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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases We lease facilities, vehicles, certain DRS devices (including CompuSafe® units), ATMs, computers and other equipment under long-term operating and financing leases with varying terms. Most of the operating leases contain renewal and/or purchase options at our sole discretion. The renewal periods differ by asset class and by country and are included in our determination of lease term if we determine we are reasonably certain to exercise the option. We have taken the component election for all material asset categories, except certain DRS devices (including CompuSafe® units). This election allows us to account for lease components (e.g., fixed payments or variable payments that depend on a rate that can be determined at commencement, including rent for the right to use the asset) together with nonlease components (e.g., other fixed payments that deliver a good or service including common-area maintenance costs) in the calculation of the right-of-use asset and corresponding liability. Variable costs, such as inflation adjusted payments for facilities, or nonlease components that vary periodically (included as part of the component election), are expensed as incurred. Our leases do not contain any material residual value guarantees or material restrictive covenants. The components of lease assets and liabilities were as follows:
|  | December 31,
(In millions) | Balance sheet classification | 2022 |  | 2021
Assets: |  |  |  |
Operating lease assets | Right-of-use assets, net | $ | 314.5 |  |  | $ | 299.1 |
Finance lease assets | Property and equipment, net | 217.9 |  |  | 206.5 |
Total leased assets |  | $ | 532.4 |  |  | $ | 505.6 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating | Accrued liabilities | $ | 74.7 |  |  | $ | 77.3 |
Financing | Current maturities of long-term debt | 43.0 |  |  | 43.0 |
Noncurrent: |  |  |  |
Operating | Lease liabilities | 249.9 |  |  | 241.8 |
Financing | Long-term debt | 149.2 |  |  | 135.5 |
Total lease liabilities |  | $ | 516.8 |  |  | $ | 497.6 |
The components of lease expense were as follows:
| Years Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Operating lease cost(a) | $ | 133.6 |  |  | $ | 149.4 |  |  | $ | 131.4 |
Short-term lease cost | 28.9 |  |  | 21.2 |  |  | 18.9 |
Finance lease cost: |  |  |  |  |
Amortization of related assets | 37.9 |  |  | 38.3 |  |  | 28.2 |
Interest on related liabilities | 10.1 |  |  | 9.5 |  |  | 7.1 |
Total lease cost | $ | 210.5 |  |  | $ | 218.4 |  |  | $ | 185.6 |
(a)Includes variable lease costs, which are immaterial. Other information related to leases was as follows:
| Years Ended December 31,
(In millions, except for lease term and discount rate) | 2022 |  | 2021 |  | 2020
Supplemental Cash Flows Information |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 106.1 |  |  | $ | 96.5 |  |  | $ | 100.4 |
Operating cash flows from finance leases | 10.1 |  |  | 9.5 |  |  | 7.1 |
Financing cash flows from finance leases | 48.2 |  |  | 43.0 |  |  | 34.8 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | 101.0 |  |  | 54.0 |  |  | 123.6 |
Finance leases | 65.7 |  |  | 85.9 |  |  | 37.9 |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 6.3 years |  | 6.7 years |  | 7.2 years
Finance leases | 4.7 years |  | 4.8 years |  | 4.5 years
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 6.5 | % |  | 6.4 | % |  | 6.6 | %
Finance leases | 5.5 | % |  | 4.4 | % |  | 4.9 | %
As of December 31, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(In millions) | Facilities |  | Vehicles |  | Other |  | Total
2023 | $ | 66.6 |  |  | 10.0 |  |  | 14.7 |  |  | 91.3 |
2024 | 59.0 |  |  | 4.7 |  |  | 11.4 |  |  | 75.1 |
2025 | 47.7 |  |  | 2.7 |  |  | 6.7 |  |  | 57.1 |
2026 | 39.3 |  |  | 1.3 |  |  | 4.5 |  |  | 45.1 |
2027 | 30.8 |  |  | 0.6 |  |  | 1.9 |  |  | 33.3 |
Later years | 100.9 |  |  | 0.9 |  |  | — |  |  | 101.8 |
Total Lease Payments | $ | 344.3 |  |  | 20.2 |  |  | 39.2 |  |  | 403.7 |
Less: Interest | 73.8 |  |  | 1.5 |  |  | 3.8 |  |  | 79.1 |
Present value of lease liabilities | $ | 270.5 |  |  | $ | 18.7 |  |  | 35.4 |  |  | 324.6 |
As of December 31, 2022, minimum repayments of long-term debt under financing leases were as follows:
(In millions) |
2023 | $ | 43.0 |
2024 | 45.3 |
2025 | 36.6 |
2026 | 28.2 |
2027 | 15.9 |
Later years | 23.2 |
Total | $ | 192.2 |

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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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