Leases

12 Months Ended

Dec. 31, 2024

19. Leases

Operating lease cost is recognized over the lease term on a straight-line basis, while finance lease cost is amortized over the expected term on a straight-line basis. Variable lease costs, not dependent on an index or rate, are recognized when incurred and typically consists of amounts owed by the Company to a lessor that are not fixed, such as reimbursement for common area maintenance and utilities cost.

The components of lease expense were as follows (in millions):


	2024			2023			2022
Amortization of right-of-use assets	$	4.6		$	4.1		$	3.3
Interest on lease liabilities		0.9			1.0			0.6
Total finance lease cost		5.5			5.1			3.9
Operating lease cost		45.4			31.4			20.4
Short term lease cost		5.7			4.4			5.6
Variable lease cost		8.1			6.2			5.0
Impairment expense		1.3			3.2			—
Sublease income		(2.3	)		(2.0	)		(1.7	)
Total lease cost	$	63.7		$	48.3		$	33.2

Supplemental balance sheet information related to leases was as follows (in millions of dollars unless otherwise noted):


	December 31,
	2024			2023
Operating leases
Operating lease assets	$	145.5		$	91.7
Other current liabilities		32.1			23.3
Operating lease liability - long term		118.9			74.8
Weighted average remaining lease term	6.9 years			5.5 years
Weighted average discount rate		5.7	%		5.3	%
Finance leases
Property, plant and equipment, net	$	18.8		$	21.9
Current portion of long-term debt		4.6			5.1
Long-term debt		12.9			15.8
Weighted average remaining lease term	6.9 years			7.4 years
Weighted average discount rate		4.7	%		4.6	%

Supplemental cash flow information related to leases was as follows (in millions):


	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	0.9	$	0.9	$	0.6
Operating cash flows from operating leases		36.7		24.0		20.1
Financing cash flows from finance leases		5.5		5.0		3.3
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	$	94.7	$	73.5	$	22.8
Finance leases		3.8		11.3		13.6

Future lease payments under operating leases and finance leases as follows (in millions):


	Operating Leases			Finance Leases
Twelve months ended December 31:
2025	$	39.2		$	5.3
2026		30.8			3.9
2027		24.4			2.2
2028		19.8			1.4
2029		15.9			1.0
Thereafter		58.1			6.0
Total undiscounted lease payments		188.2			19.8
Less: imputed interest		(37.2	)		(2.3	)
Total lease liabilities	$	151.0		$	17.5