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LEASES

12 Months Ended

Dec. 31, 2023

LEASES.

LEASES

24. 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 December 31, 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 year ended December 31, 2023, $44.5 million of right of use assets and $44.5 million of lease liabilities were added related to new operating leases and existing lease extensions.

​

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

​	​	​	​	​	​
​	December 31,		​	December 31,
​	2023		​	2022
Operating lease right of use assets	$	136.6	​	$	111.7
Total leased assets	$	136.6	​	$	111.7
​	​	​	​		​
Current operating lease liabilities (1)	$	20.8	​	$	18.3
Non-current operating lease liabilities	​	150.8	​	​	129.3
Total leased liabilities	$	171.6	​	$	147.6

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

​

The following table presents operating lease costs and other information as of and for the years ended December 31, 2023 and 2022 (in millions, except as stated):

​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,		​	​	Year Ended December 31,		​
​	​	2023		​	​	2022		​
Operating lease costs (1)	​	$	34.5	​	​	$	30.0	​
​	​	​	​	​	​	​	​	​
Lease term and discount rate information:	​	​	​	​	​	​	​	​
Weighted average remaining lease term (years)	​	​	8.6	​	​	​	10.2	​
Weighted average discount rate	​	​	3.4	%	​	​	3.1	%
​	​	​	​	​	​	​	​	​
Supplemental cash flow information and non-cash activity:	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	$	24.9	​	​	$	20.9	​
Right-of-use assets obtained in exchange for lease liabilities	​	​	44.5	​	​	​	24.4	​

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

​

The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2023, 2022, and 2021 were $34.5 million, $30.0 million, and $25.6 million, respectively.

The maturities of the lease liabilities are as follows as of December 31, 2023 (in millions):

​	​	​	​
​	​	December 31,
​		2023
2024	​	$	26.6
2025	​	​	26.8
2026	​	​	27.9
2027	​	​	23.5
2028	​	​	21.3
After 2028 (1)	​		75.8
Total lease payments	​	$	201.9
Less: Interest	​	​	(30.3)
Present value of lease liabilities	​	$	171.6

(1) Total lease payments include $13.8 million related to options to extend lease terms that are reasonably certain of being exercised.

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- References

No definition available.

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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

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