v3.25.4

Leases (Notes) | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. We also have finance leases for production facilities and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties. Costs associated with short-term leases, variable rent and subleases were immaterial. Our leases have remaining lease terms of one to eighteen years, some of which include renewal options. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted-average remaining lease term and weighted-average discount rate were as follows:
| December 31, 2025 | December 31, 2024 |
Weighted-average remaining lease term: |  |  |
Operating leases | 6 years | 5 years |
Finance leases | 11 years | 12 years |
Weighted-average discount rate: |  |  |
Operating leases | 5.3 | % | 5.1 | % |
Finance leases | 6.0 | % | 6.0 | % |
Lease expense for the years ended December 31 were as follows:
In millions | 2025 | 2024 | 2023
Operating lease expense | $ | 31.1 |  | $ | 26.3 |  | $ | 24.5 |
Finance lease expense: |  |  |
Amortization of right-of-use assets | $ | 1.0 |  | $ | 0.5 |  | $ | — |
Interest on lease liabilities | 1.1 |  | 0.5 |  | — |
Total finance lease expense | $ | 2.1 |  | $ | 1.0 |  | $ | — |
Maturities of lease liabilities as of December 31, 2025 were as follows:
In millions | Operating lease obligations | Finance lease obligations
2026 | $ | 39.4 |  | $ | 1.5 |
2027 | 35.1 |  | 1.5 |
2028 | 27.1 |  | 1.5 |
2029 | 19.0 |  | 1.5 |
2030 | 15.5 |  | 1.5 |
Thereafter | 29.0 |  | 21.9 |
Total lease payments | 165.1 |  | 29.4 |
Less imputed interest | (29.8) |  | (11.6) |
Total reported lease liability | $ | 135.3 |  | $ | 17.8 |
Supplemental cash flow information and other information related to leases for the years ended December 31 was as follows:
In millions | 2025 | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating leases | $ | 30.5 |  | $ | 25.5 |
Financing leases | 1.4 |  | 0.6 |
Lease right-of-use assets obtained in exchange for new lease liabilities: |  |
Operating leases | $ | 49.7 |  | $ | 29.7 |
Financing leases | 0.3 |  | 18.2 |
Supplemental balance sheet information related to leases as of December 31 was as follows:
In millions | Classification | 2025 | 2024
Operating Leases |  |  |
Lease right-of-use assets | Other non-current assets | $ | 128.6 |  | $ | 107.2 |
Current lease liabilities | Other current liabilities | $ | 30.3 |  | $ | 22.4 |
Non-current lease liabilities | Other non-current liabilities | 105.0 |  | 90.7 |
Total lease liabilities |  | $ | 135.3 |  | $ | 113.1 |
Finance Leases |  |  |
Lease right-of-use assets | Other non-current assets | $ | 16.9 |  | $ | 17.7 |
Current lease liabilities | Other current liabilities | $ | 0.4 |  | $ | 0.4 |
Non-current lease liabilities | Other non-current liabilities | 17.4 |  | 17.6 |
Total lease liabilities |  | $ | 17.8 |  | $ | 18.0 |
Lessee, Finance Leases | Leases We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. We also have finance leases for production facilities and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties. Costs associated with short-term leases, variable rent and subleases were immaterial. Our leases have remaining lease terms of one to eighteen years, some of which include renewal options. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted-average remaining lease term and weighted-average discount rate were as follows:
| December 31, 2025 | December 31, 2024 |
Weighted-average remaining lease term: |  |  |
Operating leases | 6 years | 5 years |
Finance leases | 11 years | 12 years |
Weighted-average discount rate: |  |  |
Operating leases | 5.3 | % | 5.1 | % |
Finance leases | 6.0 | % | 6.0 | % |
Lease expense for the years ended December 31 were as follows:
In millions | 2025 | 2024 | 2023
Operating lease expense | $ | 31.1 |  | $ | 26.3 |  | $ | 24.5 |
Finance lease expense: |  |  |
Amortization of right-of-use assets | $ | 1.0 |  | $ | 0.5 |  | $ | — |
Interest on lease liabilities | 1.1 |  | 0.5 |  | — |
Total finance lease expense | $ | 2.1 |  | $ | 1.0 |  | $ | — |
Maturities of lease liabilities as of December 31, 2025 were as follows:
In millions | Operating lease obligations | Finance lease obligations
2026 | $ | 39.4 |  | $ | 1.5 |
2027 | 35.1 |  | 1.5 |
2028 | 27.1 |  | 1.5 |
2029 | 19.0 |  | 1.5 |
2030 | 15.5 |  | 1.5 |
Thereafter | 29.0 |  | 21.9 |
Total lease payments | 165.1 |  | 29.4 |
Less imputed interest | (29.8) |  | (11.6) |
Total reported lease liability | $ | 135.3 |  | $ | 17.8 |
Supplemental cash flow information and other information related to leases for the years ended December 31 was as follows:
In millions | 2025 | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating leases | $ | 30.5 |  | $ | 25.5 |
Financing leases | 1.4 |  | 0.6 |
Lease right-of-use assets obtained in exchange for new lease liabilities: |  |
Operating leases | $ | 49.7 |  | $ | 29.7 |
Financing leases | 0.3 |  | 18.2 |
Supplemental balance sheet information related to leases as of December 31 was as follows:
In millions | Classification | 2025 | 2024
Operating Leases |  |  |
Lease right-of-use assets | Other non-current assets | $ | 128.6 |  | $ | 107.2 |
Current lease liabilities | Other current liabilities | $ | 30.3 |  | $ | 22.4 |
Non-current lease liabilities | Other non-current liabilities | 105.0 |  | 90.7 |
Total lease liabilities |  | $ | 135.3 |  | $ | 113.1 |
Finance Leases |  |  |
Lease right-of-use assets | Other non-current assets | $ | 16.9 |  | $ | 17.7 |
Current lease liabilities | Other current liabilities | $ | 0.4 |  | $ | 0.4 |
Non-current lease liabilities | Other non-current liabilities | 17.4 |  | 17.6 |
Total lease liabilities |  | $ | 17.8 |  | $ | 18.0 |

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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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