v3.24.0.1
Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

6. LEASES

The Company has operating type leases for real estate, equipment and vehicles both in the U.S. and internationally. As of December 31, 2023 and 2022, the Company had no finance type leases. Operating lease expense was $87.0 million, $91.5 million and $95.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Operating lease expense included period cost for short-term, cancellable and variable leases that were not included in lease liabilities of $32.5 million, $36.2 million and $33.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company occasionally subleases all or a portion of certain unutilized real estate facilities. As of December 31, 2023, the Company’s sublease arrangements were classified as operating type leases and the income amounts were not material for the years ended December 31, 2023, 2022 and 2021, respectively.

Supplemental cash flow information related to operating leases, which includes both continuing operations and discontinued operations:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Operating cash paid to settle lease liabilities

 

$

57.6

 

 

$

59.4

 

 

$

71.5

 

Right of use asset additions in exchange for lease liabilities

 

 

63.2

 

 

 

43.5

 

 

 

25.3

 

Supplemental balance sheet information related to operating leases:

 

 

 

December 31,

 

 

Balance Sheet Location

 

2023

 

 

2022

 

Right of use assets

 Other noncurrent assets

 

$

157.2

 

 

$

141.9

 

 

 

 

 

 

 

 

 

Lease liabilities - current

 Accrued and other liabilities

 

$

36.5

 

 

$

44.4

 

Lease liabilities - noncurrent

 Other noncurrent liabilities

 

 

139.9

 

 

 

119.4

 

Total lease liabilities

 

 

$

176.4

 

 

$

163.8

 

 

Weighted average remaining lease term (in years)

 

6.1

 

Weighted average discount rate

 

8.2

%

 

Future minimum lease payments under non-cancellable leases as of December 31, 2023 are as follows:

 

Operating Leases

 

2024

 

49.8

 

2025

$

44.0

 

2026

 

33.4

 

2027

 

22.8

 

2028

 

17.5

 

Thereafter

 

66.5

 

Total minimum lease payments

 

234.0

 

Less: imputed interest

 

(57.6

)

Total

$

176.4