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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Our lease portfolio consists primarily of real estate and equipment leases. Our real estate leases primarily consist of land, office, distribution, warehousing and manufacturing facilities. These leases typically range in term from 2 to 50 years and may contain renewal options for periods up to 10 years at our discretion. Our equipment lease portfolio consists primarily of vehicles, fork trucks and IT equipment. These leases typically range in term from two years to three years and may contain renewal options. Our leases generally do not contain variable lease payments other than (1) certain foreign real estate leases which have payments indexed to inflation and (2) certain real estate executory costs (such as taxes, insurance and maintenance), which are paid based on actual expenses incurred by the lessor during the year. Our leases generally do not include residual value guarantees.
Our operating lease cost was $15.7 million, $10.5 million, and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Our variable lease cost was $1.0 million for the year ended December 31, 2024 and was immaterial for the years December 31, 2023 and 2022. Our finance lease cost and short-term lease cost were immaterial for the years ended December 31, 2024, 2023 and 2022.
Supplemental balance sheet information related to leases:
December 31,
In millions20242023Balance Sheet Location
Assets
Operating$37.3 $24.8 Other assets
Finance(1)
$1.5 $0.7 Property, plant and equipment, net
Total lease assets$38.8 $25.5 
Liabilities
Current
Operating$12.0 $7.1 Other accrued expenses
Finance$0.5 $0.3 Other accrued expenses
Long-term
Operating$26.6 $18.5 Other liabilities
Finance$1.0 $0.5 Other liabilities
Total lease liabilities$40.1 $26.4 
(1)Finance lease assets were recorded net of accumulated amortization of $1.2 million and $0.9 million at December 31, 2024 and 2023.
Supplemental cash flow and other information related to leases:
Years ended December 31,
In millions202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$14.3 $8.8 $9.4 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$14.5 $11.8 $7.4 
Finance leases$1.1 $0.2 $0.8 
Additional information related to leases:
December 31,
20242023
Weighted-average remaining lease term (in years)
Operating leases3.34.2
Finance leases3.23.2
Weighted-average discount rate
Operating leases4.6 %4.9 %
Finance leases4.4 %2.2 %
Following is a summary of the future minimum lease payments due to finance and operating leases with terms of more than one year at lease commencement at December 31, 2024, together with the net present value of the minimum payments:
In millionsFinance LeasesOperating Leases
2025$0.6 $13.1 
20260.5 12.0 
20270.3 7.4 
20280.2 5.1 
2029— 3.1 
After 2029— 1.4 
Total minimum lease payments1.6 42.1 
Interest(0.1)(3.5)
Present value of net minimum lease payments$1.5 $38.6 
LEASES LEASES
Our lease portfolio consists primarily of real estate and equipment leases. Our real estate leases primarily consist of land, office, distribution, warehousing and manufacturing facilities. These leases typically range in term from 2 to 50 years and may contain renewal options for periods up to 10 years at our discretion. Our equipment lease portfolio consists primarily of vehicles, fork trucks and IT equipment. These leases typically range in term from two years to three years and may contain renewal options. Our leases generally do not contain variable lease payments other than (1) certain foreign real estate leases which have payments indexed to inflation and (2) certain real estate executory costs (such as taxes, insurance and maintenance), which are paid based on actual expenses incurred by the lessor during the year. Our leases generally do not include residual value guarantees.
Our operating lease cost was $15.7 million, $10.5 million, and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Our variable lease cost was $1.0 million for the year ended December 31, 2024 and was immaterial for the years December 31, 2023 and 2022. Our finance lease cost and short-term lease cost were immaterial for the years ended December 31, 2024, 2023 and 2022.
Supplemental balance sheet information related to leases:
December 31,
In millions20242023Balance Sheet Location
Assets
Operating$37.3 $24.8 Other assets
Finance(1)
$1.5 $0.7 Property, plant and equipment, net
Total lease assets$38.8 $25.5 
Liabilities
Current
Operating$12.0 $7.1 Other accrued expenses
Finance$0.5 $0.3 Other accrued expenses
Long-term
Operating$26.6 $18.5 Other liabilities
Finance$1.0 $0.5 Other liabilities
Total lease liabilities$40.1 $26.4 
(1)Finance lease assets were recorded net of accumulated amortization of $1.2 million and $0.9 million at December 31, 2024 and 2023.
Supplemental cash flow and other information related to leases:
Years ended December 31,
In millions202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$14.3 $8.8 $9.4 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$14.5 $11.8 $7.4 
Finance leases$1.1 $0.2 $0.8 
Additional information related to leases:
December 31,
20242023
Weighted-average remaining lease term (in years)
Operating leases3.34.2
Finance leases3.23.2
Weighted-average discount rate
Operating leases4.6 %4.9 %
Finance leases4.4 %2.2 %
Following is a summary of the future minimum lease payments due to finance and operating leases with terms of more than one year at lease commencement at December 31, 2024, together with the net present value of the minimum payments:
In millionsFinance LeasesOperating Leases
2025$0.6 $13.1 
20260.5 12.0 
20270.3 7.4 
20280.2 5.1 
2029— 3.1 
After 2029— 1.4 
Total minimum lease payments1.6 42.1 
Interest(0.1)(3.5)
Present value of net minimum lease payments$1.5 $38.6