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Leases (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Sales-type lease selling price | $ | 12.8 |  |  | $ | 7.4 |  |  | $ | 31.2 |  |  | $ | 23.8 |
Cost of underlying assets | (5.7) |  |  | (3.0) |  |  | (11.8) |  |  | (10.9) |
Operating profit | $ | 7.1 |  |  | $ | 4.4 |  |  | $ | 19.4 |  |  | $ | 12.9 |
Interest income | $ | 1.7 |  |  | $ | 2.1 |  |  | $ | 5.2 |  |  | $ | 4.8 |
Total revenue attributable to sales-type leases | $ | 14.5 |  |  | $ | 9.5 |  |  | $ | 36.4 |  |  | $ | 28.6 |
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 |  | September 30, 2024 |  | December 31, 2023
Leasing receivables, net—short-term | Other current assets |  | $ | 35.9 |  |  | $ | 26.9 |
Leasing receivables, net—long-term | Other assets |  | 71.2 |  |  | 65.1 |
Total leasing receivables |  |  | $ | 107.1 |  |  | $ | 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 |  | September 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,367.4 |  |  | $ | 1,410.1 |
Financing lease ROU assets, net | Other assets, net |  | $ | 251.9 |  |  | $ | 257.4 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 88.9 |  |  | $ | 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 |  | $ | 1.0 |  |  | $ | 0.1 |
Non-current |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,402.0 |  |  | $ | 1,433.4 |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 289.9 |  |  | $ | 287.9 |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,147.3 |  |  | $ | 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 September 30, 2024 are as follows (in millions):
Remainder of 2024 | $ | 14.8 |
2025 | 35.0 |
2026 | 29.6 |
2027 | 20.9 |
2028 | 13.5 |
Thereafter | 8.2 |
Total future lease proceeds | 122.0 |
Less: imputed interest | 14.9 |
Total | $ | 107.1 |
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 are as follows for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 46.8 |  |  | $ | 45.9 |  |  | $ | 137.3 |  |  | $ | 131.2 |
Total operating lease costs | 46.8 |  |  | 45.9 |  |  | 137.3 |  |  | 131.2 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 2.0 |  |  | 1.9 |  |  | 5.7 |  |  | 5.8 |
Interest on lease liabilities | 4.6 |  |  | 3.7 |  |  | 12.8 |  |  | 11.0 |
Total financing lease costs | 6.6 |  |  | 5.6 |  |  | 18.5 |  |  | 16.8 |
DLF obligation costs: |  |  |  |  |  |  |
Depreciation of DLF assets | 10.1 |  |  | 7.8 |  |  | 28.3 |  |  | 18.2 |
Interest on DLF obligations | 25.7 |  |  | 17.5 |  |  | 74.7 |  |  | 48.9 |
Total DLF obligation costs | 35.8 |  |  | 25.3 |  |  | 103.0 |  |  | 67.1 |
Variable lease costs | 2.2 |  |  | 3.7 |  |  | 8.6 |  |  | 8.4 |
Total lease costs | $ | 91.4 |  |  | $ | 80.5 |  |  | $ | 267.4 |  |  | $ | 223.5 |
Other information related to leases (in millions):
|  | Nine Months Ended September 30, |  |  |
Supplemental Cash Flows Information |  | 2024 |  | 2023 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 125.8 |  |  | $ | 116.1 |  |  |  |
Operating cash flows for finance leases |  | $ | 8.9 |  |  | $ | 5.6 |  |  |  |
Operating cash flows for DLF obligations |  | $ | 54.9 |  |  | $ | 37.1 |  |  |  |
Financing cash flows for finance leases |  | $ | 3.0 |  |  | $ | 2.2 |  |  |  |
Financing cash flows for DLF obligations |  | $ | 8.0 |  |  | $ | 5.9 |  |  |  |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |  |
Operating leases |  | $ | 33.9 |  |  | $ | 53.3 |  |  |  |
Financing leases |  | $ | 3.7 |  |  | $ | 17.4 |  |  |  |
DLF obligations |  | $ | 158.2 |  |  | $ | 143.4 |  |  |  |
| September 30, 2024 |  | December 31, 2023
Weighted average remaining lease term (years): |  |  |
Operating leases | 15.4 |  | 15.9
Financing leases | 36.2 |  | 36.8
DLF obligations | 36.9 |  | 38.1
Weighted average discount rate: |  |  |
Operating leases | 5.8 | % |  | 5.8 | %
Financing leases | 6.3 | % |  | 6.3 | %
DLF obligations | 9.5 | % |  | 10.0 | %
Schedule of Future Minimum Operating Lease Obligations | As of September 30, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2024 | $ | 32.9 |  |  | $ | 2.8 |  |  | $ | 14.1 |  |  | $ | 49.8 |
2025 | 167.9 |  |  | 16.6 |  |  | 91.9 |  |  | 276.4 |
2026 | 163.1 |  |  | 17.0 |  |  | 95.8 |  |  | 275.9 |
2027 | 159.9 |  |  | 17.0 |  |  | 97.0 |  |  | 273.9 |
2028 | 156.8 |  |  | 17.4 |  |  | 99.2 |  |  | 273.4 |
Thereafter | 1,698.6 |  |  | 757.3 |  |  | 4,400.4 |  |  | 6,856.3 |
Total future lease payments | 2,379.2 |  |  | 828.1 |  |  | 4,798.4 |  |  | 8,005.7 |
Less: imputed interest | 888.3 |  |  | 536.7 |  |  | 3,650.1 |  |  | 5,075.1 |
Total | $ | 1,490.9 |  |  | $ | 291.4 |  |  | $ | 1,148.3 |  |  | $ | 2,930.6 |
(1) Future lease payments for DLF Obligations include approximately $37.4 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of September 30, 2024. Imputed interest includes approximately $136.4 million related to these unfunded DLF Obligations as of September 30, 2024.
Schedule of Future Minimum Financing Lease Obligations | As of September 30, 2024, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2024 | $ | 32.9 |  |  | $ | 2.8 |  |  | $ | 14.1 |  |  | $ | 49.8 |
2025 | 167.9 |  |  | 16.6 |  |  | 91.9 |  |  | 276.4 |
2026 | 163.1 |  |  | 17.0 |  |  | 95.8 |  |  | 275.9 |
2027 | 159.9 |  |  | 17.0 |  |  | 97.0 |  |  | 273.9 |
2028 | 156.8 |  |  | 17.4 |  |  | 99.2 |  |  | 273.4 |
Thereafter | 1,698.6 |  |  | 757.3 |  |  | 4,400.4 |  |  | 6,856.3 |
Total future lease payments | 2,379.2 |  |  | 828.1 |  |  | 4,798.4 |  |  | 8,005.7 |
Less: imputed interest | 888.3 |  |  | 536.7 |  |  | 3,650.1 |  |  | 5,075.1 |
Total | $ | 1,490.9 |  |  | $ | 291.4 |  |  | $ | 1,148.3 |  |  | $ | 2,930.6 |
(1) Future lease payments for DLF Obligations include approximately $37.4 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of September 30, 2024. Imputed interest includes approximately $136.4 million related to these unfunded DLF Obligations as of September 30, 2024.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + 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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