Leases (Tables)

12 Months Ended

Dec. 31, 2024

The components of lease costs for the twelve months ended December 31, 2024, 2023 and 2022, respectively, are as follows:


(In millions)
December 31, 2024	Cost of Goods Sold		Selling, General and Administrative Expenses	Total
Operating lease costs:
Fixed	$	51.2	91.4	142.6
Short-term	11.6		19.6	31.2
Variable	15.9		31.1	47.0
Sub-leases	(3.5)		(0.9)	(4.4)
Total operating lease costs	$	75.2	141.2	216.4

	Depreciation and Amortization		Interest	Total
Finance lease costs:
Amortization of leased assets	$	20.6	—	20.6
Interest on lease liabilities	—		3.1	3.1
Total finance lease costs	$	20.6	3.1	23.7
Total lease costs				$	240.1


December 31, 2023	Cost of Goods Sold		Selling, General and Administrative Expenses	Total
Operating lease costs:
Fixed	$	30.0	109.7	139.7
Short-term	15.4		20.2	35.6
Variable	9.7		35.8	45.5
Sub-leases	(0.7)		(1.5)	(2.2)
Total operating lease costs	$	54.4	164.2	218.6

	Depreciation and Amortization		Interest	Total
Finance lease costs:
Amortization of leased assets	$	15.4	—	15.4
Interest on lease liabilities	—		1.9	1.9
Total finance lease costs	$	15.4	1.9	17.3
Total lease costs				$	235.9


December 31, 2022	Cost of Goods Sold		Selling, General and Administrative Expenses	Total
Operating lease costs:
Fixed	$	21.3	110.7	132.0
Short-term	17.0		19.2	36.2
Variable	7.7		36.0	43.7
Sub-leases	(0.7)		(1.7)	(2.4)
Total operating lease costs	$	45.3	164.2	209.5

	Depreciation and Amortization		Interest	Total
Finance lease costs:
Amortization of leased assets	$	11.1	—	11.1
Interest on lease liabilities	—		0.8	0.8
Total finance lease costs	$	11.1	0.8	11.9
Total lease costs				$	221.4

Lease term and discount rate are as follows:


	December 31, 2024		December 31, 2023
Weighted Average Remaining Lease Term:
Operating Leases	4.3 years		4.7 years
Finance Leases	5.0 years		5.5 years

Weighted Average Discount Rate:
Operating Leases	5.2	%	4.8	%
Finance Leases	3.7	%	3.1	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:


(In millions)	Classification	December 31, 2024		December 31, 2023
Assets
Operating Leases:
ROU operating lease assets	ROU operating lease assets	$	374.0	428.5
Finance Leases:
Property, plant and equipment, gross	Property, plant and equipment	141.4		117.4
Accumulated depreciation	Accumulated depreciation	(59.7)		(46.0)
Property, plant and equipment, net	Property, plant and equipment, net	81.7		71.4
Total lease assets		$	455.7	499.9

Liabilities
Operating Leases:
Other current	Current operating lease liabilities	$	108.5	108.9
Non-current	Non-current operating lease liabilities	283.0		337.5
Total operating liabilities		391.5		446.4
Finance Leases:
Short-term debt	Short-term debt and current portion of long-term debt	20.4		16.1
Long-term debt	Long-term debt, less current portion	61.8		55.1
Total finance liabilities		82.2		71.2
Total lease liabilities		$	473.7	517.6

Schedule of Maturity of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2024 are as follows:


(In millions)
Year Ending December 31,	Finance Leases		Operating Leases	Total
2025	$	23.1	134.2	157.3
2026	20.6		113.4	134.0
2027	16.8		81.5	98.3
2028	12.5		55.2	67.7
2029	7.8		26.8	34.6
Thereafter	9.1		30.3	39.4
Total lease payments	89.9		441.4	531.3
Less: imputed interest	7.7		49.9	57.6
Present value, Total	$	82.2	391.5	473.7

Schedule of Maturity of Finance Lease Liabilities

Maturities of lease liabilities as of December 31, 2024 are as follows:


(In millions)
Year Ending December 31,	Finance Leases		Operating Leases	Total
2025	$	23.1	134.2	157.3
2026	20.6		113.4	134.0
2027	16.8		81.5	98.3
2028	12.5		55.2	67.7
2029	7.8		26.8	34.6
Thereafter	9.1		30.3	39.4
Total lease payments	89.9		441.4	531.3
Less: imputed interest	7.7		49.9	57.6
Present value, Total	$	82.2	391.5	473.7

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows:


	Twelve Months Ended
(In millions)	December 31, 2024		December 31, 2023	December 31, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	142.3	135.2	129.9
Operating cash flows from finance leases	3.1		2.0	0.8
Financing cash flows from finance leases	19.8		14.6	10.8
ROU assets obtained in exchange for lease obligations:
Operating leases	77.7		160.8	119.1
Finance leases	29.5		31.6	16.2
Amortization:
Amortization of ROU operating lease assets (1)	121.6		120.4	120.7

(1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows.