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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
Lessor Information related to Intuitive System Leasing
Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):
December 31,
20242023
Gross lease receivables$393.4 $384.5 
Unearned income(13.9)(12.9)
Subtotal379.5 371.6 
Allowance for credit loss(2.6)(2.7)
Net investment in sales-type leases$376.9 $368.9 
Reported as:
Prepaids and other current assets$131.4 $137.3 
Intangible and other assets, net245.5 231.6 
Net investment in sales-type leases$376.9 $368.9 
Contractual maturities of gross lease receivables as of December 31, 2024, are as follows (in millions):
Fiscal YearAmount
2025$139.6 
2026109.8 
202772.2 
202841.7 
202924.9 
2030 and thereafter5.2 
Total$393.4 
Operating Leases. The Company’s fixed-payment or usage-based operating lease terms are generally less than seven years. Future lease payments (excluding non-lease elements and contingent payments related to usage-based arrangements) related to the non-cancellable portion of operating leases as of December 31, 2024, are as follows (in millions):
Fiscal YearAmount
2025$300.7 
2026240.4 
2027170.4 
2028108.5 
202944.8 
2030 and thereafter10.2 
Total$875.0 
Lessee Information
The Company enters into operating leases primarily for real estate, automobiles, and certain equipment. Operating lease expense was $33.9 million, $26.8 million, and $25.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. For leases with terms of 12 months or less, the related expense was immaterial for each of the years ended December 31, 2024, 2023, and 2022.
Supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 related to operating leases was as follows (in millions):
Years Ended December 31,
202420232022
Cash paid for leases that were included within operating cash outflows$33.2 $30.2 $33.8 
Right-of-use assets recognized related to new lease obligations$88.6 $27.8 $34.0 
Supplemental balance sheet information related to operating leases, as of December 31, 2024, and 2023, was as follows (in millions, except lease term and discount rate):
December 31,
20242023
Intangible and other assets, net (Right-of-use assets)$136.4 $79.3 
Other accrued liabilities$33.5 $25.3 
Other long-term liabilities112.5 64.5 
Total lease liabilities$146.0 $89.8 
Weighted-average remaining lease term5.2 years3.7 years
Weighted-average discount rate4.4%3.4%
As of December 31, 2024, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):
Fiscal YearAmount
2025$37.5 
202635.2 
202726.0 
202825.3 
202918.6 
2030 and thereafter23.3 
Total lease payments165.9 
Less: imputed interest(19.9)
Total operating lease liabilities$146.0 
Leases LEASES
Lessor Information related to Intuitive System Leasing
Sales-type Leases. Lease receivables relating to sales-type lease arrangements are presented on the Consolidated Balance Sheets as follows (in millions):
December 31,
20242023
Gross lease receivables$393.4 $384.5 
Unearned income(13.9)(12.9)
Subtotal379.5 371.6 
Allowance for credit loss(2.6)(2.7)
Net investment in sales-type leases$376.9 $368.9 
Reported as:
Prepaids and other current assets$131.4 $137.3 
Intangible and other assets, net245.5 231.6 
Net investment in sales-type leases$376.9 $368.9 
Contractual maturities of gross lease receivables as of December 31, 2024, are as follows (in millions):
Fiscal YearAmount
2025$139.6 
2026109.8 
202772.2 
202841.7 
202924.9 
2030 and thereafter5.2 
Total$393.4 
Operating Leases. The Company’s fixed-payment or usage-based operating lease terms are generally less than seven years. Future lease payments (excluding non-lease elements and contingent payments related to usage-based arrangements) related to the non-cancellable portion of operating leases as of December 31, 2024, are as follows (in millions):
Fiscal YearAmount
2025$300.7 
2026240.4 
2027170.4 
2028108.5 
202944.8 
2030 and thereafter10.2 
Total$875.0 
Lessee Information
The Company enters into operating leases primarily for real estate, automobiles, and certain equipment. Operating lease expense was $33.9 million, $26.8 million, and $25.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. For leases with terms of 12 months or less, the related expense was immaterial for each of the years ended December 31, 2024, 2023, and 2022.
Supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 related to operating leases was as follows (in millions):
Years Ended December 31,
202420232022
Cash paid for leases that were included within operating cash outflows$33.2 $30.2 $33.8 
Right-of-use assets recognized related to new lease obligations$88.6 $27.8 $34.0 
Supplemental balance sheet information related to operating leases, as of December 31, 2024, and 2023, was as follows (in millions, except lease term and discount rate):
December 31,
20242023
Intangible and other assets, net (Right-of-use assets)$136.4 $79.3 
Other accrued liabilities$33.5 $25.3 
Other long-term liabilities112.5 64.5 
Total lease liabilities$146.0 $89.8 
Weighted-average remaining lease term5.2 years3.7 years
Weighted-average discount rate4.4%3.4%
As of December 31, 2024, the future payments related to the Company’s operating lease liabilities are scheduled as follows (in millions):
Fiscal YearAmount
2025$37.5 
202635.2 
202726.0 
202825.3 
202918.6 
2030 and thereafter23.3 
Total lease payments165.9 
Less: imputed interest(19.9)
Total operating lease liabilities$146.0