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Leases (Tables)

12 Months Ended

Dec. 31, 2024

Summary of supplemental balance sheet detail of assets and liabilities

Supplemental balance sheet information related to the Company’s leases for the periods presented were as follows (in millions):


				December 31,			December 31,
Assets:		Classification:		2024			2023
Operating lease assets		Other noncurrent assets, net ⁽¹⁾		$	240.2		$	114.4
Finance lease assets		Property, plant and equipment, net ⁽²⁾			2.5			2.4
Total leased assets				$	242.7		$	116.8
Liabilities:
Current
Operating		Other current liabilities		$	58.8		$	75.6
Finance		Current portion of long-term debt			1.0			1.1
Non-current
Operating		Other long-term liabilities			182.2			39.0
Finance		Long-term debt, less current portion			1.9			1.9
Total lease liabilities				$	243.9		$	117.6

(1)	During the years ended December 31, 2024 and 2023, the Company had additions to its operating lease right of use assets and operating lease liabilities of approximately $203.7 million and $81.2 million, respectively.

(2)	As of December 31, 2024 and 2023, finance lease assets are recorded net of accumulated amortization of $5.8 million and $5.0 million, respectively.

Schedule of components of lease expense related to the lease payments

The components of lease expense related to the Company’s leases for the periods presented were as follows (in millions):


				December 31,
Lease Costs:		Classification:		2024			2023			2022
Fixed operating lease cost		Cost of Sales; SG&A Expenses		$	83.6		$	75.6		$	75.4
Short-term operating lease cost ⁽¹⁾		Cost of Sales; SG&A Expenses			8.8			9.5			8.2
Variable operating lease cost ⁽²⁾		Cost of Sales; SG&A Expenses			4.5			3.6			19.2
Finance lease cost:
Amortization of finance lease assets		Cost of Sales			0.8			0.9			0.7
Interest on lease liabilities		Interest expense			0.2			0.2			1.3
Total lease cost				$	97.9		$	89.8		$	104.8

(1)	The Company’s leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets.

(2)	The Company’s railcar leases typically include a mileage limit the railcar can travel over the life of the lease. For any mileage incurred over this limit, the Company is obligated to pay an agreed upon dollar value for each mile that is traveled over the limit.

Schedules of maturity of lease liabilities

As of December 31, 2024, the Company had estimated minimum commitments for the payment of rentals under leases which, at inception, had a noncancelable term of more than one year, as follows (in millions):


		Operating			Finance
Maturity of Lease Liabilities		Leases ⁽¹⁾			Leases ⁽²⁾			Total
2025		$	75.1		$	1.1		$	76.2
2026			66.8			1.1			67.9
2027			62.5			0.5			63.0
2028			59.5			0.3			59.8
2029			5.8			0.1			5.9
Thereafter			16.8			0.1			16.9
Total		$	286.5		$	3.2		$	289.7
Less: Interest			45.5			0.3			45.8
Present value of lease liabilities		$	241.0		$	2.9		$	243.9
Less obligations due within one year			58.8			1.0			59.8
Long-term lease obligation		$	182.2		$	1.9		$	184.1

(1)	As of December 31, 2024, the Company’s operating lease payments included no material options to extend lease terms that are reasonably certain of being exercised. The Company has no legally binding minimum lease payments for leases signed but not yet commenced as of December 31, 2024.

(2)

As of December 31, 2024, the Company’s finance lease payments included no material options to extend lease terms that are reasonably certain of being exercised. In addition, the Company has no legally binding minimum lease payments for leases that have been signed but not yet commenced as of December 31, 2024.

Schedule of weighted-average remaining lease term and weighted-average discount rate


		December 31,		December 31,
Lease Term and Discount Rate:		2024		2023
Weighted-average remaining lease term (years):
Operating leases		4.4		2.6
Finance leases		3.1		3.1
Weighted-average discount rate:
Operating leases		8.1	%	8.6	%
Finance leases		8.0	%	7.3	%