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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)20242023
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 liabilities40.0 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 assets0.7 0.4 — 
    Interest on lease liabilities1.0 0.6 — 
Total finance lease cost1.7 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)202420232022
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 
20264.9 
20275.5 
20285.7 
20296.0 
Thereafter40.1 
    Total future minimum lease payments67.6 
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)20242023
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 liabilities40.0 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 assets0.7 0.4 — 
    Interest on lease liabilities1.0 0.6 — 
Total finance lease cost1.7 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)202420232022
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 
20264.9 
20275.5 
20285.7 
20296.0 
Thereafter40.1 
    Total future minimum lease payments67.6 
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%.