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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Schedule of Sales-Type Lease, Revenue | Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Sales-type lease selling price | $ | 10.9 |  |  | $ | 8.2 |  |  | $ | 18.4 |  |  | $ | 16.4 |
Cost of underlying assets | (4.1) |  |  | (4.5) |  |  | (6.1) |  |  | (7.9) |
Operating profit | $ | 6.8 |  |  | $ | 3.7 |  |  | $ | 12.3 |  |  | $ | 8.5 |
Interest income | $ | 1.8 |  |  | $ | 1.4 |  |  | $ | 3.5 |  |  | $ | 2.7 |
Total revenue attributable to sales-type leases | $ | 12.7 |  |  | $ | 9.6 |  |  | $ | 21.9 |  |  | $ | 19.1 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | June 30, 2024 |  | December 31, 2023
Leasing receivables, net—short-term | Other current assets |  | $ | 34.2 |  |  | $ | 26.9 |
Leasing receivables, net—long-term | Other assets |  | 66.5 |  |  | 65.1 |
Total leasing receivables |  |  | $ | 100.7 |  |  | $ | 92.0 |
Supplemental balance sheet information related to our operating and financing right-of-use (“ROU”) assets and lease liabilities and deemed landlord financing (“DLF”) assets and obligations is as follows (in millions):
| Balance Sheet Location |  | June 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,380.1 |  |  | $ | 1,410.1 |
Financing lease ROU assets, net | Other assets, net |  | $ | 248.4 |  |  | $ | 257.4 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 87.3 |  |  | $ | 86.4 |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.5 |  |  | $ | 1.4 |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 0.9 |  |  | $ | 0.1 |
Non-current |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,414.4 |  |  | $ | 1,433.4 |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 284.2 |  |  | $ | 287.9 |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,095.7 |  |  | $ | 980.0 |
Schedule of Maturities of Sales-Type Lease Receivables | Net maturities of sales-type lease receivables for the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Remainder of 2024 | $ | 23.8 |
2025 | 32.0 |
2026 | 25.8 |
2027 | 17.2 |
2028 | 10.4 |
Thereafter | 5.3 |
Total future lease proceeds | 114.5 |
Less: imputed interest | 13.8 |
Total | $ | 100.7 |
Schedule of Components of Lease Expense and Other Information Related to Leases | The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 45.4 |  |  | $ | 41.3 |  |  | $ | 90.5 |  |  | $ | 85.3 |
Total operating lease costs | 45.4 |  |  | 41.3 |  |  | 90.5 |  |  | 85.3 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 1.8 |  |  | 2.0 |  |  | 3.7 |  |  | 3.9 |
Interest on lease liabilities | 3.9 |  |  | 3.7 |  |  | 8.2 |  |  | 7.3 |
Total financing lease costs | 5.7 |  |  | 5.7 |  |  | 11.9 |  |  | 11.2 |
DLF obligation costs: |  |  |  |  |  |  |
Depreciation of DLF assets | 9.2 |  |  | 5.3 |  |  | 18.2 |  |  | 10.4 |
Interest on DLF obligations | 25.0 |  |  | 16.2 |  |  | 49.0 |  |  | 31.4 |
Total DLF obligation costs | 34.2 |  |  | 21.5 |  |  | 67.2 |  |  | 41.8 |
Variable lease costs | 2.9 |  |  | 2.2 |  |  | 6.4 |  |  | 4.7 |
Total lease costs | $ | 88.2 |  |  | $ | 70.7 |  |  | $ | 176.0 |  |  | $ | 143.0 |
Other information related to leases (in millions):
|  | Six Months Ended June 30, |  |  |
Supplemental Cash Flows Information |  | 2024 |  | 2023 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 83.1 |  |  | $ | 77.1 |  |  |  |
Operating cash flows for finance leases |  | $ | 5.4 |  |  | $ | 3.2 |  |  |  |
Operating cash flows for DLF obligations |  | $ | 33.3 |  |  | $ | 21.8 |  |  |  |
Financing cash flows for finance leases |  | $ | 1.9 |  |  | $ | 1.7 |  |  |  |
Financing cash flows for DLF obligations |  | $ | 6.9 |  |  | $ | 5.1 |  |  |  |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |  |
Operating leases |  | $ | 28.6 |  |  | $ | 42.2 |  |  |  |
Financing leases |  | $ | 0.1 |  |  | $ | 17.4 |  |  |  |
DLF obligations |  | $ | 108.9 |  |  | $ | 101.6 |  |  |  |
| June 30, 2024 |  | December 31, 2023
Weighted average remaining lease term (years): |  |  |
Operating leases | 15.6 |  | 15.9
Financing leases | 36.4 |  | 36.8
DLF obligations | 37.0 |  | 38.1
Weighted average discount rate: |  |  |
Operating leases | 5.4 | % |  | 5.8 | %
Financing leases | 6.3 | % |  | 6.3 | %
DLF obligations | 9.4 | % |  | 10.0 | %
Schedule of Future Minimum Operating Lease Obligations | As of June 30, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2024 | $ | 74.2 |  |  | $ | 6.7 |  |  | $ | 36.3 |  |  | $ | 117.2 |
2025 | 165.2 |  |  | 16.2 |  |  | 88.1 |  |  | 269.5 |
2026 | 160.4 |  |  | 16.5 |  |  | 91.6 |  |  | 268.5 |
2027 | 157.6 |  |  | 16.6 |  |  | 92.9 |  |  | 267.1 |
2028 | 153.9 |  |  | 17.0 |  |  | 95.1 |  |  | 266.0 |
Thereafter | 1,694.1 |  |  | 737.0 |  |  | 4,176.1 |  |  | 6,607.2 |
Total future lease payments | 2,405.4 |  |  | 810.0 |  |  | 4,580.1 |  |  | 7,795.5 |
Less: imputed interest | 903.7 |  |  | 524.3 |  |  | 3,483.5 |  |  | 4,911.5 |
Total | $ | 1,501.7 |  |  | $ | 285.7 |  |  | $ | 1,096.6 |  |  | $ | 2,884.0 |
(1) Future lease payments for DLF Obligations include approximately $25.7 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of June 30, 2024. Imputed interest includes approximately $100.5 million related to these unfunded DLF Obligations as of June 30, 2024.
Schedule of Future Minimum Financing Lease Obligations | As of June 30, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2024 | $ | 74.2 |  |  | $ | 6.7 |  |  | $ | 36.3 |  |  | $ | 117.2 |
2025 | 165.2 |  |  | 16.2 |  |  | 88.1 |  |  | 269.5 |
2026 | 160.4 |  |  | 16.5 |  |  | 91.6 |  |  | 268.5 |
2027 | 157.6 |  |  | 16.6 |  |  | 92.9 |  |  | 267.1 |
2028 | 153.9 |  |  | 17.0 |  |  | 95.1 |  |  | 266.0 |
Thereafter | 1,694.1 |  |  | 737.0 |  |  | 4,176.1 |  |  | 6,607.2 |
Total future lease payments | 2,405.4 |  |  | 810.0 |  |  | 4,580.1 |  |  | 7,795.5 |
Less: imputed interest | 903.7 |  |  | 524.3 |  |  | 3,483.5 |  |  | 4,911.5 |
Total | $ | 1,501.7 |  |  | $ | 285.7 |  |  | $ | 1,096.6 |  |  | $ | 2,884.0 |
(1) Future lease payments for DLF Obligations include approximately $25.7 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of June 30, 2024. Imputed interest includes approximately $100.5 million related to these unfunded DLF Obligations as of June 30, 2024.

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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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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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