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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Summary of Lease Assets and Liabilities | Lease assets and liabilities are summarized as follows:
|  | December 31, |  |  |
(in millions) |  | 2023 |  |  | 2022 |  |  | Classification
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | $ | 229.3 |  |  | $ | 248.0 |  |  | Operating lease assets
Finance lease assets |  |  | 3.2 |  |  |  | 3.4 |  |  | Other assets
Total lease assets |  | $ | 232.5 |  |  | $ | 251.4 |  |  |
Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 246.6 |  |  | $ | 269.3 |  |  | Operating lease liabilities
Finance lease liabilities |  |  | 3.1 |  |  |  | 3.3 |  |  | Notes and contracts payable
Total lease liabilities |  | $ | 249.7 |  |  | $ | 272.6 |  |  |
Summary of Components of Lease Expense | The components of lease expense are summarized as follows:
|  | Year ended December 31, |  |  |
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Classification
Operating lease cost |  | $ | 89.0 |  |  | $ | 93.1 |  |  | $ | 86.4 |  |  | Other operating expenses
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of lease assets |  |  | 1.7 |  |  |  | 1.7 |  |  |  | 1.6 |  |  | Depreciation and amortization
Interest of lease liabilities |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |  |  | Interest
Variable lease cost |  |  | 31.8 |  |  |  | 34.2 |  |  |  | 30.6 |  |  | Other operating expenses
Short-term lease cost |  |  | 2.1 |  |  |  | 2.6 |  |  |  | 1.6 |  |  | Other operating expenses
Sublease income |  |  | (2.7 | ) |  |  | (1.2 | ) |  |  | (2.9 | ) |  | Information and other
Net lease cost |  | $ | 122.0 |  |  | $ | 130.5 |  |  | $ | 117.4 |  |  |
Schedule of Future Minimum Lease Payments Under Operating and Finance Lease with Noncancelable Lease Terms | Future minimum lease payments under operating and finance leases with noncancelable lease terms, as of December 31, 2023, are summarized as follows:
(in millions) |  | Operating Leases |  |  | Finance Leases |  |  | Total |
2024 |  | $ | 83.9 |  |  | $ | 1.6 |  |  | $ | 85.5 |
2025 |  |  | 68.0 |  |  |  | 1.0 |  |  |  | 69.0 |
2026 |  |  | 50.4 |  |  |  | 0.5 |  |  |  | 50.9 |
2027 |  |  | 32.3 |  |  |  | 0.1 |  |  |  | 32.4 |
2028 |  |  | 16.8 |  |  |  | — |  |  |  | 16.8 |
Thereafter |  |  | 17.3 |  |  |  | — |  |  |  | 17.3 |
Total lease payments |  |  | 268.7 |  |  |  | 3.2 |  |  |  | 271.9 |
Interest |  |  | (22.1 | ) |  |  | (0.1 | ) |  |  | (22.2 | )
Present value of lease liabilities |  | $ | 246.6 |  |  | $ | 3.1 |  |  | $ | 249.7 |
Schedule of Information Related to Lease Terms and Discount Rate | Information related to lease terms and discount rates is summarized as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease terms (years): |  |  |  |  |  |
Operating leases |  |  | 4.0 |  |  |  | 4.1 |
Finance leases |  |  | 2.6 |  |  |  | 2.4 |
Weighted-average discount rates: |  |  |  |  |  |
Operating leases |  |  | 4.06 | % |  |  | 3.34 | %
Finance leases |  |  | 3.01 | % |  |  | 3.23 | %
Schedule of Cash Flow Information Related to Lease Liabilities | Cash flow information related to lease liabilities is summarized as follows:
|  | Year ended December 31, |
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 91.5 |  |  | $ | 95.9 |  |  | $ | 90.3 |
Operating cash flows from finance leases |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Financing cash flows from finance leases |  | $ | 1.8 |  |  | $ | 1.9 |  |  | $ | 1.6 |
Operating lease assets obtained in exchange for new operating lease liabilities |  | $ | 58.9 |  |  | $ | 66.2 |  |  | $ | 59.2 |
Finance lease assets obtained in exchange for new finance lease liabilities |  | $ | 1.5 |  |  | $ | 2.8 |  |  | $ | — |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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