Leases (Tables)

6 Months Ended

Jun. 30, 2025

A summary of the Company’s lease information is as follows:


		June 30,			December 31,
	Classification	2025			2024
Assets
Right of use assets	Other Assets	$	185.6		$	182.3

Liabilities
Current lease liabilities	Accrued and Other Liabilities	$	30.3		$	32.4
Long-term lease liabilities	Deferred and Other Long-term Liabilities		173.6			168.5
Total lease liabilities		$	203.9		$	200.9

Other information
Weighted-average remaining lease term (years)			7.4			7.4
Weighted-average discount rate			4.8	%		4.6	%


	Three Months		Three Months		Six Months		Six Months
	Ended		Ended		Ended		Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Statement of Income
Lease cost(1)	$	10.5	$	9.9	$	21.0	$	19.8

Other information
Leased assets obtained in exchange for new lease liabilities net of modifications(2)	$	12.2	$	1.7	$	18.7	$	18.4
Cash paid for amounts included in the measurement of lease liabilities	$	10.7	$	8.5	$	21.2	$	16.3

(1)

Lease expense is included in Cost of sales or SG&A expenses based on the nature of the leased item. Short-term lease expense is excluded from this amount and is not material. The Company also has certain variable leases which are not material. The non-cash component of lease expense for the first six months of 2025 and 2024 was $16.3 and $15.1, respectively, and is included in the Amortization caption in the condensed consolidated statement of cash flows.

(2)

In April 2025, the Company extended the lease term at one of its leased warehouse facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $11.0 recorded in the second quarter of 2025. In January 2024, the Company expanded space at one of its leased manufacturing facilities. This resulted in an increase to the Company’s right of use assets and corresponding lease liabilities of approximately $15.4 recorded in the first quarter of 2024.

Summary of Minimum Annual Rentals Including Reasonably Assured Renewal Options under Lease Agreements

The Company’s minimum annual rentals including reasonably assured renewal options under lease agreements are as follows:


	Operating
	Leases
2025	$	21.2
2026		35.7
2027		32.5
2028		28.7
2029		28.3
2030 and thereafter		97.3
Total future minimum lease commitments		243.7
Less: Imputed interest		(39.8	)
Present value of lease liabilities	$	203.9