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v3.23.2

Leases | 9 Months Ended
--- | ---
Jun. 30, 2023
Leases |
Leases | 12. Leases ​ The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Company’s office building leases are operating leases, and its equipment leases are both operating and finance leases. The Company groups lease and non-lease components for its equipment leases into a single lease component but separates lease and non-lease components for its office building leases. ​ The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company’s incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company’s incremental secured borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. ​ The related lease payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period, is used to determine the appropriate lease classification and to compute periodic rental expense. Leases with initial terms shorter than 12 months are not recognized on the balance sheet, and lease expense is recognized on a straight-line basis. ​ The components of lease expenses are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
​ | ​ | (in millions)
Operating lease cost | ​ | $ | 40.8 | ​ | $ | 42.6 | ​ | $ | 123.9 | ​ | $ | 130.4
Finance lease cost: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ |  | 6.1 | ​ | ​ | 4.6 | ​ | ​ | 16.9 | ​ | ​ | 13.3
Interest on lease liabilities | ​ |  | 0.7 | ​ | ​ | 0.6 | ​ | ​ | 1.9 | ​ | ​ | 1.7
Variable lease cost | ​ |  | 9.2 | ​ | ​ | 8.9 | ​ | ​ | 25.7 | ​ | ​ | 25.3
Total lease cost | ​ | $ | 56.8 | ​ | $ | 56.7 | ​ | $ | 168.4 | ​ | $ | 170.7
​ Additional balance sheet information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | As of | ​ | As of
(in millions except as noted) |  | Balance Sheet Classification |  | June 30, 2023 |  | September 30, 2022
Assets: |  |  |  | ​ | ​ | ​ | ​ |
Operating lease assets |  | Operating lease right-of-use assets | ​ | $ | 545.3 | ​ | $ | 539.8
Finance lease assets |  | Property and equipment – net | ​ | ​ | 61.0 | ​ | ​ | 49.4
Total lease assets |  |  | ​ | $ | 606.3 | ​ | $ | 589.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: |  |  | ​ | ​ | ​ | ​ | ​ | ​
Current: |  |  | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities |  | Accrued expenses and other current liabilities | ​ | $ | 147.0 | ​ | $ | 145.6
Finance lease liabilities |  | Current portion of long-term debt | ​ | ​ | 23.0 | ​ | ​ | 18.1
Total current lease liabilities |  |  | ​ | ​ | 170.0 | ​ | ​ | 163.7
Non-current: |  |  | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities |  | Operating lease liabilities, noncurrent | ​ | ​ | 586.3 | ​ | ​ | 595.3
Finance lease liabilities |  | Long-term debt | ​ | ​ | 37.9 | ​ | ​ | 32.0
Total non-current lease liabilities |  |  | ​ | $ | 624.2 | ​ | $ | 627.3
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of | ​
​ |  | June 30, 2023 |  | September 30, 2022 | ​
Weighted average remaining lease term (in years): | ​ | ​ |  | ​ |
Operating leases |  | 6.5 | ​ | 6.5 | ​
Finance leases |  | 2.9 | ​ | 3.1 | ​
Weighted average discount rates: |  | ​ | ​ | ​ | ​
Operating leases |  | 4.2 | % | 4.0 | %
Finance leases |  | 3.9 | % | 3.8 | %
​ Additional cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ |
Operating cash flows from operating leases | ​ | $ | 141.7 | ​ | $ | 152.5
Operating cash flows from finance leases | ​ | ​ | 1.9 | ​ | ​ | 1.7
Financing cash flows from finance leases | ​ | ​ | 17.8 | ​ | ​ | 14.7
Right-of-use assets obtained in exchange for new operating leases | ​ | ​ | 84.2 | ​ | ​ | 53.3
Right-of-use assets obtained in exchange for new finance leases | ​ | ​ | 26.7 | ​ | ​ | 22.7
​ Total remaining lease payments under both the Company’s operating and finance leases are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases |  | Finance Leases
Fiscal Year | ​ | (in millions)
2023 (three months remaining) | ​ | $ | 45.6 | ​ | $ | 6.0
2024 | ​ |  | 166.5 | ​ | ​ | 24.7
2025 | ​ |  | 140.3 | ​ | ​ | 18.8
2026 | ​ |  | 111.0 | ​ | ​ | 11.6
2027 | ​ | ​ | 85.5 | ​ | ​ | 3.3
Thereafter | ​ |  | 287.0 | ​ | ​ | 0.2
Total lease payments | ​ | $ | 835.9 | ​ | $ | 64.6
Less: Amounts representing interest | ​ | $ | (102.6) | ​ | $ | (3.7)
Total lease liabilities | ​ | $ | 733.3 | ​ | $ | 60.9
​

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