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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Cost and Other Information
The following table summarizes the Company’s total operating lease costs and supplemental cash flow information arising from operating lease transactions:
(in millions of dollars)For the Years Ended December 31,
202420232022
Total operating lease costs (a)
$12.9 $12.7 $11.7 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases8.5 8.4 7.7 
(a)     Includes short-term leases and variable lease costs.
Lease Assets And Liabilities
The following table summarizes the components of lease right-of-use assets and liabilities:
(in millions of dollars)20242023Affected Line Item in Consolidated Balance Sheets
Assets
Operating lease right-of-use assets (a)
$27.8 $21.0 Operating lease right-of-use assets
Finance lease right-of-use assets (b)
12.9 1.6 Properties and equipment, net
Total lease right-of-use assets$40.7 $22.6 
Liabilities
Current:
Operating leases$6.8 $6.8 Current operating lease liabilities
Finance leases12.4 0.8 Current portion of long-term borrowings and finance lease obligations
Noncurrent:
Operating leases21.8 14.9 Long-term operating lease liabilities
Finance leases0.5 0.8 Long-term borrowings and finance lease obligations
Total lease liabilities$41.5 $23.3 
(a)    Right-of-use assets obtained in exchange for new operating lease liabilities was $16.9 million for the year ended December 31, 2024.
(b)    Right-of-use assets obtained in exchange for new finance lease liabilities was $11.5 million for the year ended December 31, 2024.
Weighted-Average Remaining Lease Terms and Discount Rates of Operating Leases
The weighted-average remaining lease terms and discount rates of the Company’s operating leases were as follows:
20242023
Weighted-average remaining lease term of operating leases5.0 years4.3 years
Weighted-average discount rate of operating leases3.9 %3.0 %
Maturities of Operating Lease Liabilities
Maturities of lease liabilities as of December 31, 2024 were as follows:
(in millions of dollars)Operating LeasesFinance
Leases
2025$7.8 $12.4 
20266.7 0.3 
20275.5 0.1 
20284.5 0.1 
20293.3 — 
Thereafter3.7 — 
Total lease payments31.5 12.9 
Less: Imputed interest2.9 — 
Present value of lease liabilities$28.6 $12.9 
Other Finance Lease Considerations
In the fourth quarter of 2024, the Company provided notice to the lessor of one of its leased U.S. manufacturing facilities of its intent to exercise the $11.5 million purchase option included in the lease agreement. The Company remeasured the corresponding lease liability, adjusted the right-of-use asset, and reassessed the lease classification, resulting in a change in classification from an operating lease to a finance lease. As of December 31, 2024, the related finance lease right-of-use asset was $11.3 million and the finance lease liability was $11.5 million. The associated impact on the Company’s Consolidated Statement of Operations for the year ended December 31, 2024 was insignificant. The weighted average discount rate was 4.9%. The purchase was completed on February 10, 2025.