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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Components of lease expense | The components of lease expense were as follows (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | $ | 15.4 |  |  | $ | 14.5 |  |  | $ | 13.2 |
Interest on lease liabilities | 2.7 |  |  | 1.7 |  |  | 0.7 |
Operating lease cost | 83.3 |  |  | 74.1 |  |  | 67.7 |
Short-term lease cost | 5.0 |  |  | 5.3 |  |  | 5.0 |
Variable lease cost | 27.6 |  |  | 26.8 |  |  | 24.5 |
Total lease cost | $ | 134.0 |  |  | $ | 122.4 |  |  | $ | 111.1 |
Other information |  |  |  |  |
Cash paid for amounts included in the measurement lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 76.6 |  |  | $ | 70.5 |  |  | $ | 66.0 |
Financing cash flows from finance leases | $ | 17.3 |  |  | $ | 15.8 |  |  | $ | 13.6 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 26.1 |  |  | $ | 21.3 |  |  | $ | 14.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 177.1 |  |  | $ | 56.4 |  |  | $ | 98.8 |
| As of December 31,
| 2024 |  | 2023
Finance lease right-of-use assets(1) | $ | 48.1 |  |  | $ | 38.4 |
Operating lease right-of-use assets | $ | 327.2 |  |  | $ | 213.6 |
Finance lease liability, current(2) | $ | 14.9 |  |  | $ | 12.1 |
Finance lease liability, non-current(3) | $ | 39.5 |  |  | $ | 32.7 |
Operating lease liability, current | $ | 73.4 |  |  | $ | 57.5 |
Operating lease liability, non-current | $ | 267.6 |  |  | $ | 164.6 |
Weighted-average remaining lease term – finance leases | 3.3 years |  | 3.4 years
Weighted-average remaining lease term – operating leases | 5.5 years |  | 5.0 years
Weighted-average discount rate – finance leases | 4.73 | % |  | 4.30 | %
Weighted-average discount rate – operating leases | 4.67 | % |  | 4.14 | %
(1) Recorded in Property, plant and equipment in Consolidated Balance Sheet
(2) Recorded in Current maturities of long-term debt in Consolidated Balance Sheet
(3) Recorded in Long-term debt in Consolidated Balance Sheet
Summary of approximate minimum commitments under all non-cancelable leases outstanding | Future annual minimum lease payments and finance lease commitments as of December 31, 2024 were as follows (in millions).
| Operating Leases |  | Finance Leases
2025 | $ | 82.4 |  |  | $ | 16.5 |
2026 | 75.6 |  |  | 12.8 |
2027 | 56.2 |  |  | 8.7 |
2028 | 46.4 |  |  | 17.1 |
2029 | 36.2 |  |  | 1.8 |
Thereafter | 93.1 |  |  | 1.6 |
Total minimum lease payments | $ | 389.9 |  |  | $ | 58.5 |
Less imputed interest | (48.9) |  |  | (4.1) |
Present value of minimum payments | $ | 341.0 |  |  | $ | 54.4 |
Summary of information related to our environmental reserve | Environmental Environmental laws and regulations in the locations we operate can potentially impose obligations to remediate hazardous substances at our properties, properties formerly owned or operated by us, and facilities to which we have sent or send waste for treatment or disposal. We are aware of contamination at some facilities; however, we do not believe that any future remediation related to those facilities will be material to our results of operations. Total environmental accruals are included in Accrued expenses and Other liabilities on the accompanying Consolidated Balance Sheets. Future environmental costs are estimates and may be subject to change due to changes in environmental remediation regulations, technology or site-specific requirements.
Summary of changes in the total warranty liabilities | Total product warranty liabilities are included in the following captions on the accompanying Consolidated Balance Sheets (in millions):
| As of December 31,
| 2024 |  | 2023
Accrued expenses | $ | 49.1 |  |  | $ | 45.4 |
Other liabilities | 109.4 |  |  | 97.4 |
Total product warranty liabilities | $ | 158.4 |  |  | $ | 142.8 |
The changes in product warranty liabilities related to continuing operations for the years ended December 31, 2024 and 2023 were as follows (in millions):
Total warranty liability as of December 31, 2022 | $ | 142.7 |
Payments made in 2023 | (40.1) |
Changes resulting from issuance of new warranties | 53.9 |
Changes in estimates associated with pre-existing liabilities | (13.9) |
Changes in foreign currency translation rates and other | 0.2 |
Total warranty liability as of December 31, 2023 | $ | 142.8 |
Payments made in 2024 | (41.2) |
Changes resulting from issuance of new warranties | 59.0 |
Changes in estimates associated with pre-existing liabilities | (1.4) |
Changes in foreign currency translation rates and other | (0.8) |
Total warranty liability as of December 31, 2024 | $ | 158.4 |
Summary of self-insurance liabilities | Total self-insurance liabilities were included in the following captions on the accompanying Consolidated Balance Sheets (in millions):
| As of December 31,
| 2024 |  | 2023
Accrued expenses | $ | 4.6 |  |  | $ | 3.8 |
Other liabilities | 15.6 |  |  | 15.1 |
Total self-insurance liabilities | $ | 20.2 |  |  | $ | 18.9 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8 + Details
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