Leases (Notes)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Note 16: Leases

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

	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	110.6	$	121.0	$	126.3
Finance lease cost:
Amortization of assets	$	28.0	$	26.2	$	17.3
Interest on lease liabilities	2.2		1.6		0.6
Total finance lease cost	$	30.2	$	27.8	$	17.9
Variable lease cost	$	39.7	$	36.5	$	37.4
Sublease income	$	7.6	$	9.6	$	11.2

Supplemental balance sheet information related to leases was as follows (in millions):

	As of December 31,
	2024			2023
Operating Leases
Non-current operating lease assets	$	290.1		$	339.0
Other current liabilities	$	96.1		$	111.3
Non-current operating lease liabilities	270.3			319.6
Total operating lease liabilities	$	366.4		$	430.9
Finance Leases
Property and equipment, gross	$	150.6		$	134.5
Accumulated depreciation	(111.0)			(88.5)
Property and equipment, net	$	39.6		$	46.0
Short-term borrowings and current portion of long-term debt	$	20.4		$	23.7
Long-term debt	16.0			22.2
Total finance lease liabilities	$	36.4		$	45.9
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0 years			5.1 years
Finance leases	2.3 years			2.1 years
Weighted Average Discount Rate
Operating leases	5.7		%	5.2		%
Finance leases	4.8		%	3.5		%

Maturities of lease liabilities are as follows (in millions):

	Operating Leases		Finance Leases
2025	$	114.4	$	21.5
2026	99.3		9.5
2027	68.9		4.6
2028	41.5		2.0
2029	32.5		0.8
Thereafter	65.4		—
Total lease payments	422.0		38.4
Less imputed interest	(55.6)		(2.0)
Total	$	366.4	$	36.4

As of December 31, 2024, we have operating leases that have not yet commenced for approximately $34.0 million. These operating leases will commence in 2025 with lease terms ranging from 3 years to 15 years.

Refer to Note 21: Supplemental Cash Flow Information for supplemental cash flow information and non-cash activity related to our operating and finance leases.

Leases

Note 16: Leases

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

	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	110.6	$	121.0	$	126.3
Finance lease cost:
Amortization of assets	$	28.0	$	26.2	$	17.3
Interest on lease liabilities	2.2		1.6		0.6
Total finance lease cost	$	30.2	$	27.8	$	17.9
Variable lease cost	$	39.7	$	36.5	$	37.4
Sublease income	$	7.6	$	9.6	$	11.2

Supplemental balance sheet information related to leases was as follows (in millions):

	As of December 31,
	2024			2023
Operating Leases
Non-current operating lease assets	$	290.1		$	339.0
Other current liabilities	$	96.1		$	111.3
Non-current operating lease liabilities	270.3			319.6
Total operating lease liabilities	$	366.4		$	430.9
Finance Leases
Property and equipment, gross	$	150.6		$	134.5
Accumulated depreciation	(111.0)			(88.5)
Property and equipment, net	$	39.6		$	46.0
Short-term borrowings and current portion of long-term debt	$	20.4		$	23.7
Long-term debt	16.0			22.2
Total finance lease liabilities	$	36.4		$	45.9
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0 years			5.1 years
Finance leases	2.3 years			2.1 years
Weighted Average Discount Rate
Operating leases	5.7		%	5.2		%
Finance leases	4.8		%	3.5		%

Maturities of lease liabilities are as follows (in millions):

	Operating Leases		Finance Leases
2025	$	114.4	$	21.5
2026	99.3		9.5
2027	68.9		4.6
2028	41.5		2.0
2029	32.5		0.8
Thereafter	65.4		—
Total lease payments	422.0		38.4
Less imputed interest	(55.6)		(2.0)
Total	$	366.4	$	36.4

As of December 31, 2024, we have operating leases that have not yet commenced for approximately $34.0 million. These operating leases will commence in 2025 with lease terms ranging from 3 years to 15 years.

Refer to Note 21: Supplemental Cash Flow Information for supplemental cash flow information and non-cash activity related to our operating and finance leases.