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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases As of December 31, 2024, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2023, the Company also leased land and a manufacturing building in Malaysia, which were classified as finance leases until the Company exercised its option to purchase this property for $18.1 million in 2024. Lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
| Years Ended December 31,
(in millions) | 2024 |  | 2023
Operating leases |  |  |
Operating lease asset: |  |  |
Other assets | $ | 36.7 |  |  | $ | 27.9 |
Operating lease liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 2.1 |  |  | $ | 3.5 |
Other liabilities | 40.0 |  |  | 29.5 |
Total operating lease liabilities | $ | 42.1 |  |  | $ | 33.0 |
Finance leases |  |  |
Finance lease assets: |  |  |
Property, plant and equipment, net | $ | — |  |  | $ | 37.8 |
Finance lease liabilities: |  |  |
Current portion of long-term debt and finance leases | $ | — |  |  | $ | 22.9 |
The Company’s operating and financing lease cost was as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 7.3 |  |  | $ | 8.8 |  |  | $ | 8.8 |
Finance lease cost: |  |  |  |  |
Amortization of leased assets | 0.7 |  |  | 0.4 |  |  | — |
Interest on lease liabilities | 1.0 |  |  | 0.6 |  |  | — |
Total finance lease cost | 1.7 |  |  | 1.0 |  |  | — |
Total operating and financing lease cost | $ | 9.0 |  |  | $ | 9.8 |  |  | $ | 8.8 |
Supplemental cash flow information related to leases is as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Right-of-use assets obtained in exchange for lease liabilities |  |  |  |  |
Operating leases | $ | 8.0 |  |  | $ | 5.4 |  |  | $ | 25.5 |
Finance lease | $ | — |  |  | $ | 22.3 |  |  | $ | — |
Lease payment made for amounts included in the measurement of operating lease liabilities |  |  |  |  |
Cash paid for operating leases included in operating cash flows | $ | 5.8 |  |  | $ | 5.7 |  |  | $ | 4.6 |
Cash paid for finance lease included in operating cash flows | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Cash paid for finance lease included in financing cash flows | $ | 22.7 |  |  | $ | — |  |  | $ | — |
Maturities of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31, | (in millions)
2025 | $ | 5.4 |
2026 | 4.9 |
2027 | 5.5 |
2028 | 5.7 |
2029 | 6.0 |
Thereafter | 40.1 |
Total future minimum lease payments | 67.6 |
Less: imputed interest | (25.5) |
Present value of future minimum lease payments | $ | 42.1 |
As of December 31, 2024, the weighted average remaining lease term for operating leases was 11.4 and the weighted-average discount rate used to determine the operating lease liability was 8.1%.
Leases | Leases As of December 31, 2024, the Company leased certain automobiles and facilities for offices, laboratories, manufacturing, and warehousing, all of which were classified as operating leases. Certain of the Company’s operating leases include escalating rental payments, some include the option to extend for up to 10 years, and some include options to terminate the leases at certain times within the lease term. In 2023, the Company also leased land and a manufacturing building in Malaysia, which were classified as finance leases until the Company exercised its option to purchase this property for $18.1 million in 2024. Lease assets and lease liabilities were included in the following consolidated balance sheet accounts in the amounts shown:
| Years Ended December 31,
(in millions) | 2024 |  | 2023
Operating leases |  |  |
Operating lease asset: |  |  |
Other assets | $ | 36.7 |  |  | $ | 27.9 |
Operating lease liabilities: |  |  |
Accrued expenses and other current liabilities | $ | 2.1 |  |  | $ | 3.5 |
Other liabilities | 40.0 |  |  | 29.5 |
Total operating lease liabilities | $ | 42.1 |  |  | $ | 33.0 |
Finance leases |  |  |
Finance lease assets: |  |  |
Property, plant and equipment, net | $ | — |  |  | $ | 37.8 |
Finance lease liabilities: |  |  |
Current portion of long-term debt and finance leases | $ | — |  |  | $ | 22.9 |
The Company’s operating and financing lease cost was as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 7.3 |  |  | $ | 8.8 |  |  | $ | 8.8 |
Finance lease cost: |  |  |  |  |
Amortization of leased assets | 0.7 |  |  | 0.4 |  |  | — |
Interest on lease liabilities | 1.0 |  |  | 0.6 |  |  | — |
Total finance lease cost | 1.7 |  |  | 1.0 |  |  | — |
Total operating and financing lease cost | $ | 9.0 |  |  | $ | 9.8 |  |  | $ | 8.8 |
Supplemental cash flow information related to leases is as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Right-of-use assets obtained in exchange for lease liabilities |  |  |  |  |
Operating leases | $ | 8.0 |  |  | $ | 5.4 |  |  | $ | 25.5 |
Finance lease | $ | — |  |  | $ | 22.3 |  |  | $ | — |
Lease payment made for amounts included in the measurement of operating lease liabilities |  |  |  |  |
Cash paid for operating leases included in operating cash flows | $ | 5.8 |  |  | $ | 5.7 |  |  | $ | 4.6 |
Cash paid for finance lease included in operating cash flows | $ | 1.1 |  |  | $ | — |  |  | $ | — |
Cash paid for finance lease included in financing cash flows | $ | 22.7 |  |  | $ | — |  |  | $ | — |
Maturities of lease liabilities as of December 31, 2024 are as follows:
Years Ending December 31, | (in millions)
2025 | $ | 5.4 |
2026 | 4.9 |
2027 | 5.5 |
2028 | 5.7 |
2029 | 6.0 |
Thereafter | 40.1 |
Total future minimum lease payments | 67.6 |
Less: imputed interest | (25.5) |
Present value of future minimum lease payments | $ | 42.1 |
As of December 31, 2024, the weighted average remaining lease term for operating leases was 11.4 and the weighted-average discount rate used to determine the operating lease liability was 8.1%.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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