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Leases (Tables)
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Components of Lease Expense and Other Information

The components of lease expense were as follows:

 

 

 

Three months ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating lease cost

$

 

7.3

 

$

 

7.0

 

$

 

21.4

 

$

 

22.5

 

Sublease income

 

 

(0.6

)

 

 

(0.7

)

 

 

(1.9

)

 

 

(1.9

)

 Total lease cost

$

 

6.7

 

$

 

6.3

 

$

 

19.5

 

$

 

20.6

 

 

Other information related to leases was as follows:

 

 

 

Nine Months Ended
September 30,

 

(in millions, except lease term and discount rate)

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

$

 

22.6

 

$

 

23.7

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

$

 

14.7

 

$

 

7.8

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

6.2 years

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.0

%

 

 

 

 

Schedule of Future Minimum Lease Payments, Net of Sublease Income

Future minimum lease payments, net of sublease income, for all non-cancelable leases as of September 30, 2023, were as follows:

 

(in millions)

 

Operating
Leases

 

2023

$

 

5.4

 

2024

 

 

23.9

 

2025

 

 

21.4

 

2026

 

 

17.4

 

2027

 

 

12.7

 

2028

 

 

11.1

 

Thereafter

 

 

25.0

 

Total minimum lease payments

 

 

116.9

 

Less imputed interest

 

 

23.8

 

Future minimum payments for leases, net of sublease rental income and imputed interest

$

 

93.1