XML 35 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company engages in leasing activity as both a lessee and a lessor. The majority of the Company's lease portfolio originated when the Company was actively involved in the development and financing of IHOP restaurants prior to the franchising of the restaurant to the franchisee. This activity included the Company's purchase or leasing of the site on which the restaurant was located and subsequently leasing/subleasing the site to the franchisee. With a few exceptions, the Company ended this practice in 2003 and the Company's current lease activity is predominantly comprised of renewals of existing lease arrangements and exercises of options on existing lease arrangements. The Company currently leases from third parties the real property on which approximately 519 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate 52 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and restaurant support centers in Leawood, Kansas and Irving, Texas. The Company does not have a significant amount of non-real estate leases. The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with approximately 340 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales in 2023. Restaurants associated with approximately 45 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales in 2023. The individual lease agreements do not provide information to determine the implicit interest rate in the agreements. The Company made significant judgments in determining the incremental borrowing rates that were used in calculating operating lease liabilities. Due to the large number of leases, the Company applied a portfolio approach by grouping the leases based on the original lease term. The Company estimated the interest rate for each grouping primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption date; and (iii) adjustments for differences in years to maturity. The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  | (In millions)
Amortization of right-of-use assets |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 4.6 |
Interest on lease liabilities |  |  | 2.8 |  |  | 4.5 |  |  | 5.4 |
Operating lease cost |  |  | 75.3 |  |  | 83.5 |  |  | 84.4 |
Variable lease cost |  |  | 7.8 |  |  | 7.6 |  |  | 7.0 |
Short-term lease cost |  |  | 0.0 |  |  | 0.0 |  |  | 0.1 |
Sublease income |  |  | (110.4) |  |  | (106.8) |  |  | (104.6) |
Lease cost |  |  | $ | (22.0) |  |  | $ | (7.6) |  |  | $ | (3.1) |
Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:
| Finance Leases |  | Operating Leases
| (In millions)
2024 | $ | 8.4 |  |  | $ | 80.9 |
2025 | 7.2 |  |  | 71.5 |
2026 | 6.8 |  |  | 64.5 |
2027 | 5.7 |  |  | 45.9 |
2028 | 4.0 |  |  | 31.9 |
Thereafter | 21.3 |  |  | 107.9 |
Total minimum lease payments | 53.4 |  |  | 402.6 |
Less: interest/imputed interest | (13.1) |  |  | (70.0) |
Total obligations | 40.3 |  |  | 332.6 |
Less: current portion | (5.9) |  |  | (63.5) |
Long-term lease obligations | $ | 34.4 |  |  | $ | 269.1 |
The weighted average remaining lease term as of December 31, 2023 was 5.7 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of December 31, 2023 was 9.25% for finance leases and 5.66% for operating leases. During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:
|  | Year Ended December 31, |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  |  |  |
|  | (In millions) |  |  |  |
Principal payments on finance lease obligations |  | $ | 6.4 |  |  | $ | 8.9 |  |  | $ | 10.2 |  |  |  |  |
Interest payments on finance lease obligations |  | $ | 2.8 |  |  | $ | 4.5 |  |  | $ | 5.4 |  |  |  |  |
Payments on operating leases |  | $ | 75.2 |  |  | $ | 83.5 |  |  | $ | 91.7 |  |  |  |  |
Variable lease payments |  | $ | 7.8 |  |  | $ | 7.6 |  |  | $ | 6.2 |  |  |  |  |
The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Minimum lease payments |  | $ | 100.7 |  |  | $ | 96.4 |  |  | 96.0 |
Variable lease income |  | 17.5 |  |  | 16.9 |  |  | 15.3 |
Total operating lease income |  | $ | 118.2 |  |  | $ | 113.3 |  |  | $ | 111.3 |
Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 101.2 |
2025 | 88.3 |
2026 | 74.2 |
2027 | 56.5 |
2028 | 39.2 |
Thereafter | 122.9 |
Total minimum rents receivable | $ | 482.3 |
The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Selling profit |  | $ | 0.2 |  |  | $ | 0.9 |  |  | $ | — |
Interest income |  | 1.1 |  |  | 1.5 |  |  | 2.1 |
Variable lease income |  | 0.4 |  |  | 0.7 |  |  | 0.5 |
Total financing lease income |  | $ | 1.7 |  |  | $ | 3.1 |  |  | $ | 2.6 |
Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 3.1 |
2025 | 2.2 |
2026 | 2.3 |
2027 | 2.2 |
2028 | 2.3 |
Thereafter | 13.8 |
Total minimum rents receivable | 25.9 |
Less: unearned income | (7.5) |
Total real estate leases receivable | 18.4 |
Less: current portion | (2.0) |
Long-term real estate leases receivable | $ | 16.4 |
Leases | Leases The Company engages in leasing activity as both a lessee and a lessor. The majority of the Company's lease portfolio originated when the Company was actively involved in the development and financing of IHOP restaurants prior to the franchising of the restaurant to the franchisee. This activity included the Company's purchase or leasing of the site on which the restaurant was located and subsequently leasing/subleasing the site to the franchisee. With a few exceptions, the Company ended this practice in 2003 and the Company's current lease activity is predominantly comprised of renewals of existing lease arrangements and exercises of options on existing lease arrangements. The Company currently leases from third parties the real property on which approximately 519 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate 52 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and restaurant support centers in Leawood, Kansas and Irving, Texas. The Company does not have a significant amount of non-real estate leases. The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with approximately 340 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales in 2023. Restaurants associated with approximately 45 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales in 2023. The individual lease agreements do not provide information to determine the implicit interest rate in the agreements. The Company made significant judgments in determining the incremental borrowing rates that were used in calculating operating lease liabilities. Due to the large number of leases, the Company applied a portfolio approach by grouping the leases based on the original lease term. The Company estimated the interest rate for each grouping primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption date; and (iii) adjustments for differences in years to maturity. The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  | (In millions)
Amortization of right-of-use assets |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 4.6 |
Interest on lease liabilities |  |  | 2.8 |  |  | 4.5 |  |  | 5.4 |
Operating lease cost |  |  | 75.3 |  |  | 83.5 |  |  | 84.4 |
Variable lease cost |  |  | 7.8 |  |  | 7.6 |  |  | 7.0 |
Short-term lease cost |  |  | 0.0 |  |  | 0.0 |  |  | 0.1 |
Sublease income |  |  | (110.4) |  |  | (106.8) |  |  | (104.6) |
Lease cost |  |  | $ | (22.0) |  |  | $ | (7.6) |  |  | $ | (3.1) |
Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:
| Finance Leases |  | Operating Leases
| (In millions)
2024 | $ | 8.4 |  |  | $ | 80.9 |
2025 | 7.2 |  |  | 71.5 |
2026 | 6.8 |  |  | 64.5 |
2027 | 5.7 |  |  | 45.9 |
2028 | 4.0 |  |  | 31.9 |
Thereafter | 21.3 |  |  | 107.9 |
Total minimum lease payments | 53.4 |  |  | 402.6 |
Less: interest/imputed interest | (13.1) |  |  | (70.0) |
Total obligations | 40.3 |  |  | 332.6 |
Less: current portion | (5.9) |  |  | (63.5) |
Long-term lease obligations | $ | 34.4 |  |  | $ | 269.1 |
The weighted average remaining lease term as of December 31, 2023 was 5.7 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of December 31, 2023 was 9.25% for finance leases and 5.66% for operating leases. During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:
|  | Year Ended December 31, |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  |  |  |
|  | (In millions) |  |  |  |
Principal payments on finance lease obligations |  | $ | 6.4 |  |  | $ | 8.9 |  |  | $ | 10.2 |  |  |  |  |
Interest payments on finance lease obligations |  | $ | 2.8 |  |  | $ | 4.5 |  |  | $ | 5.4 |  |  |  |  |
Payments on operating leases |  | $ | 75.2 |  |  | $ | 83.5 |  |  | $ | 91.7 |  |  |  |  |
Variable lease payments |  | $ | 7.8 |  |  | $ | 7.6 |  |  | $ | 6.2 |  |  |  |  |
The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Minimum lease payments |  | $ | 100.7 |  |  | $ | 96.4 |  |  | 96.0 |
Variable lease income |  | 17.5 |  |  | 16.9 |  |  | 15.3 |
Total operating lease income |  | $ | 118.2 |  |  | $ | 113.3 |  |  | $ | 111.3 |
Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 101.2 |
2025 | 88.3 |
2026 | 74.2 |
2027 | 56.5 |
2028 | 39.2 |
Thereafter | 122.9 |
Total minimum rents receivable | $ | 482.3 |
The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Selling profit |  | $ | 0.2 |  |  | $ | 0.9 |  |  | $ | — |
Interest income |  | 1.1 |  |  | 1.5 |  |  | 2.1 |
Variable lease income |  | 0.4 |  |  | 0.7 |  |  | 0.5 |
Total financing lease income |  | $ | 1.7 |  |  | $ | 3.1 |  |  | $ | 2.6 |
Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 3.1 |
2025 | 2.2 |
2026 | 2.3 |
2027 | 2.2 |
2028 | 2.3 |
Thereafter | 13.8 |
Total minimum rents receivable | 25.9 |
Less: unearned income | (7.5) |
Total real estate leases receivable | 18.4 |
Less: current portion | (2.0) |
Long-term real estate leases receivable | $ | 16.4 |
Leases | Leases The Company engages in leasing activity as both a lessee and a lessor. The majority of the Company's lease portfolio originated when the Company was actively involved in the development and financing of IHOP restaurants prior to the franchising of the restaurant to the franchisee. This activity included the Company's purchase or leasing of the site on which the restaurant was located and subsequently leasing/subleasing the site to the franchisee. With a few exceptions, the Company ended this practice in 2003 and the Company's current lease activity is predominantly comprised of renewals of existing lease arrangements and exercises of options on existing lease arrangements. The Company currently leases from third parties the real property on which approximately 519 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate 52 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and restaurant support centers in Leawood, Kansas and Irving, Texas. The Company does not have a significant amount of non-real estate leases. The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with approximately 340 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales in 2023. Restaurants associated with approximately 45 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales in 2023. The individual lease agreements do not provide information to determine the implicit interest rate in the agreements. The Company made significant judgments in determining the incremental borrowing rates that were used in calculating operating lease liabilities. Due to the large number of leases, the Company applied a portfolio approach by grouping the leases based on the original lease term. The Company estimated the interest rate for each grouping primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption date; and (iii) adjustments for differences in years to maturity. The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  | (In millions)
Amortization of right-of-use assets |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 4.6 |
Interest on lease liabilities |  |  | 2.8 |  |  | 4.5 |  |  | 5.4 |
Operating lease cost |  |  | 75.3 |  |  | 83.5 |  |  | 84.4 |
Variable lease cost |  |  | 7.8 |  |  | 7.6 |  |  | 7.0 |
Short-term lease cost |  |  | 0.0 |  |  | 0.0 |  |  | 0.1 |
Sublease income |  |  | (110.4) |  |  | (106.8) |  |  | (104.6) |
Lease cost |  |  | $ | (22.0) |  |  | $ | (7.6) |  |  | $ | (3.1) |
Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:
| Finance Leases |  | Operating Leases
| (In millions)
2024 | $ | 8.4 |  |  | $ | 80.9 |
2025 | 7.2 |  |  | 71.5 |
2026 | 6.8 |  |  | 64.5 |
2027 | 5.7 |  |  | 45.9 |
2028 | 4.0 |  |  | 31.9 |
Thereafter | 21.3 |  |  | 107.9 |
Total minimum lease payments | 53.4 |  |  | 402.6 |
Less: interest/imputed interest | (13.1) |  |  | (70.0) |
Total obligations | 40.3 |  |  | 332.6 |
Less: current portion | (5.9) |  |  | (63.5) |
Long-term lease obligations | $ | 34.4 |  |  | $ | 269.1 |
The weighted average remaining lease term as of December 31, 2023 was 5.7 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of December 31, 2023 was 9.25% for finance leases and 5.66% for operating leases. During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:
|  | Year Ended December 31, |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  |  |  |
|  | (In millions) |  |  |  |
Principal payments on finance lease obligations |  | $ | 6.4 |  |  | $ | 8.9 |  |  | $ | 10.2 |  |  |  |  |
Interest payments on finance lease obligations |  | $ | 2.8 |  |  | $ | 4.5 |  |  | $ | 5.4 |  |  |  |  |
Payments on operating leases |  | $ | 75.2 |  |  | $ | 83.5 |  |  | $ | 91.7 |  |  |  |  |
Variable lease payments |  | $ | 7.8 |  |  | $ | 7.6 |  |  | $ | 6.2 |  |  |  |  |
The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Minimum lease payments |  | $ | 100.7 |  |  | $ | 96.4 |  |  | 96.0 |
Variable lease income |  | 17.5 |  |  | 16.9 |  |  | 15.3 |
Total operating lease income |  | $ | 118.2 |  |  | $ | 113.3 |  |  | $ | 111.3 |
Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 101.2 |
2025 | 88.3 |
2026 | 74.2 |
2027 | 56.5 |
2028 | 39.2 |
Thereafter | 122.9 |
Total minimum rents receivable | $ | 482.3 |
The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Selling profit |  | $ | 0.2 |  |  | $ | 0.9 |  |  | $ | — |
Interest income |  | 1.1 |  |  | 1.5 |  |  | 2.1 |
Variable lease income |  | 0.4 |  |  | 0.7 |  |  | 0.5 |
Total financing lease income |  | $ | 1.7 |  |  | $ | 3.1 |  |  | $ | 2.6 |
Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 3.1 |
2025 | 2.2 |
2026 | 2.3 |
2027 | 2.2 |
2028 | 2.3 |
Thereafter | 13.8 |
Total minimum rents receivable | 25.9 |
Less: unearned income | (7.5) |
Total real estate leases receivable | 18.4 |
Less: current portion | (2.0) |
Long-term real estate leases receivable | $ | 16.4 |
Leases | Leases The Company engages in leasing activity as both a lessee and a lessor. The majority of the Company's lease portfolio originated when the Company was actively involved in the development and financing of IHOP restaurants prior to the franchising of the restaurant to the franchisee. This activity included the Company's purchase or leasing of the site on which the restaurant was located and subsequently leasing/subleasing the site to the franchisee. With a few exceptions, the Company ended this practice in 2003 and the Company's current lease activity is predominantly comprised of renewals of existing lease arrangements and exercises of options on existing lease arrangements. The Company currently leases from third parties the real property on which approximately 519 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate 52 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and restaurant support centers in Leawood, Kansas and Irving, Texas. The Company does not have a significant amount of non-real estate leases. The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with approximately 340 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales in 2023. Restaurants associated with approximately 45 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales in 2023. The individual lease agreements do not provide information to determine the implicit interest rate in the agreements. The Company made significant judgments in determining the incremental borrowing rates that were used in calculating operating lease liabilities. Due to the large number of leases, the Company applied a portfolio approach by grouping the leases based on the original lease term. The Company estimated the interest rate for each grouping primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption date; and (iii) adjustments for differences in years to maturity. The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  | (In millions)
Amortization of right-of-use assets |  |  | $ | 2.5 |  |  | $ | 3.6 |  |  | $ | 4.6 |
Interest on lease liabilities |  |  | 2.8 |  |  | 4.5 |  |  | 5.4 |
Operating lease cost |  |  | 75.3 |  |  | 83.5 |  |  | 84.4 |
Variable lease cost |  |  | 7.8 |  |  | 7.6 |  |  | 7.0 |
Short-term lease cost |  |  | 0.0 |  |  | 0.0 |  |  | 0.1 |
Sublease income |  |  | (110.4) |  |  | (106.8) |  |  | (104.6) |
Lease cost |  |  | $ | (22.0) |  |  | $ | (7.6) |  |  | $ | (3.1) |
Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:
| Finance Leases |  | Operating Leases
| (In millions)
2024 | $ | 8.4 |  |  | $ | 80.9 |
2025 | 7.2 |  |  | 71.5 |
2026 | 6.8 |  |  | 64.5 |
2027 | 5.7 |  |  | 45.9 |
2028 | 4.0 |  |  | 31.9 |
Thereafter | 21.3 |  |  | 107.9 |
Total minimum lease payments | 53.4 |  |  | 402.6 |
Less: interest/imputed interest | (13.1) |  |  | (70.0) |
Total obligations | 40.3 |  |  | 332.6 |
Less: current portion | (5.9) |  |  | (63.5) |
Long-term lease obligations | $ | 34.4 |  |  | $ | 269.1 |
The weighted average remaining lease term as of December 31, 2023 was 5.7 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of December 31, 2023 was 9.25% for finance leases and 5.66% for operating leases. During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:
|  | Year Ended December 31, |  |  |  |
|  | 2023 |  | 2022 |  | 2021 |  |  |  |
|  | (In millions) |  |  |  |
Principal payments on finance lease obligations |  | $ | 6.4 |  |  | $ | 8.9 |  |  | $ | 10.2 |  |  |  |  |
Interest payments on finance lease obligations |  | $ | 2.8 |  |  | $ | 4.5 |  |  | $ | 5.4 |  |  |  |  |
Payments on operating leases |  | $ | 75.2 |  |  | $ | 83.5 |  |  | $ | 91.7 |  |  |  |  |
Variable lease payments |  | $ | 7.8 |  |  | $ | 7.6 |  |  | $ | 6.2 |  |  |  |  |
The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Minimum lease payments |  | $ | 100.7 |  |  | $ | 96.4 |  |  | 96.0 |
Variable lease income |  | 17.5 |  |  | 16.9 |  |  | 15.3 |
Total operating lease income |  | $ | 118.2 |  |  | $ | 113.3 |  |  | $ | 111.3 |
Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 101.2 |
2025 | 88.3 |
2026 | 74.2 |
2027 | 56.5 |
2028 | 39.2 |
Thereafter | 122.9 |
Total minimum rents receivable | $ | 482.3 |
The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Selling profit |  | $ | 0.2 |  |  | $ | 0.9 |  |  | $ | — |
Interest income |  | 1.1 |  |  | 1.5 |  |  | 2.1 |
Variable lease income |  | 0.4 |  |  | 0.7 |  |  | 0.5 |
Total financing lease income |  | $ | 1.7 |  |  | $ | 3.1 |  |  | $ | 2.6 |
Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:
| (In millions)
2024 | $ | 3.1 |
2025 | 2.2 |
2026 | 2.3 |
2027 | 2.2 |
2028 | 2.3 |
Thereafter | 13.8 |
Total minimum rents receivable | 25.9 |
Less: unearned income | (7.5) |
Total real estate leases receivable | 18.4 |
Less: current portion | (2.0) |
Long-term real estate leases receivable | $ | 16.4 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of lessor's direct financing leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
Name: | us-gaap_LessorDirectFinancingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration