Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

NOTE 7. Leases:

Lease assets and liabilities are summarized as follows:

	December 31,
(in millions)	2024		2023		Classification
Assets
Operating lease assets	$	214.7	$	229.3	Operating lease assets
Finance lease assets		6.2		3.2	Other assets
Total lease assets	$	220.9	$	232.5
Liabilities
Operating lease liabilities	$	229.9	$	246.6	Operating lease liabilities
Finance lease liabilities		5.7		3.1	Notes and contracts payable
Total lease liabilities	$	235.6	$	249.7

The components of lease expense are summarized as follows:

	Year ended December 31,
(in millions)	2024			2023			2022			Classification
Operating lease cost	$	85.6		$	89.0		$	93.1		Other operating expenses
Finance lease cost:
Amortization of lease assets		2.7			1.7			1.7		Depreciation and amortization
Interest of lease liabilities		0.2			0.1			0.1		Interest
Variable lease cost		29.7			31.8			34.2		Other operating expenses
Short-term lease cost		1.4			2.1			2.6		Other operating expenses
Sublease income		(2.7	)		(2.7	)		(1.2	)	Information and other
Net lease cost	$	116.9		$	122.0		$	130.5

Future minimum lease payments under operating and finance leases with noncancelable lease terms, as of December 31, 2024, are summarized as follows:

(in millions)	Operating Leases			Finance Leases			Total
2025	$	79.9		$	2.3		$	82.2
2026		62.0			1.9			63.9
2027		43.8			0.8			44.6
2028		26.1			0.7			26.8
2029		15.8			0.2			16.0
Thereafter		32.6			—			32.6
Total lease payments		260.2			5.9			266.1
Interest		(30.3	)		(0.2	)		(30.5	)
Present value of lease liabilities	$	229.9		$	5.7		$	235.6

Information related to lease terms and discount rates is summarized as follows:

	December 31,
	2024			2023
Weighted-average remaining lease terms (years):
Operating leases		4.5			4.0
Finance leases		3.2			2.6
Weighted-average discount rates:
Operating leases		5.03	%		4.06	%
Finance leases		2.29	%		3.01	%

Cash flow information related to lease liabilities is summarized as follows:

	Year ended December 31,
(in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	87.4	$	91.5	$	95.9
Operating cash flows from finance leases	$	0.2	$	0.1	$	0.1
Financing cash flows from finance leases	$	2.6	$	1.8	$	1.9
Operating lease assets obtained in exchange for new operating lease liabilities	$	61.7	$	58.9	$	66.2
Finance lease assets obtained in exchange for new finance lease liabilities	$	6.1	$	1.5	$	2.8