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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Expense and Other Information

The components of lease expense for the years ended December 31, 2023, 2022, and 2021, were as follows:

 

(in millions)

 

2023

 

 

2022

 

 

2021

 

Operating lease cost

 

$

28.6

 

 

$

29.5

 

 

$

29.7

 

Sublease income

 

 

(2.5

)

 

 

(2.4

)

 

 

(1.9

)

 Total lease cost

 

$

26.1

 

 

$

27.1

 

 

$

27.8

 

 

Other information related to leases for the years ended December 31, 2023, and 2022 was as follows:

 

(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

 

$

29.8

 

 

$

30.5

 

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

 

 

 

 

 

 

Operating leases

 

$

23.2

 

 

$

11.4

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

6 years

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.2

 %

 

 

 

Schedule of Future Minimum Lease Payments, Net of Sublease Income

Future minimum lease payments, net of sub-lease income, for all non-cancelable leases as of December 31, 2023 were as follows:

 

(in millions)

 

Operating
Leases

 

2024

 

$

26.6

 

2025

 

 

24.4

 

2026

 

 

19.8

 

2027

 

 

14.5

 

2028

 

 

12.3

 

Thereafter

 

 

25.5

 

Total minimum lease payments

 

 

123.1

 

Less imputed interest

 

 

25.8

 

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

 

$

97.3