XML 30 R14.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LEASES
Lessor Information related to Intuitive System Leasing
Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):
December 31,
20222021
Gross lease receivables$449.4 $404.0 
Unearned income(14.4)(11.4)
Subtotal435.0 392.6 
Allowance for credit loss(3.0)(3.6)
Net investment in sales-type leases$432.0 $389.0 
Reported as:
Prepaids and other current assets$131.2 $110.3 
Intangible and other assets, net300.8 278.7 
Net investment in sales-type leases$432.0 $389.0 
Contractual maturities of gross lease receivables as of December 31, 2022, are as follows (in millions):
Fiscal YearAmount
2023$137.5 
2024126.3 
202595.5 
202660.3 
202726.5 
2028 and thereafter3.3 
Total$449.4 
Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2022, are as follows (in millions):
Fiscal YearAmount
2023$300.0 
2024250.5 
2025194.4 
2026130.2 
202758.7 
2028 and thereafter20.2 
Total$954.0 
Lessee Information
The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $25.7 million, $20.4 million, and $21.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. For leases with terms of 12 months or less, the related expense was immaterial for each of the years ended December 31, 2022, 2021, and 2020.
Supplemental cash flow information for the years ended December 31, 2022, 2021, and 2020 related to operating leases was as follows (in millions):
Years Ended December 31,
202220212020
Cash paid for leases that were included within operating cash outflows$33.8 $23.2 $11.0 
Right-of-use assets recognized related to new lease obligations$34.0 $30.6 $9.6 
Supplemental balance sheet information, as of December 31, 2022, and 2021, related to operating leases was as follows (in millions, except lease term and discount rate):
December 31,
20222021
Intangible and other assets, net (Right-of-use assets)$82.2 $74.4 
Other accrued liabilities$24.2 $20.4 
Other long-term liabilities69.6 66.6 
Total lease liabilities$93.8 $87.0 
Weighted-average remaining lease term4.5 years4.9 years
Weighted-average discount rate3.0 %2.5 %
As of December 31, 2022, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):
Fiscal YearAmount
2023$26.0 
202421.7 
202519.5 
202616.6 
20278.3 
2028 and thereafter8.9 
Total lease payments101.0 
Less: imputed interest(7.2)
Total operating lease liabilities$93.8 
Leases LEASES
Lessor Information related to Intuitive System Leasing
Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):
December 31,
20222021
Gross lease receivables$449.4 $404.0 
Unearned income(14.4)(11.4)
Subtotal435.0 392.6 
Allowance for credit loss(3.0)(3.6)
Net investment in sales-type leases$432.0 $389.0 
Reported as:
Prepaids and other current assets$131.2 $110.3 
Intangible and other assets, net300.8 278.7 
Net investment in sales-type leases$432.0 $389.0 
Contractual maturities of gross lease receivables as of December 31, 2022, are as follows (in millions):
Fiscal YearAmount
2023$137.5 
2024126.3 
202595.5 
202660.3 
202726.5 
2028 and thereafter3.3 
Total$449.4 
Operating Leases. The Company’s operating lease terms are generally less than seven years. Future minimum lease payments related to the non-cancellable portion of operating leases (which excludes contingent payments related to usage-based arrangements) as of December 31, 2022, are as follows (in millions):
Fiscal YearAmount
2023$300.0 
2024250.5 
2025194.4 
2026130.2 
202758.7 
2028 and thereafter20.2 
Total$954.0 
Lessee Information
The Company enters into operating leases for real estate, automobiles, and certain equipment. Operating lease expense was $25.7 million, $20.4 million, and $21.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. For leases with terms of 12 months or less, the related expense was immaterial for each of the years ended December 31, 2022, 2021, and 2020.
Supplemental cash flow information for the years ended December 31, 2022, 2021, and 2020 related to operating leases was as follows (in millions):
Years Ended December 31,
202220212020
Cash paid for leases that were included within operating cash outflows$33.8 $23.2 $11.0 
Right-of-use assets recognized related to new lease obligations$34.0 $30.6 $9.6 
Supplemental balance sheet information, as of December 31, 2022, and 2021, related to operating leases was as follows (in millions, except lease term and discount rate):
December 31,
20222021
Intangible and other assets, net (Right-of-use assets)$82.2 $74.4 
Other accrued liabilities$24.2 $20.4 
Other long-term liabilities69.6 66.6 
Total lease liabilities$93.8 $87.0 
Weighted-average remaining lease term4.5 years4.9 years
Weighted-average discount rate3.0 %2.5 %
As of December 31, 2022, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):
Fiscal YearAmount
2023$26.0 
202421.7 
202519.5 
202616.6 
20278.3 
2028 and thereafter8.9 
Total lease payments101.0 
Less: imputed interest(7.2)
Total operating lease liabilities$93.8