Leases (Tables)

12 Months Ended

Dec. 31, 2024

Information on the Company’s leases is summarized as follows (in millions):


		As of December 31,
	Classification	2024		2023
Assets
Operating lease assets	Operating lease assets	$	127.2	$	143.9
Finance lease assets	Property and equipment, net (1)	5.4		7.0
Total lease assets		$	132.6	$	150.9
Liabilities
Current
Operating lease liabilities	Other current liabilities	$	28.8	$	29.5
Finance lease liabilities	Current financing obligations	1.6		1.7
Long-term
Operating lease liabilities	Other long-term liabilities	99.7		115.1
Finance lease liabilities	Long-term financing obligations	6.5		8.6
Total lease liabilities		$	136.6	$	154.9

(1) Finance lease assets are recorded net of accumulated amortization of $13.2 million and $12.9 million as of December 31, 2024 and 2023, respectively.

Schedule of lease cost


		For the Years Ended December 31,
Lease Cost	Classification	2024		2023
Operating lease cost (1)	Operating expenses and cost of sales	$	51.9	$	46.0
Finance lease cost
Amortization of lease assets	Operating expenses and cost of sales	1.2		1.3
Interest on lease liabilities	Interest expense	0.5		0.6
Total lease cost		$	53.6	$	47.9

(1) Includes short-term leases and variable lease costs, which are immaterial.


	As of December 31,
Lease Term and Discount Rate	2024		2023
Weighted-average remaining lease term (years)
Operating leases	5.66		6.28
Finance leases	4.57		5.56
Weighted-average discount rate
Operating leases	3.56	%	3.37	%
Finance leases	5.23	%	5.22	%


	For the Years Ended December 31,
Other Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	51.9	$	45.6
Operating cash flows from finance leases	0.5		0.6
Financing cash flows from finance leases	1.6		1.5
Leased assets obtained in exchange for new operating lease liabilities	15.6		57.4

Schedule of finance lease liability


Maturity of Lease Liabilities	Operating Leases(1)		Finance Leases		Total
2025	$	32.8	$	2.0	$	34.8
2026	27.2		2.0		29.2
2027	21.5		2.0		23.5
2028	18.1		2.0		20.1
2029	15.1		1.1		16.2
Thereafter	27.3		—		27.3
Total lease payments	$	142.0	$	9.1	$	151.1
Less: interest	13.5		1.0
Present value of lease payments	$	128.5	$	8.1

(1) As of December 31, 2024, the Company did not have any legally binding minimum lease payments for leases signed but not yet commenced. There were no options to extend lease terms that were reasonably certain of being exercised as of December 31, 2024.