as follows:

	December Year to Date
	2023		2022
Weighted average remaining lease term (years):
Operating leases	7.3		7.9
Financing leases	0		1.3
Weighted average discount rate:
Operating leases	5.4	%	5.1	%
Financing leases	N/A		5.4	%

Other information related to leases is as follows (in millions of dollars):

	December Year to Date
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20.6	$	22.4	$	26.1
Financing cash flows from financing leases	1.2		1.4		1.5
ROU assets obtained in exchange for new lease obligations:
Operating leases	$	12.6	$	10.7	$	14.9
Financing leases	—		—		—

Maturities of lease liabilities as of year-end 2023 are as follows (in millions of dollars):

	Operating Leases			Financing Leases
2024	$	17.1		$	—
2025	13.4			—
2026	10.3			—
2027	7.2			—
2028	5.5			—
Thereafter	25.7			—
Total future lease payments	79.2			—
Less: Imputed interest	13.3			—
Total	$	65.9	(2)	$	—

(2)Maturities of lease liabilities includes future lease payments for held for sale leases (see Held for Sale footnote).

Leases

Leases

The Company has operating and financing leases for headquarters and field offices and various equipment. Our leases generally have remaining lease terms of one year to 10 years. We determine if an arrangement is a lease at inception.

The components of lease expense are as follows (in millions of dollars):

		December Year to Date
Description	Statements of Earnings Location	2023		2022		2021
Operating:
Operating lease cost	Selling, general and administrative expenses	$	21.0	$	22.8	$	25.8
Short-term lease cost	Selling, general and administrative expenses	2.0		2.4		2.6
Variable lease cost	Selling, general and administrative expenses	6.1		5.2		5.7
Financing:
Amortization of ROU assets	Selling, general and administrative expenses	0.6		0.6		1.4
Interest on lease liabilities	Other income (expense), net	—		0.1		0.2
Total lease cost		$	29.7	$	31.1	$	35.7

Supplemental consolidated balance sheet information related to leases is as follows (in millions of dollars):

Description	Balance Sheet Location	As of Year-End 2023			As of Year-End 2022
ROU Assets:
Operating	Operating lease right-of-use assets	$	61.3	(1)	$	66.8
Financing	Net property and equipment	0.3			1.3
Total lease assets		$	61.6		$	68.1
ROU Liabilities:
Operating - current	Operating lease liabilities, current	$	14.0	(1)	$	14.7
Financing - current	Accounts payable and accrued liabilities	—			1.2
Operating - noncurrent	Operating lease liabilities, noncurrent	51.9		(1)	55.0
Financing - noncurrent	Other long-term liabilities	—			—
Total lease liabilities		$	65.9		$	70.9

(1)ROU operating assets and liabilities, current and non-current, include held for sale leases (see Held for Sale footnote).

Weighted average remaining lease terms and discount rates are as follows:

	December Year to Date
	2023		2022
Weighted average remaining lease term (years):
Operating leases	7.3		7.9
Financing leases	0		1.3
Weighted average discount rate:
Operating leases	5.4	%	5.1	%
Financing leases	N/A		5.4	%

Other information related to leases is as follows (in millions of dollars):

	December Year to Date
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	20.6	$	22.4	$	26.1
Financing cash flows from financing leases	1.2		1.4		1.5
ROU assets obtained in exchange for new lease obligations:
Operating leases	$	12.6	$	10.7	$	14.9
Financing leases	—		—		—

Maturities of lease liabilities as of year-end 2023 are as follows (in millions of dollars):

	Operating Leases			Financing Leases
2024	$	17.1		$	—
2025	13.4			—
2026	10.3			—
2027	7.2			—
2028	5.5			—
Thereafter	25.7			—
Total future lease payments	79.2			—
Less: Imputed interest	13.3			—
Total	$	65.9	(2)	$	—

(2)Maturities of lease liabilities includes future lease payments for held for sale leases (see Held for Sale footnote).