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Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Operating lease expense

$

6.9

 

 

$

6.8

 

Short-term lease expense

 

0.9

 

 

 

2.4

 

Low-value lease expense

 

0.3

 

 

 

0.3

 

Variable lease expense

 

3.1

 

 

 

2.7

 

Finance lease expense:

 

 

 

 

 

Amortization of right-of-use assets

 

2.9

 

 

 

2.3

 

Interest on lease liabilities

 

1.0

 

 

 

0.9

 

Sublease income

 

(0.1

)

 

 

(0.1

)

Total lease expense

$

15.0

 

 

$

15.3

 

Schedule of Additional Information Related to Leases

Additional information related to leases is presented in the table below:

 

Three Months Ended March 31,

 

Supplemental Cash Flows Information

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

$

6.7

 

 

$

6.6

 

Operating cash flows for finance leases

 

1.0

 

 

 

0.9

 

Financing cash flows for finance leases

 

2.7

 

 

 

2.0

 

Non-cash right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

Operating leases

 

3.5

 

 

 

3.5

 

Finance leases

 

5.0

 

 

 

4.8

 

Weighted Average Remaining Lease Term (in years):

 

 

 

 

 

Operating leases

 

8.5

 

 

 

8.8

 

Finance leases

 

4.2

 

 

 

4.7

 

Weighted Average Discount Rate (in %):

 

 

 

 

 

Operating leases

 

10.6

 

 

 

10.3

 

Finance leases

 

8.9

 

 

 

8.4

 

 

Schedule of Minimum Future Lease Payments under Non-cancellable Operating and Finance Leases

Minimum future lease payments under non-cancellable operating and finance leases described above as of March 31, 2025 were as follows:

Year ending December 31,

Operating Leases

 

 

Finance Leases

 

Remainder of 2025

$

19.4

 

 

$

11.2

 

2026

 

23.4

 

 

 

14.2

 

2027

 

22.1

 

 

 

12.7

 

2028

 

20.3

 

 

 

10.7

 

2029

 

15.7

 

 

 

6.8

 

Thereafter

 

82.1

 

 

 

2.0

 

Total future minimum lease payments

 

183.0

 

 

 

57.6

 

Less: imputed interest

 

(64.8

)

 

 

(9.3

)

Total

$

118.2

 

 

$

48.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

March 31, 2025

 

 

December 31, 2024

 

Current portion of long-term debt

$

11.2

 

 

$

10.5

 

Current operating lease liabilities

 

14.8

 

 

 

15.1

 

Finance lease obligations, net of current portion

 

37.1

 

 

 

35.5

 

Long-term operating lease liabilities, net of current portion

 

103.4

 

 

 

103.5

 

Total

$

166.5

 

 

$

164.6