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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Expense and Other Information

The components of lease expense were as follows:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Operating lease expense

 

$

137.4

 

 

$

132.4

 

 

$

140.8

 

Short-term lease expense

 

 

4.9

 

 

 

5.2

 

 

 

6.0

 

Other lease expense(a)

 

 

13.1

 

 

 

11.8

 

 

 

20.4

 

Total lease expense

 

$

155.4

 

 

$

149.4

 

 

$

167.2

 

(a) Other lease expense includes variable lease expense and sublease income.

 

Other information related to leases was as follows:

 

 

 

Year Ended December 31,

 

Supplemental Cash Flow Information

 

2023

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of operating lease liabilities

 

$

132.0

 

 

$

127.7

 

 

$

139.6

 

Operating ROU assets obtained in exchange for lease obligations

 

 

135.6

 

 

 

92.5

 

 

 

70.2

 

Supplemental Balance Sheet Information

 

 

December 31,

 

 

December 31,

 

Supplemental Balance Sheet Information

 

2023

 

 

2022

 

Operating Leases

 

 

 

 

 

 

Operating lease ROU assets

 

$

414.0

 

 

$

365.7

 

 

 

 

 

 

 

Operating lease liabilities - current(a)

 

$

100.2

 

 

$

105.5

 

Operating lease liabilities - long-term

 

 

323.2

 

 

 

266.6

 

Total operating lease liabilities

 

$

423.4

 

 

$

372.1

 

(a) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets.

Weighted Average Remaining Lease Term and Discount Rate

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Weighted Average Remaining Lease Term

 

 

 

 

 

 

 

 

 

Operating leases

 

5.6 years

 

 

5.3 years

 

 

5.1 years

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

 

Operating leases

 

 

3.8

%

 

 

2.9

%

 

 

2.6

%

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2023 were as follows:

 

Period Ending December 31, 2023

 

Operating Leases

 

 2024

 

$

112.7

 

 2025

 

 

96.7

 

 2026

 

 

74.1

 

 2027

 

 

56.5

 

 2028

 

 

45.7

 

Thereafter

 

 

92.1

 

Total future undiscounted lease payments

 

 

477.8

 

   Less imputed interest

 

 

(54.4

)

Total operating lease liabilities

 

$

423.4