XML 34 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

NOTE 7. Leases:

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

 

 

 

 

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

 

 

 

 

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

 

 

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

%

 

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

 

 

$

—