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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases: We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property. The components of lease costs are as follows (in millions):
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Operating lease cost | $ | 38.7 |  |  | $ | 46.7 |  |  | $ | 50.2 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 27.5 |  |  | 28.0 |  |  | 25.0 |
Interest on lease liabilities | 29.0 |  |  | 30.7 |  |  | 28.8 |
Total finance lease cost | 56.5 |  |  | 58.7 |  |  | 53.8 |
Short-term and variable lease cost | 5.2 |  |  | 3.1 |  |  | 3.7 |
Sublease income | (2.9) |  |  | (3.1) |  |  | (3.2) |
Total lease cost | $ | 97.5 |  |  | $ | 105.4 |  |  | $ | 104.5 |
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
|  |  |  | As of December 31,
|  | Classification |  | 2022 |  | 2021
Assets |  |  |  |  |  |
Operating lease |  | Operating lease right-of-use assets |  | $ | 212.5 |  |  | $ | 193.7 |
Finance lease (1) |  | Property and equipment, net |  | 272.9 |  |  | 299.3 |
Total leased assets |  |  |  | $ | 485.4 |  |  | $ | 493.0 |
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Operating lease |  | Current operating lease liabilities |  | $ | 25.6 |  |  | $ | 23.5 |
Finance lease |  | Current portion of long-term debt |  | 19.5 |  |  | 19.1 |
Noncurrent liabilities: |  |  |  |  |  |
Operating lease |  | Long-term operating lease liabilities |  | 199.7 |  |  | 179.6 |
Finance lease |  | Long-term debt, net of current portion |  | 340.3 |  |  | 361.2 |
Total leased liabilities |  |  |  | $ | 585.1 |  |  | $ | 583.4 |
(1) Finance lease assets are recorded net of accumulated amortization of $145.8 million and $126.9 million as of December 31, 2022 and 2021, respectively.
| As of December 31,
| 2022 |  | 2021
Weighted Average Remaining Lease Term |  |  |
Operating lease | 9.3 years |  | 9.4 years
Finance lease | 11.6 years |  | 12.0 years
Weighted Average Discount Rate |  |  |
Operating lease | 6.2 | % |  | 6.1 | %
Finance lease | 7.7 | % |  | 8.0 | %
Maturities of lease liabilities as of December 31, 2022 are as follows (in millions):
Year Ending December 31, | Operating Leases |  | Finance Leases
2023 | $ | 38.4 |  |  | $ | 45.6 |
2024 | 40.3 |  |  | 46.5 |
2025 | 37.5 |  |  | 47.0 |
2026 | 34.3 |  |  | 47.9 |
2027 | 32.4 |  |  | 47.4 |
2028 and thereafter | 119.5 |  |  | 316.6 |
Total lease payments | 302.4 |  |  | 551.0 |
Less: Interest portion | (77.1) |  |  | (191.2) |
Total lease liabilities | $ | 225.3 |  |  | $ | 359.8 |
Supplemental cash flow information related to our leases is as follows (in millions):
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 40.5 |  |  | $ | 45.0 |  |  | $ | 50.6 |
Operating cash flows from finance leases | 29.7 |  |  | 31.0 |  |  | 29.2 |
Financing cash flows from finance leases | 19.2 |  |  | 44.6 |  |  | 14.4 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 48.7 |  |  | $ | 26.9 |  |  | $ | 26.2 |
Finance leases | 1.0 |  |  | 46.4 |  |  | 24.2 |
Leases | Leases: We lease real estate, vehicles, and equipment under operating and finance leases with non-cancelable terms generally expiring at various dates through 2037. Our operating and finance leases generally have 1- to 25-year terms, with one or more renewal options, primarily relating to our real estate leases, with terms to be determined at the time of renewal. The exercise of such lease renewal options is at our sole discretion, and to the extent we are reasonably certain we will exercise a renewal option, the years related to that option are included in our determination of the lease term for purposes of classifying and measuring a given lease. Certain leases also include options to purchase the leased property. The components of lease costs are as follows (in millions):
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Operating lease cost | $ | 38.7 |  |  | $ | 46.7 |  |  | $ | 50.2 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 27.5 |  |  | 28.0 |  |  | 25.0 |
Interest on lease liabilities | 29.0 |  |  | 30.7 |  |  | 28.8 |
Total finance lease cost | 56.5 |  |  | 58.7 |  |  | 53.8 |
Short-term and variable lease cost | 5.2 |  |  | 3.1 |  |  | 3.7 |
Sublease income | (2.9) |  |  | (3.1) |  |  | (3.2) |
Total lease cost | $ | 97.5 |  |  | $ | 105.4 |  |  | $ | 104.5 |
Supplemental consolidated balance sheet information related to leases is as follows (in millions):
|  |  |  | As of December 31,
|  | Classification |  | 2022 |  | 2021
Assets |  |  |  |  |  |
Operating lease |  | Operating lease right-of-use assets |  | $ | 212.5 |  |  | $ | 193.7 |
Finance lease (1) |  | Property and equipment, net |  | 272.9 |  |  | 299.3 |
Total leased assets |  |  |  | $ | 485.4 |  |  | $ | 493.0 |
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Operating lease |  | Current operating lease liabilities |  | $ | 25.6 |  |  | $ | 23.5 |
Finance lease |  | Current portion of long-term debt |  | 19.5 |  |  | 19.1 |
Noncurrent liabilities: |  |  |  |  |  |
Operating lease |  | Long-term operating lease liabilities |  | 199.7 |  |  | 179.6 |
Finance lease |  | Long-term debt, net of current portion |  | 340.3 |  |  | 361.2 |
Total leased liabilities |  |  |  | $ | 585.1 |  |  | $ | 583.4 |
(1) Finance lease assets are recorded net of accumulated amortization of $145.8 million and $126.9 million as of December 31, 2022 and 2021, respectively.
| As of December 31,
| 2022 |  | 2021
Weighted Average Remaining Lease Term |  |  |
Operating lease | 9.3 years |  | 9.4 years
Finance lease | 11.6 years |  | 12.0 years
Weighted Average Discount Rate |  |  |
Operating lease | 6.2 | % |  | 6.1 | %
Finance lease | 7.7 | % |  | 8.0 | %
Maturities of lease liabilities as of December 31, 2022 are as follows (in millions):
Year Ending December 31, | Operating Leases |  | Finance Leases
2023 | $ | 38.4 |  |  | $ | 45.6 |
2024 | 40.3 |  |  | 46.5 |
2025 | 37.5 |  |  | 47.0 |
2026 | 34.3 |  |  | 47.9 |
2027 | 32.4 |  |  | 47.4 |
2028 and thereafter | 119.5 |  |  | 316.6 |
Total lease payments | 302.4 |  |  | 551.0 |
Less: Interest portion | (77.1) |  |  | (191.2) |
Total lease liabilities | $ | 225.3 |  |  | $ | 359.8 |
Supplemental cash flow information related to our leases is as follows (in millions):
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 40.5 |  |  | $ | 45.0 |  |  | $ | 50.6 |
Operating cash flows from finance leases | 29.7 |  |  | 31.0 |  |  | 29.2 |
Financing cash flows from finance leases | 19.2 |  |  | 44.6 |  |  | 14.4 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 48.7 |  |  | $ | 26.9 |  |  | $ | 26.2 |
Finance leases | 1.0 |  |  | 46.4 |  |  | 24.2 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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