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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | (9) Leases ​ The Company has a variety of categories of lease arrangements, including real estate, automobiles, manufacturing equipment, facility equipment, office equipment and certain service arrangements that are dependent on an identified asset. The Company’s real estate leases, which consist primarily of manufacturing facilities, office space and warehouses, represent approximately 88% of the Company’s operating lease liabilities and generally have a lease term between 2 and 15 years. The remaining leases primarily consist of automobiles, machinery and equipment used in the manufacturing processes (e.g., forklifts and pallets), general office equipment and certain service arrangements, each with various lease terms. The Company’s automobile leases typically have terms ranging from 3 to 5 years. The Company’s remaining population of leases have terms ranging from 2 to 15 years. Certain lease arrangements may contain renewal terms ranging from 1 to 5 years. The majority of the Company’s real estate, automobile, and equipment leases consist of fixed and variable lease payments. For the Company’s real estate leases, variable payments include those for common area maintenance, property taxes, and insurance. For automobile leases, variable payments primarily include maintenance, taxes, and insurance. For equipment leases, variable payments include maintenance and payments based on usage. The Company has elected to account for lease and non-lease components as a single component for all leases. Therefore, all fixed costs within a lease arrangement are included in the fixed lease payments for the single, combined lease component and used to measure the lease liability. Variable lease costs are recognized in the period when the event, activity, or circumstance in the lease agreement occurs. ​ Some of the Company’s lease agreements include Company options to either extend and/or early terminate the lease, the costs of which are included in the Company’s lease liability to the extent that such options are reasonably certain of being exercised. Renewal options are generally not included in the lease term for the Company’s existing leases because the Company is not reasonably certain to exercise these renewal options. The Company does not generally enter into leases involving the construction or design of the underlying asset, and nearly all of the assets the Company leases are not specialized in nature. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. The Company’s lease agreements generally do not include residual value guarantees. ​ Right-of-use asset amounts reported in the consolidated balance sheet by asset category as of December 31, 2024 and 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | (in millions) | ​ | (in millions)
Operating Leases (1) | ​ | ​ | ​ | ​ | ​ | ​
Real estate | ​ | $ | 39.4 | ​ | $ | 45.9
Automobile | ​ |  | 4.1 | ​ |  | 3.6
Machinery and equipment | ​ |  | 1.4 | ​ |  | 0.7
Total operating lease ROU Asset | ​ | $ | 44.9 | ​ | $ | 50.2
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance Leases (2) | ​ | ​ | ​ | ​ | ​ | ​
Machinery and equipment | ​ | $ | 10.9 | ​ |  | 9.4
Automobile | ​ |  | 0.1 | ​ | ​ | 0.1
Less: Accumulated depreciation | ​ |  | (6.8) | ​ |  | (7.1)
Finance Leases, net | ​ | $ | 4.2 | ​ | $ | 2.4
(1) | Included on the Company’s consolidated balance sheet in other assets (other, net).
​
(2) | Included on the Company’s consolidated balance sheet in property, plant and equipment.
​ The maturity of the Company’s operating and finance lease liabilities as of December 31, 2024 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | Operating Leases |  | Finance Leases
​ | ​ | (in millions)
2025 | ​ | $ | 12.9 | ​ | $ | 2.7
2026 | ​ |  | 9.6 | ​ |  | 1.0
2027 | ​ |  | 7.1 | ​ |  | 0.4
2028 | ​ |  | 6.2 | ​ |  | 0.3
2029 | ​ |  | 5.1 | ​ |  | 0.1
Thereafter | ​ |  | 16.9 | ​ |  | 0.1
Total undiscounted minimum lease payments | ​ | $ | 57.8 | ​ | $ | 4.6
Less imputed interest | ​ | ​ | 8.5 | ​ | ​ | 0.3
Total lease liabilities | ​ | $ | 49.3 | ​ | $ | 4.3
Included in the consolidated balance sheet | ​ | ​ | ​ | ​ | ​ | ​
Current lease liabilities (included in accrued expenses and other liabilities) | ​ |  | 11.2 | ​ |  | 2.5
Non-Current lease liabilities (included in other non-current liabilities) | ​ |  | 38.1 | ​ |  | 1.8
Total lease liabilities | ​ | $ | 49.3 | ​ | $ | 4.3
​ The total lease cost consisted of the following amounts: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | ​ | Year Ended
​ | ​ | December 31, 2024 | ​ | ​ | December 31, 2023
​ | ​ | (in millions) | ​ | ​ | (in millions)
Operating lease cost | $ | 14.1 | ​ | $ | 11.8
Amortization of finance lease right-of-use assets |  | 2.9 | ​ |  | 2.8
Interest on finance lease liabilities |  | 0.3 | ​ |  | 0.1
Short-term lease cost | ​ | — | ​ | ​ | 0.2
Sublease (income) | ​ | (0.6) | ​ | ​ | (0.3)
Variable lease cost | ​ | 7.2 | ​ | ​ | 5.5
Total lease cost | $ | 23.9 | ​ | $ | 20.1
​ The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | (in millions) | ​ | (in millions)
Operating cash flows for operating leases | ​ | $ | 13.4 | ​ | $ | 12.0
Operating cash flows for finance leases | ​ |  | 0.2 | ​ |  | 0.1
Financing cash flows for finance leases | ​ |  | 2.8 | ​ |  | 2.9
Total cash paid for amounts included in the measurement of lease liabilities | ​ |  | 16.4 | ​ |  | 15.0
Finance lease liabilities arising from obtaining right-of-use assets | ​ | ​ | 4.4 | ​ | ​ | 1.3
Operating lease liabilities arising from obtaining right-of-use assets | ​ | ​ | 7.5 | ​ | ​ | 17.4
​ The following summarizes additional information related to operating and finance leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
Weighted-average remaining lease term - finance leases | ​ | ​ | 2.5 | years | ​ | ​ | 2.9 | years
Weighted-average remaining lease term - operating leases | ​ |  | 6.8 | years | ​ |  | 7.4 | years
Weighted-average discount rate - finance leases | ​ |  | 5.7 | % | ​ |  | 3.3 | %
Weighted-average discount rate - operating leases | ​ |  | 4.4 | % | ​ |  | 4.2 | %
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