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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Sales-Type Lease, Revenue | Leasing revenue attributed to sales-type leases consists of the selling price and interest income as follows (in millions):
| December 31, 2022 |  | December 31, 2021 |  |
Sales-type lease selling price(1) | $ | 36.3 |  |  | $ | 29.8 |  |  |
Cost of underlying assets | (17.6) |  |  | (11.9) |  |  |
Operating profit | $ | 18.7 |  |  | $ | 17.9 |  |  |
Interest income | $ | 4.5 |  |  | $ | 4.3 |  |  |
Leasing revenue attributable to sales-type leases | $ | 40.8 |  |  | $ | 34.1 |  |  |
(1) Selling price is equal to the present value of lease payments over the non-cancelable term of the licensing agreement. |  |
Sales-Type Lease, Lease Receivable, Maturity | Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | December 31, 2022 |  | December 31, 2021
Leasing receivables, net—short-term | Other current assets |  | $ | 17.5 |  |  | $ | 12.8 |
Leasing receivables, net—long-term | Other assets |  | 57.5 |  |  | 44.1 |
Total leasing receivables |  |  | $ | 75.0 |  |  | $ | 56.9 |
As of December 31, 2022, maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):
| Sales-type Leases
2023 | $ | 24.0 |
2024 | 23.3 |
2025 | 18.5 |
2026 | 11.8 |
2027 | 5.7 |
Thereafter | 3.6 |
Total future lease payments | 86.9 |
Less: imputed interest | 11.9 |
Total | $ | 75.0 |
Supplemental Balance Sheet Information Related to Leases |
|  |  | December 31,
| Balance Sheet Location |  | 2022 |  | 2021
Operating Leases: |  |  |  |  |
ROU assets, net | Operating lease ROU assets, net |  | $ | 1,419.1 |  |  | $ | 1,384.5 |
Lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 76.4 |  |  | $ | 72.3 |
Lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,437.5 |  |  | $ | 1,385.4 |
Finance Leases: |  |  |  |  |
ROU assets, net | Other assets |  | $ | 215.7 |  |  | $ | 129.5 |
Lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.7 |  |  | $ | 1.8 |
Lease liabilities, long-term | Other long-term liabilities |  | $ | 225.9 |  |  | $ | 132.5 |
Supplemental balance sheet information related to DLF obligations is as follows (in millions):
| Balance Sheet Location |  | December 31, 2022 |  | December 31, 2021 |  |  |  |
DLF obligation liabilities, short-term | Accounts payable and accrued expenses |  | $ | 2.4 |  |  | $ | 0.9 |  |  |  |  |
DLF obligation liabilities, long-term | Deemed landlord financing obligations, long-term |  | $ | 658.0 |  |  | $ | 460.6 |  |  |  |  |
Components of Lease Expense and Other Information Related to Leases | The components of lease expense are as follows (in millions):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Operating lease costs |  | $ | 172.7 |  |  | $ | 146.3 |  |  | $ | 42.5 |
Financing lease costs: |  |  |  |  |  |
Amortization of right-of-use assets |  | 6.4 |  |  | 3.2 |  |  | 0.9 |
Interest on lease liabilities |  | 9.3 |  |  | 4.5 |  |  | — |
Total financing lease costs |  | 15.7 |  |  | 7.7 |  |  | 0.9 |
Variable lease costs |  | 10.2 |  |  | 6.5 |  |  | 2.5 |
Total lease costs |  | $ | 198.6 |  |  | $ | 160.5 |  |  | $ | 45.9 |
Other information related to leases was as follows:
|  | December 31,
Supplemental Cash Flows Information (in millions) |  | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 157.0 |  |  | $ | 123.6 |  |  | $ | 39.8 |
Operating cash flows from finance leases |  | $ | 5.2 |  |  | $ | 2.8 |  |  | $ | — |
Financing cash flows from finance leases |  | $ | 2.7 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |
Operating leases |  | $ | 51.9 |  |  | $ | 19.6 |  |  | $ | 65.5 |
Finance leases |  | $ | 92.0 |  |  | $ | 52.7 |  |  | $ | 0.1 |
| December 31, 2022 |  | December 31, 2021
Weighted average remaining lease term (years): |  |  |
Operating leases | 16.6 |  | 14.1
Finance leases | 36.5 |  | 36.2
Weighted average discount rate: |  |  |
Operating leases | 5.6 | % |  | 5.3 | %
Finance leases | 6.1 | % |  | 5.3 | %
| Income Statement Location |  | December 31, 2022 |  | December 31, 2021 |  |
Amortization of DLF obligations | Amortization expense |  | $ | 14.5 |  |  | $ | 5.7 |  |  |
Interest on DLF obligations | Interest expense, net |  | 46.7 |  |  | 28.0 |  |  |
Total DLF contracts expenses |  |  | $ | 61.2 |  |  | $ | 33.7 |  |  |
Other information related to DLF leases was as follows:
Supplemental Cash Flows Information (in millions) |  | December 31, 2022 |  | December 31, 2021 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from DLF obligations |  | $ | 36.9 |  |  | $ | 17.7 |  |  |
Financing cash flows from DLF obligations |  | $ | 4.8 |  |  | $ | — |  |  |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |
Operating DLF obligations |  | $ | 193.8 |  |  | $ | 171.4 |  |  |
| December 31, 2022 |  | December 31, 2021 |  |
Weighted average remaining lease term (years) | 38.5 |  | 39.0 |  |
Weighted average discount rate | 8.8 | % |  | 9.2 | % |  |
Future Minimum Lease Obligations | Future minimum lease obligations as of December 31, 2022 were as follows (in millions):
| Operating Leases |  | Finance Leases
2023 | $ | 152.5 |  |  | $ | 11.2 |
2024 | 151.7 |  |  | 13.8 |
2025 | 148.3 |  |  | 15.1 |
2026 | 145.3 |  |  | 15.2 |
2027 | 143.6 |  |  | 15.5 |
Thereafter | 1,719.0 |  |  | 564.8 |
Total future lease payments | 2,460.4 |  |  | 635.6 |
Less: imputed interest | 946.5 |  |  | 408.0 |
Total | $ | 1,513.9 |  |  | $ | 227.6 |
Future Minimum Lease Obligations | Future minimum lease obligations as of December 31, 2022 were as follows (in millions):
| Operating Leases |  | Finance Leases
2023 | $ | 152.5 |  |  | $ | 11.2 |
2024 | 151.7 |  |  | 13.8 |
2025 | 148.3 |  |  | 15.1 |
2026 | 145.3 |  |  | 15.2 |
2027 | 143.6 |  |  | 15.5 |
Thereafter | 1,719.0 |  |  | 564.8 |
Total future lease payments | 2,460.4 |  |  | 635.6 |
Less: imputed interest | 946.5 |  |  | 408.0 |
Total | $ | 1,513.9 |  |  | $ | 227.6 |
Future minimum financing obligations related to DLF obligations as of December 31, 2022 were as follows (in millions):
2023 |  | $ | 52.2 |
2024 |  | 54.8 |
2025 |  | 55.1 |
2026 |  | 56.1 |
2027 |  | 57.4 |
Thereafter |  | 2,622.7 |
Total future payments |  | 2,898.3 |
Less: imputed interest |  | 2,237.9 |
Total |  | $ | 660.4 |

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