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Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases:
We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property.
The components of lease costs are as follows (in millions):
For the Year Ended December 31,
202320222021
Operating lease cost $40.9 $38.7 $46.7 
Finance lease cost:
Amortization of right-of-use assets25.7 27.5 28.0 
Interest on lease liabilities26.2 29.0 30.7 
Total finance lease cost51.9 56.5 58.7 
Short-term and variable lease cost2.9 5.2 3.1 
Sublease income(3.3)(2.9)(3.1)
Total lease cost$92.4 $97.5 $105.4 
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
As of December 31,
Classification20232022
Assets
Operating leaseOperating lease right-of-use assets$208.5 $212.5 
Finance lease (1)
Property and equipment, net247.2 272.9 
Total leased assets$455.7 $485.4 
Liabilities
Current liabilities:
Operating leaseCurrent operating lease liabilities$24.1 $25.6 
Finance leaseCurrent portion of long-term debt21.6 19.5 
Noncurrent liabilities:
Operating leaseLong-term operating lease liabilities196.1 199.7 
Finance leaseLong-term debt, net of current portion318.5 340.3 
Total leased liabilities$560.3 $585.1 
(1)    Finance lease assets are recorded net of accumulated amortization of $171.6 million and $145.8 million as of December 31, 2023 and 2022, respectively.
As of December 31,
20232022
Weighted Average Remaining Lease Term
Operating lease9.5 years9.3 years
Finance lease10.7 years11.6 years
Weighted Average Discount Rate
Operating lease6.3 %6.2 %
Finance lease7.7 %7.7 %
Maturities of lease liabilities as of December 31, 2023 are as follows (in millions):
Year Ending December 31,Operating LeasesFinance
Leases
2024$37.0 $46.3 
202539.2 47.0 
202637.4 47.9 
202735.6 47.4 
202834.6 46.4 
2029 and thereafter116.4 270.1 
Total lease payments300.2 505.1 
Less: Interest portion(80.0)(165.0)
Total lease liabilities$220.2 $340.1 
Supplemental cash flow information related to our leases is as follows (in millions):
For the Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$39.0 $40.5 $45.0 
Operating cash flows from finance leases27.1 29.7 31.0 
Financing cash flows from finance leases41.1 19.2 44.6 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$26.2 $48.7 $26.9 
Finance leases21.4 1.0 46.4 
Leases Leases:
We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property.
The components of lease costs are as follows (in millions):
For the Year Ended December 31,
202320222021
Operating lease cost $40.9 $38.7 $46.7 
Finance lease cost:
Amortization of right-of-use assets25.7 27.5 28.0 
Interest on lease liabilities26.2 29.0 30.7 
Total finance lease cost51.9 56.5 58.7 
Short-term and variable lease cost2.9 5.2 3.1 
Sublease income(3.3)(2.9)(3.1)
Total lease cost$92.4 $97.5 $105.4 
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
As of December 31,
Classification20232022
Assets
Operating leaseOperating lease right-of-use assets$208.5 $212.5 
Finance lease (1)
Property and equipment, net247.2 272.9 
Total leased assets$455.7 $485.4 
Liabilities
Current liabilities:
Operating leaseCurrent operating lease liabilities$24.1 $25.6 
Finance leaseCurrent portion of long-term debt21.6 19.5 
Noncurrent liabilities:
Operating leaseLong-term operating lease liabilities196.1 199.7 
Finance leaseLong-term debt, net of current portion318.5 340.3 
Total leased liabilities$560.3 $585.1 
(1)    Finance lease assets are recorded net of accumulated amortization of $171.6 million and $145.8 million as of December 31, 2023 and 2022, respectively.
As of December 31,
20232022
Weighted Average Remaining Lease Term
Operating lease9.5 years9.3 years
Finance lease10.7 years11.6 years
Weighted Average Discount Rate
Operating lease6.3 %6.2 %
Finance lease7.7 %7.7 %
Maturities of lease liabilities as of December 31, 2023 are as follows (in millions):
Year Ending December 31,Operating LeasesFinance
Leases
2024$37.0 $46.3 
202539.2 47.0 
202637.4 47.9 
202735.6 47.4 
202834.6 46.4 
2029 and thereafter116.4 270.1 
Total lease payments300.2 505.1 
Less: Interest portion(80.0)(165.0)
Total lease liabilities$220.2 $340.1 
Supplemental cash flow information related to our leases is as follows (in millions):
For the Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$39.0 $40.5 $45.0 
Operating cash flows from finance leases27.1 29.7 31.0 
Financing cash flows from finance leases41.1 19.2 44.6 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$26.2 $48.7 $26.9 
Finance leases21.4 1.0 46.4