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Leases

12 Months Ended

Dec. 31, 2023

11. LEASES

For the years ended December 31, 2023, 2022 and 2021, operating lease expense was $187.4 million, $185.5 million and $189.2 million, respectively, and variable and short-term lease expense was $44.5 million, $38.8 million and $37.0 million, respectively. In addition, $117.3 million and $186.7 million of Operating lease right-of-use assets were obtained in exchange for lease obligations during the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, our total commitments related to finance leases was $19.7 million. Leases in which we sublet also do not represent a significant portion of our leasing activity.

Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2023, are presented in the table below.


(in millions)
2024	$	192.3
2025	171.8
2026	153.7
2027	126.2
2028	106.5
Thereafter	302.7
Total future minimum lease payments	$	1,053.2
Less imputed interest	136.8
Total	$	916.4

Other information related to operating leases was as follows.


	December 31, 2023
Weighted average remaining lease term	6.7 years
Weighted average discount rate	4.0	%