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Lease Commitments

12 Months Ended

Dec. 31, 2023

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. The following table presents total lease costs (net):


	For the Years Ended December 31,
	2021		2022		2023
Operating lease costs	$	33.8	$	38.5	$	36.4
Short-term lease costs	0.8		1.0		1.1
Variable lease costs	0.0		0.0		0.0
Sublease income	(7.9)		(7.7)		(6.5)
Total lease costs (net)	$	26.7	$	31.8	$	31.0

As of December 31, 2022 and 2023, the Company’s and its Affiliates’ weighted average operating lease term was eight years and seven years, respectively, and the weighted average operating lease discount rate was 3%.

As of December 31, 2023, the maturities of lease liabilities were as follows:


Year	Operating Leases
2024	$	39.1
2025	35.0
2026	25.9
2027	21.9
2028	21.8
Thereafter	68.3
Total undiscounted lease liabilities(1)	$	212.0

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(1)Total undiscounted lease liabilities were $29.3 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.