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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | (14) Leases The Company enters into operating leases for ATM sites, office spaces, retail stores and equipment. The Company's finance leases are immaterial. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease terms. The present value of lease payments is determined using the incremental borrowing rate based on information available at the lease commencement date. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew, with renewal terms that can extend the lease terms. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms. The Company also has a unilateral termination right for most of the ATM site leases. Leases of ATM sites with termination options exercisable within the next 12 months are excluded from the right of use lease assets and lease liability under the short-term lease exemption as the termination options are not reasonably certain not to be exercised. Payments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred. T he short-term lease expense for 2023 reasonably reflects the Company’s short-term lease commitments. Certain of the Company's lease agreements include variable rental payments based on revenues generated from the use of the leased location and certain leases include rental payments adjusted periodically for inflation. Variable lease payments are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs and are excluded from the right of use assets and lease liabilities balances. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. Future minimum lease payments Future minimum lease payments under the operating leases (with initial lease terms in excess of one year) as of December 31, 2023 are:
| As of December 31, 2023
Maturity of Lease Liabilities (in millions) | Operating Leases (1)
2024 | $ | 47.0 |
2025 | 36.3 |
2026 | 26.5 |
2027 | 17.9 |
2028 | 9.4 |
Thereafter | 12.4 |
Total lease payments |  | 149.5 |
Less: imputed interest | (7.4 | )
Present value of lease liabilities | $ | 142.1 |
(1) Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Lease expense recognized in the Consolidated Statements of Operations is summarized as follows:
Lease Expense (in millions) |  | Income Statement Classification |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021
Operating lease expense |  | Selling, general and administrative and Direct operating costs |  | $ | 50.1 |  | $ | 51.0 |  | $ | 55.6
Variable lease expense |  | Selling, general and administrative and Direct operating costs |  |  | 164.3 |  | 142.6 |  |  | 116.0
Total lease expense |  |  |  | $ | 214.4 |  | $ | 193.6 |  | $ | 171.6
Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:
Lease Term and Discount Rate of Operating Leases |  | As of December 31, 2023 |  | As of December 31, 2022 |
Weighted- average remaining lease term (years) |  | 4.3 |  |  | 4.6 |
Weighted- average discount rate |  | 2.49 | % |  | 2.27 | %
The following table presents supplemental cash flow and non-cash information related to leases:
Other Information (in millions) |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities (a) |  | $ | 49.9 |  | $ | 49.7 |  |  | $ | 51.5
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: |  |  |  |  |  |  |  |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 49.9 |  | $ | 50.0 |  |  | $ | 69.1
(a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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