Leases

12 Months Ended

Dec. 31, 2025

The Company has various operating lease commitments extending through 2058, generally covering office space and equipment rentals, some of which contain options to renew or extend the lease term. The Company also has a finance lease related to the lease of an office building in Owensboro, Kentucky, entered into in 2013, that has a fifteen-year term with two renewal options for up to twenty additional years in total.

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


	For the Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4.3	$	4.1	$	3.8
Short-term lease cost	3.8		5.4		4.7
Finance lease cost:
Amortization of right-of-use asset	0.7		0.7		0.7
Interest on lease liability	0.2		0.3		0.3
Total lease cost	$	9.0	$	10.5	$	9.5

The following provides supplemental balance sheet information related to the Company's leases:


	As of December 31,
	2025			2024
Right-of-use assets (in millions)
Operating leases (recorded in Other Assets)	$	22.7		$	24.9
Finance lease (recorded in Property, Plant and Equipment)		1.8			2.5
Lease liabilities (in millions)
Operating leases (recorded in Other Liabilities, current and noncurrent)		24.0			25.3
Finance lease (recorded in Other Current Liabilities and Long-term debt and finance lease obligation)		2.7			3.6
Weighted-average remaining lease term (years)
Operating leases		13.0			13.6
Finance lease		2.6			3.6
Weighted-average discount rate
Operating leases		3.99	%		3.95	%
Finance lease		5.89	%		5.89	%

The table below presents the maturities of lease liabilities (in millions):


	As of December 31, 2025
	Operating Leases		Finance Lease
2026	$	2.7	$	1.1
2027	2.2		1.1
2028	0.9		0.7
2029	2.1		—
2030	2.9		—
Thereafter	21.7		—
Total	32.5		2.9
Less: discount	(8.5)		(0.2)
Total lease liabilities	$	24.0	$	2.7

Leases

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


	For the Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	4.3	$	4.1	$	3.8
Short-term lease cost	3.8		5.4		4.7
Finance lease cost:
Amortization of right-of-use asset	0.7		0.7		0.7
Interest on lease liability	0.2		0.3		0.3
Total lease cost	$	9.0	$	10.5	$	9.5

The following provides supplemental balance sheet information related to the Company's leases:


	As of December 31,
	2025			2024
Right-of-use assets (in millions)
Operating leases (recorded in Other Assets)	$	22.7		$	24.9
Finance lease (recorded in Property, Plant and Equipment)		1.8			2.5
Lease liabilities (in millions)
Operating leases (recorded in Other Liabilities, current and noncurrent)		24.0			25.3
Finance lease (recorded in Other Current Liabilities and Long-term debt and finance lease obligation)		2.7			3.6
Weighted-average remaining lease term (years)
Operating leases		13.0			13.6
Finance lease		2.6			3.6
Weighted-average discount rate
Operating leases		3.99	%		3.95	%
Finance lease		5.89	%		5.89	%

The table below presents the maturities of lease liabilities (in millions):


	As of December 31, 2025
	Operating Leases		Finance Lease
2026	$	2.7	$	1.1
2027	2.2		1.1
2028	0.9		0.7
2029	2.1		—
2030	2.9		—
Thereafter	21.7		—
Total	32.5		2.9
Less: discount	(8.5)		(0.2)
Total lease liabilities	$	24.0	$	2.7