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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | NOTE 15 Leases Substantially all of the Company's leases are classified as operating leases and primarily represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration. The Company assesses at inception of a contract if it contains a lease. This assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to pay on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a total term of 12 months or less. The effect of short-term leases on the Company’s right-of-use asset and lease liability would not be significant. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Consolidated Balance Sheets as of December 31, 2023 and 2022 is as follows:
(in millions) |  |  |  | December 31, 2023 |  |  | December 31, 2022 |
Balance Sheet |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  |  | $ | 198.8 |  |  | $ | 214.9 |
Total assets |  | Operating lease assets |  |  | 198.8 |  |  |  | 214.9 |
Liabilities: |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses and other liabilities |  |  | 45.4 |  |  |  | 45.0 |
Non-current operating lease liabilities |  | Operating lease liabilities |  |  | 178.6 |  |  |  | 195.9 |
Total liabilities |  |  |  | $ | 224.0 |  |  | $ | 240.9 |
As of December 31, 2023, the Company has entered into future lease agreements expected to commence in 2024 consisting of undiscounted lease liabilities of $11.4 million. Variable lease cost represents lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. The components of lease cost for operating leases for the 12 months ended December 31, 2023 and 2022 were:
(in millions) |  |  |  | For the year ended December 31, 2023 |  |  | For the year ended December 31, 2022 |
Operating leases: |  |  |  |  |  |  |  |
Lease cost |  |  |  | $ | 57.8 |  |  | $ | 55.5 |
Variable lease cost |  |  |  |  | 4.7 |  |  |  | 4.3 |
Short-term lease cost |  |  |  |  | 0.1 |  |  |  | 0.9 |
Operating lease cost |  |  |  |  | 62.6 |  |  |  | 60.7 |
Sublease income |  |  |  |  | (1.4 | ) |  |  | (1.5 | )
Total lease cost net |  |  |  | $ | 61.2 |  |  | $ | 59.2 |
The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2023 were:
Weighted average remaining lease term |  |  | 5.9 |
Weighted average discount rate |  |  | 3.44 | %
Maturities of the operating lease liabilities by fiscal year at December 31, 2023 for the Company's operating leases are as follows:
(in millions) |  | Operating Leases |
2024 |  | $ | 51.5 |
2025 |  |  | 49.6 |
2026 |  |  | 38.7 |
2027 |  |  | 31.7 |
2028 |  |  | 23.8 |
Thereafter |  |  | 51.1 |
Total undiscounted lease payments |  |  | 246.4 |
Less: Imputed interest |  |  | 22.4 |
Present value of future lease payments |  | $ | 224.0 |
Supplemental cash flow information for operating leases:
(in millions) | For the year ended December 31, 2023 |  |  | For the year ended December 31, 2022 |
Cash paid for amounts included in measurement of liabilities |  |  |  |  |
Operating cash flows from operating leases | $ | 61.3 |  |  | $ | 58.2 |
Right-of-use assets obtained in exchange for new operating liabilities | $ | 22.4 |  |  | $ | 71.0 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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