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Leases (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease costs are as follows (in millions):


	For the Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	40.9	$	38.7	$	46.7
Finance lease cost:
Amortization of right-of-use assets	25.7		27.5		28.0
Interest on lease liabilities	26.2		29.0		30.7
Total finance lease cost	51.9		56.5		58.7
Short-term and variable lease cost	2.9		5.2		3.1
Sublease income	(3.3)		(2.9)		(3.1)
Total lease cost	$	92.4	$	97.5	$	105.4

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental consolidated balance sheet information related to leases is as follows (in millions):


		As of December 31,
	Classification	2023		2022
Assets
Operating lease	Operating lease right-of-use assets	$	208.5	$	212.5
Finance lease (1)	Property and equipment, net	247.2		272.9
Total leased assets		$	455.7	$	485.4

Liabilities
Current liabilities:
Operating lease	Current operating lease liabilities	$	24.1	$	25.6
Finance lease	Current portion of long-term debt	21.6		19.5
Noncurrent liabilities:
Operating lease	Long-term operating lease liabilities	196.1		199.7
Finance lease	Long-term debt, net of current portion	318.5		340.3
Total leased liabilities		$	560.3	$	585.1

(1) Finance lease assets are recorded net of accumulated amortization of $171.6 million and $145.8 million as of December 31, 2023 and 2022, respectively.

Schedule of Weighted Average Remaining Lease Term and Discount Rate


	As of December 31,
	2023		2022
Weighted Average Remaining Lease Term
Operating lease	9.5 years		9.3 years
Finance lease	10.7 years		11.6 years
Weighted Average Discount Rate
Operating lease	6.3	%	6.2	%
Finance lease	7.7	%	7.7	%

Schedule of Operating Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2023 are as follows (in millions):


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	37.0	$	46.3
2025	39.2		47.0
2026	37.4		47.9
2027	35.6		47.4
2028	34.6		46.4
2029 and thereafter	116.4		270.1
Total lease payments	300.2		505.1
Less: Interest portion	(80.0)		(165.0)
Total lease liabilities	$	220.2	$	340.1

Schedule of Finance Lease, Liability, Maturity

Maturities of lease liabilities as of December 31, 2023 are as follows (in millions):


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	37.0	$	46.3
2025	39.2		47.0
2026	37.4		47.9
2027	35.6		47.4
2028	34.6		46.4
2029 and thereafter	116.4		270.1
Total lease payments	300.2		505.1
Less: Interest portion	(80.0)		(165.0)
Total lease liabilities	$	220.2	$	340.1

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to our leases is as follows (in millions):


	For the Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	39.0	$	40.5	$	45.0
Operating cash flows from finance leases	27.1		29.7		31.0
Financing cash flows from finance leases	41.1		19.2		44.6

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	26.2	$	48.7	$	26.9
Finance leases	21.4		1.0		46.4