Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease-Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):

		As of September 30,			As of December 31,
	Classification	2024			2023
Assets
Non-Current
Operating	Operating lease right-of-use assets	$	86.1		$	78.1
Finance	Property and equipment, net	8.6			9.1
Total lease assets		$	94.7		$	87.2
Liabilities
Current
Operating	Current maturities of operating lease obligations	$	31.2		$	28.3
Financing	Current maturities of finance lease obligations	2.8			2.7
Non-Current
Operating	Operating lease obligations	54.6			49.9
Financing	Finance lease obligations	6.0			6.6
Total lease liabilities		$	94.6		$	87.5
Weighted-average remaining lease term:
Operating leases		3.5 years			3.6 years
Finance leases		3.2 years			3.5 years
Weighted-average discount rate:
Operating leases		5.63		%	5.23		%
Finance leases		7.63		%	6.91		%

Schedule of Lease Costs for Finance and Operating Leases

The table below presents certain information related to the lease costs for finance and operating leases (in millions):

		Three months ended September 30,				Nine months ended September 30,
	Classification	2024		2023		2024		2023
Operating lease cost(1)	Administrative	$	11.2	$	9.7	$	32.3	$	28.3
Finance lease cost:
Amortization of leased assets(2)	Cost of sales	1.0		1.0		3.0		2.8
Interest on finance lease obligations	Interest expense, net	0.2		0.1		0.5		0.4
Total lease costs		$	12.4	$	10.8	$	35.8	$	31.5

(1)Includes variable lease costs of $1.3 million and $1.2 million for the three months ended September 30, 2024 and 2023, respectively, and $3.8 million and $3.5 million for the nine months ended September 30, 2024 and 2023, respectively, and short-term lease costs of $0.6 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively and $2.0 million and $0.9 million for the nine months ended September 30, 2024 and 2023, respectively.

(2)Includes variable lease costs of $0.2 million for each of the three months ended September 30, 2024 and 2023, respectively, and $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.

The table below presents supplemental cash flow information related to leases (in millions):

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	9.2	$	7.9	$	26.5	$	23.5
Operating cash flows for finance leases	0.2		0.1		0.5		0.4
Financing cash flows for finance leases	0.7		0.8		2.2		2.2

Schedule of Undiscounted Cash Flows Finance Lease Obligations

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of September 30, 2024 (in millions):

	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	0.9	$	0.3	$	9.1	$	9.4
2025	3.3		1.1		32.3		33.4
2026	3.0		0.5		23.7		24.2
2027	2.0		0.1		13.9		14.0
2028	0.7		—		7.0		7.0
Thereafter	0.1		—		7.2		7.2
Total minimum lease payments	10.0		$	2.0	$	93.2	95.2
Less: Amounts representing interest	(1.2)						(9.4)
Present value of future minimum lease payments	8.8						85.8
Less: Current obligation under leases	(2.8)						(31.2)
Long-term lease obligations	$	6.0					$	54.6

Schedule of Undiscounted Cash Flows Operating Lease Obligations

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheet as of September 30, 2024 (in millions):

	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2024	$	0.9	$	0.3	$	9.1	$	9.4
2025	3.3		1.1		32.3		33.4
2026	3.0		0.5		23.7		24.2
2027	2.0		0.1		13.9		14.0
2028	0.7		—		7.0		7.0
Thereafter	0.1		—		7.2		7.2
Total minimum lease payments	10.0		$	2.0	$	93.2	95.2
Less: Amounts representing interest	(1.2)						(9.4)
Present value of future minimum lease payments	8.8						85.8
Less: Current obligation under leases	(2.8)						(31.2)
Long-term lease obligations	$	6.0					$	54.6