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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Leases Lease Costs, Assets and Liabilities The Company has operating leases primarily for manufacturing facilities, warehouses, offices and certain equipment. These leases have remaining lease terms of one to 17 years, some of which include one or more options to renew, with renewal terms that can extend the leases one to 10 years or more. The components of lease cost follow:
(in millions) |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Operating lease cost |  |  |  |  |  | $ | 26.6 |  |  | $ | 21.2 |  |  | $ | 19.6 |
Variable lease cost |  |  |  |  |  | 8.5 |  |  | 5.5 |  |  | 4.4 |
Short-term lease cost |  |  |  |  |  | 8.1 |  |  | 6.9 |  |  | 5.1 |
Total lease cost |  |  |  |  |  | $ | 43.2 |  |  | $ | 33.6 |  |  | $ | 29.1 |
A summary of lease assets and liabilities follows:
(in millions) |  | December 31, 2024 |  | December 31, 2023
Assets: |  |  |  |
Operating lease right-of-use assets(1) |  | $ | 121.6 |  |  | $ | 50.4 |
Liabilities: |  |  |  |
Operating lease liabilities - current(2) |  | 25.7 |  |  | 19.8 |
Operating lease liabilities - long-term(3) |  | 100.5 |  |  | 34.8 |
Total lease liabilities |  | $ | 126.2 |  |  | $ | 54.6 |
(1)Included in other long-term assets. (2)Included in accrued and other current liabilities. (3)Included in other long-term liabilities. Maturity of lease liabilities as of December 31, 2024, follow:
(in millions) |  |  |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Lease payments |  |  |  | $ | 31.4 |  |  | $ | 26.1 |  |  | $ | 19.4 |  |  | $ | 13.9 |  |  | $ | 12.5 |  |  | $ | 57.3 |  |  | $ | 160.6 |
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (34.4) |
Total lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 126.2 |
Lease Term and Discount Rate
|  | December 31, 2024 |  | December 31, 2023
Operating leases: |  |  |  |
Weighted-average remaining lease term (in years) |  | 8.4 |  | 3.5
Weighted-average discount rate |  | 5.1 | % |  | 4.4 | %
Supplemental Cash Flow Information
(in millions) |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Operating lease liabilities - cash paid |  |  |  |  |  | $ | 23.4 |  |  | $ | 19.9 |  |  | $ | 18.4 |
Operating lease liabilities - right-of-use assets obtained |  |  |  |  |  | 92.8 |  |  | 19.2 |  |  | 18.7 |
Litigation Over the years, the Company has been named as a defendant, along with numerous other defendants, in lawsuits in various courts in which plaintiffs have alleged injury due to exposure to asbestos-containing friction products produced and sold predominantly by the Company’s discontinued Motion Control business between the late-1940s and the mid-1980s and roofing products produced and sold by Henry Company LLC, which the Company acquired on September 1, 2021. The Company has been subject to liabilities for indemnity and defense costs associated with these lawsuits. The Company has recorded a liability for estimated indemnity costs associated with pending and future asbestos claims. As of December 31, 2024, the Company believes that its accrual for these costs is not material to the Company's financial position, results of operations or operating cash flows. The Company recognizes expenses for defense costs associated with asbestos claims during the periods in which they are incurred. Refer to Note 1 for the Company’s accounting policy related to litigation defense costs. The Company currently maintains insurance coverage and is the beneficiary of other arrangements that provide coverage with respect to asbestos-related claims and associated defense costs. The Company records the insurance coverage as a receivable in an amount it reasonably estimates is probable of recovery for pending and future asbestos-related indemnity claims. Since the Company’s insurance coverage contains various exclusions, limits of coverage and self-insured retentions and may be subject to insurance coverage disputes, the Company may incur expenses for indemnity and defense costs and recognize income from insurance recoveries in different periods, as such recoveries are recorded only if and when it becomes probable that such costs will be covered by insurance. The Company is also involved in various other legal actions and proceedings arising in the ordinary course of business. In the opinion of management, the ultimate outcomes of such actions and proceedings, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or operating cash flows.

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