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LEASES

6 Months Ended

Jun. 30, 2023

22. LEASES

The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of June 30, 2023. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company’s option to terminate the leases within one year. During the three months ended June 30, 2023, $(0.2) million of right of use assets and lease liabilities were added related to new operating leases.

The following table presents the supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022, respectively (in millions):


	June 30,		December 31,
	2023		2022
Operating lease right of use assets	$	105.4	$	111.7
Total leased assets	$	105.4	$	111.7

Current operating lease liabilities (1)	$	16.9	$	18.3
Non-current operating lease liabilities		123.5		129.3
Total leased liabilities	$	140.4	$	147.6

(1)	These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.

The following table presents operating lease costs and other information as of and for the three and six months ended June 30, 2023 and 2022, respectively (in millions, except as stated):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023			2022
Operating lease costs (1)	$	8.9	$	7.8	$	17.5		$	15.2

Lease term and discount rate information:
Weighted average remaining lease term (years)						9.9			10.3
Weighted average discount rate						3.2	%		3.1	%

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of lease liabilities	$	6.6	$	5.5	$	13.0		$	10.8
Right of use assets obtained in exchange for lease liabilities		(0.2)		6.8		3.1			21.6

(1)	Includes short-term lease and variable lease costs, which are immaterial.

The maturities of the lease liabilities are as follows as of June 30, 2023 (in millions):


	June 30,
	2023
Remainder of 2023	$	10.9
2024		18.2
2025		17.4
2026		18.1
2027		14.7
After 2027		89.0
Total lease payments (1)	$	168.3
Less: Interest		(27.9)
Present value of lease liabilities	$	140.4

(1)	Total lease payments include $20.4 million related to options to extend lease terms that are reasonably certain of being exercised.