Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

The table below summarizes our lease assets and lease liabilities included in our balance sheet:

	December 31, 2024		December 31, 2023
Right of use assets included in other non-current assets	$	42.6	$	43.1
Finance lease assets included in Property, Plant and Equipment	9.4		15.9
Total lease assets	$	52.0	$	59.0
Short-term operating lease liabilities included in other accrued and current liabilities	$	15.9	$	15.0
Short-term finance lease liabilities included in other accrued and current liabilities	2.0		2.1
Long-term operating lease liabilities included in other non-current liabilities	32.7		33.8
Long-term finance lease liabilities included in other non-current liabilities	2.0		3.9
Total lease liabilities	$	52.6	$	54.8

We recognized $14.0 million and $4.5 million for both right of use assets and lease liabilities related to new operating leases for the years ended December 31, 2024 and 2023, respectively.

The lease costs, supplemental cash flow and other information, and maturity analysis for leases is as follows:

	Year Ended December 31,
	2024		2023		2022
Operating lease costs	$	16.7	$	16.1	$	21.4
Variable lease costs	7.0		8.0		5.8
Short-term lease costs	1.0		1.0		1.3
Amortization of finance lease assets	6.6		4.3		0.3
Interest on finance lease liabilities	0.3		0.1		0.1
Sublease income	(5.6)		(3.1)		(3.4)
Total lease costs	$	26.0	$	26.4	$	25.5

We recorded an impairment charge of $2.6 million for the year ended December 31, 2022, primarily as a result of our decision to consolidate office facilities in the United States and certain international markets.

Cash paid for operating leases is included in operating cash flows and was $18.5 million, $21.5 million and $30.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Cash paid for finance leases is included in finance cash flows and was $2.3 million, $15.4 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The maturity analysis for operating and finance lease liabilities as of December 31, 2024 is as follows:

	Operating Leases		Finance Leases
2025	$	18.2	$	2.2
2026	15.5		2.0
2027	9.0		0.1
2028	4.7		—
2029	2.7		—
Thereafter	4.3		—
Undiscounted cash flows	54.4		4.3
Less imputed interest	5.8		0.3
Total operating and finance lease liabilities	$	48.6	$	4.0

Other supplemental information on remaining lease term and discount rate is as follows:

	December 31,
	2024		2023
Weighted average remaining lease term - operating leases (in years)	3.9 years		3.6 years
Weighted average remaining lease term - finance leases (in years)	2.0 years		2.9 years
Weighted average discount rate - operating leases	5.7	%	5.5	%
Weighted average discount rate - finance leases	6.9	%	6.9	%

Leases

Leases

The table below summarizes our lease assets and lease liabilities included in our balance sheet:

	December 31, 2024		December 31, 2023
Right of use assets included in other non-current assets	$	42.6	$	43.1
Finance lease assets included in Property, Plant and Equipment	9.4		15.9
Total lease assets	$	52.0	$	59.0
Short-term operating lease liabilities included in other accrued and current liabilities	$	15.9	$	15.0
Short-term finance lease liabilities included in other accrued and current liabilities	2.0		2.1
Long-term operating lease liabilities included in other non-current liabilities	32.7		33.8
Long-term finance lease liabilities included in other non-current liabilities	2.0		3.9
Total lease liabilities	$	52.6	$	54.8

We recognized $14.0 million and $4.5 million for both right of use assets and lease liabilities related to new operating leases for the years ended December 31, 2024 and 2023, respectively.

The lease costs, supplemental cash flow and other information, and maturity analysis for leases is as follows:

	Year Ended December 31,
	2024		2023		2022
Operating lease costs	$	16.7	$	16.1	$	21.4
Variable lease costs	7.0		8.0		5.8
Short-term lease costs	1.0		1.0		1.3
Amortization of finance lease assets	6.6		4.3		0.3
Interest on finance lease liabilities	0.3		0.1		0.1
Sublease income	(5.6)		(3.1)		(3.4)
Total lease costs	$	26.0	$	26.4	$	25.5

We recorded an impairment charge of $2.6 million for the year ended December 31, 2022, primarily as a result of our decision to consolidate office facilities in the United States and certain international markets.

Cash paid for operating leases is included in operating cash flows and was $18.5 million, $21.5 million and $30.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Cash paid for finance leases is included in finance cash flows and was $2.3 million, $15.4 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The maturity analysis for operating and finance lease liabilities as of December 31, 2024 is as follows:

	Operating Leases		Finance Leases
2025	$	18.2	$	2.2
2026	15.5		2.0
2027	9.0		0.1
2028	4.7		—
2029	2.7		—
Thereafter	4.3		—
Undiscounted cash flows	54.4		4.3
Less imputed interest	5.8		0.3
Total operating and finance lease liabilities	$	48.6	$	4.0

Other supplemental information on remaining lease term and discount rate is as follows:

	December 31,
	2024		2023
Weighted average remaining lease term - operating leases (in years)	3.9 years		3.6 years
Weighted average remaining lease term - finance leases (in years)	2.0 years		2.9 years
Weighted average discount rate - operating leases	5.7	%	5.5	%
Weighted average discount rate - finance leases	6.9	%	6.9	%