Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of operating leases

All of our leases qualify as operating leases. The following table summarizes the presentation in our consolidated balance sheets of our operating leases:

		As of December 31,
(In millions)	Balance sheet location	2024		2023
Assets:
Operating lease assets	Operating lease assets	$	356.4	$	420.0
Liabilities
Current operating lease liabilities	Accrued expense and other	$	86.4	$	90.3
Non-current operating lease liabilities	Long-term operating lease liabilities	334.5		400.0
Total operating lease liabilities		$	420.9	$	490.3

Operating lease costs

The following table summarizes the effect of lease costs in our consolidated statements of income:

		For the Years Ended December 31,
(In millions)	Income Statement Location	2024		2023		2022
Operating lease cost	Research and development	$	2.4	$	2.0	$	2.0
	Selling, general and administrative	110.1		128.1		95.9
Variable lease cost	Research and development	0.4		0.5		0.4
	Selling, general and administrative	31.2		37.3		25.4
Sublease income	Selling, general and administrative	(14.8)		(23.5)		(24.0)
	Other (income) expense, net	(4.0)		(4.1)		(4.1)
Net lease cost		$	125.3	$	140.3	$	95.6

Operating lease liability maturity

The minimum lease payments for the next five years and thereafter are expected to be as follows:

(In millions)	As of December 31, 2024
2025	$	103.4
2026	88.5
2027	88.3
2028	50.2
2029	21.9
Thereafter	152.4
Total lease payments	$	504.7
Less: interest	83.8
Present value of operating lease liabilities	$	420.9

Operating lease weighted average remaining term and discount rate

The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:

	As of December 31,
	2024		2023
Weighted average remaining lease term in years	7.20		7.37
Weighted average discount rate	4.5	%	4.5	%

Operating lease supplemental cash flow disclosure

Supplemental disclosure of cash flow information related to our operating leases included in cash flow provided by operating activities in our consolidated statements of cash flow is as follows:

	As of December 31,
(In millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	115.8	$	116.4	$	107.4
Operating lease assets obtained in exchange for lease obligations	16.9		146.0		108.3