Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases - Operating

14. Leases

We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage.

We recognized the following total lease cost related to our lease arrangements (in millions):

	Year Ended December 31,
	2024		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	10.4	$	4.0	$	4.2
Interest on lease liabilities	2.3		0.7		0.6
Operating lease cost	46.3		44.8		47.6
Short-term lease cost	27.9		27.1		22.6
Variable lease cost	8.3		8.6		6.9
Sublease income	(14.9)		(14.5)		(12.1)
Total lease cost	$	80.4	$	70.6	$	69.9

As of December 31, 2024, our remaining lease payments were as follows (in millions):

	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Supplemental balance sheet information related to leases (in millions):

		December 31,
	Classification	2024		2023
Assets:
Operating lease assets	Other non-current assets	$	172.5	$	180.5
Finance lease assets	Property and equipment, net	$	29.4	$	15.5
Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.1	$	32.2
Operating lease liability - long-term	Other long-term liabilities	$	144.1	$	157.9
Finance lease liability - current	Current maturities of long-term debt	$	7.6	$	3.2
Finance lease liability - long-term	Long-term debt	$	22.4	$	12.4

Other information related to leases:

	December 31,
	2024		2023
Weighted average remaining lease term of finance leases (in years)	4.3		5.0
Weighted average remaining lease term of operating leases (in years)	7.9		8.5
Weighted average discount rate of finance leases	5.4%		4.5%
Weighted average discount rate of operating leases	5.4%		5.5%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	2.3	$	0.7
Operating cash flows from operating leases	$	47.5	$	46.2
Financing cash flows from finance leases	$	10.0	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	23.9	$	16.8
Right of use assets obtained in exchange for new finance lease liability	$	24.9	$	3.7

Leases - Finance

14. Leases

We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage.

We recognized the following total lease cost related to our lease arrangements (in millions):

	Year Ended December 31,
	2024		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	10.4	$	4.0	$	4.2
Interest on lease liabilities	2.3		0.7		0.6
Operating lease cost	46.3		44.8		47.6
Short-term lease cost	27.9		27.1		22.6
Variable lease cost	8.3		8.6		6.9
Sublease income	(14.9)		(14.5)		(12.1)
Total lease cost	$	80.4	$	70.6	$	69.9

As of December 31, 2024, our remaining lease payments were as follows (in millions):

	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Supplemental balance sheet information related to leases (in millions):

		December 31,
	Classification	2024		2023
Assets:
Operating lease assets	Other non-current assets	$	172.5	$	180.5
Finance lease assets	Property and equipment, net	$	29.4	$	15.5
Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.1	$	32.2
Operating lease liability - long-term	Other long-term liabilities	$	144.1	$	157.9
Finance lease liability - current	Current maturities of long-term debt	$	7.6	$	3.2
Finance lease liability - long-term	Long-term debt	$	22.4	$	12.4

Other information related to leases:

	December 31,
	2024		2023
Weighted average remaining lease term of finance leases (in years)	4.3		5.0
Weighted average remaining lease term of operating leases (in years)	7.9		8.5
Weighted average discount rate of finance leases	5.4%		4.5%
Weighted average discount rate of operating leases	5.4%		5.5%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	2.3	$	0.7
Operating cash flows from operating leases	$	47.5	$	46.2
Financing cash flows from finance leases	$	10.0	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	23.9	$	16.8
Right of use assets obtained in exchange for new finance lease liability	$	24.9	$	3.7