

(In millions)	Line Item in the Company’s Consolidated Statements of Operations	2023		2022		2021
Finance lease cost:
Amortization of right-of-use-assets	SG&A expenses (depreciation and amortization)	$	4.2	$	4.2	$	4.9
Interest on lease liabilities	Interest expense	0.2		0.2		0.3
Total finance lease cost		4.4		4.4		5.2
Operating lease cost	SG&A expenses	402.3		401.4		451.8
Short-term lease cost	SG&A expenses	41.7		35.9		32.1
Variable lease cost	SG&A expenses	132.3		116.2		100.5
Less: sublease income	SG&A expenses	(5.3)		(4.7)		(1.5)
Total net lease cost		$	575.4	$	553.2	$	588.1

The Company had sought concessions from landlords for certain of its stores affected by temporary closures as a result of the COVID-19 pandemic in the form of rent deferrals or rent abatements. Consistent with updated guidance issued by the FASB in April 2020, the Company elected to treat COVID-19 related rent concessions as though enforceable rights and obligations for those concessions existed in the original contract. As such, rent abatements negotiated with landlords were recorded as a reduction to variable lease expense included in SG&A expenses in the Company’s Consolidated Statements of Operations. The Company recorded $4.8 million and $26.9 million of rent abatements during 2022 and 2021, respectively. No material rent abatements were recorded during 2023. Rent deferrals had no impact to lease expense and amounts deferred and payable in future periods were included in the current portion of operating lease liabilities in the Company’s Consolidated Balance Sheets.


(In millions)	Line Item in the Company’s Consolidated Balance Sheets	2023		2022
Right-of-use assets:
Operating lease	Operating lease right-of-use assets	$	1,213.8	$	1,295.7
Finance lease	Property, plant and equipment, net	8.8		10.9
		$	1,222.6	$	1,306.6
Current lease liabilities:
Operating lease	Current portion of operating lease liabilities	$	288.9	$	353.7
Finance lease	Accrued expenses	4.1		4.5
		$	293.0	$	358.2
Other lease liabilities:
Operating lease	Long-term portion of operating lease liabilities	$	1,075.8	$	1,140.0
Finance lease	Other liabilities	5.6		7.3
		$	1,081.4	$	1,147.3



(In millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	446.2	$	450.8	$	484.0
Operating cash flows from finance leases	0.2		0.2		0.3
Financing cash flows from finance leases	4.6		4.7		5.2
Noncash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	278.4	$	338.6	$	267.3
Right-of-use assets obtained in exchange for new finance lease liabilities	4.0		8.2		2.6

The following summarizes the weighted average remaining lease terms and weighted average discount rates related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet:



	2023		2022
Weighted average remaining lease term (years):
Operating leases	6.10		6.13
Finance leases	2.55		3.19
Weighted average discount rate:
Operating leases	4.64	%	4.10	%
Finance leases	2.17	%	2.09	%


(In millions)	Finance Leases		Operating Leases		Total
2024	$	4.3	$	341.7	$	346.0
2025	3.3		297.0		300.3
2026	2.0		236.9		238.9
2027	0.3		199.8		200.1
2028	0.1		155.7		155.8
Thereafter	—		352.3		352.3
Total lease payments	$	10.0	$	1,583.4	$	1,593.4
Less: Interest	(0.3)		(218.7)		(219.0)
Total lease liabilities	$	9.7	$	1,364.7	$	1,374.4