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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | LEASES We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install; various office spaces for selling and administrative activities to support our business; and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:
(in millions) |  | Classification |  | As of December 31,
|  | 2024 |  | 2023
Assets |  |  |  |  |  |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 95.6 |  |  | $ | 78.1 |
Finance |  | Property and equipment, net |  | 7.9 |  |  | 9.1 |
Total lease assets |  |  |  | $ | 103.5 |  |  | $ | 87.2 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current maturities of operating lease obligations |  | $ | 34.3 |  |  | $ | 28.3 |
Financing |  | Current maturities of finance lease obligations |  | 2.8 |  |  | 2.7 |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease obligations |  | 61.0 |  |  | 49.9 |
Financing |  | Finance lease obligations |  | 5.4 |  |  | 6.6 |
Total lease liabilities |  |  |  | $ | 103.5 |  |  | $ | 87.5 |
Weighted-average remaining lease term |  |
Operating leases | 3.6 years | 3.6 years
Finance leases | 3.0 years | 3.5 years
Weighted-average discount rate |  |
Operating leases | 5.68 | % | 5.23 | %
Finance leases | 7.74 | % | 6.91 | %
Lease Costs The table below presents certain information related to the lease costs for finance and operating leases during 2024, 2023 and 2022:
|  |  |  | Years ended December 31,
(in millions) |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating lease cost (1) |  | Administrative |  | $ | 44.2 |  |  | $ | 38.2 |  |  | $ | 33.2 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets (2) |  | Cost of sales |  | 3.9 |  |  | 3.7 |  |  | 3.2 |
Interest on finance lease obligations |  | Interest expense, net |  | 0.7 |  |  | 0.6 |  |  | 0.3 |
Total lease costs |  |  |  | $ | 48.8 |  |  | $ | 42.5 |  |  | $ | 36.7 |
(1)Includes variable lease costs of $5.5 million, $4.7 million and $3.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and short-term lease costs of $2.4 million, $1.3 million and $1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2)Includes variable lease costs of $0.8 million for the year ended December 31, 2024 and $0.7 million for each of the years ended December 31, 2023 and 2022, respectively. Other Information The table below presents supplemental cash flow information related to leases during 2024, 2023 and 2022:
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 36.5 |  |  | $ | 31.6 |  |  | $ | 27.7 |
Operating cash flows for finance leases | 0.7 |  |  | 0.6 |  |  | 0.3 |
Financing cash flows for finance leases | 3.0 |  |  | 2.9 |  |  | 2.3 |
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Consolidated Balance Sheets as of December 31, 2024:
| Finance Leases |  | Operating Leases
(in millions) |  |  | Related Party |  | Other |  | Total Operating
2025 | $ | 3.4 |  |  | $ | 1.1 |  |  | $ | 37.7 |  |  | $ | 38.8 |
2026 | 3.0 |  |  | 0.5 |  |  | 28.1 |  |  | 28.6 |
2027 | 2.0 |  |  | 0.1 |  |  | 17.8 |  |  | 17.9 |
2028 | 0.8 |  |  | — |  |  | 10.1 |  |  | 10.1 |
2029 | 0.1 |  |  | — |  |  | 5.3 |  |  | 5.3 |
Thereafter | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Total minimum lease payments | 9.3 |  |  | $ | 1.7 |  |  | $ | 103.7 |  |  | 105.4 |
Less: Amounts representing interest | (1.1) |  |  |  |  |  |  | (10.1) |
Present value of future minimum lease payments | 8.2 |  |  |  |  |  |  | 95.3 |
Less: Current obligation under leases | (2.8) |  |  |  |  |  |  | (34.3) |
Long-term lease obligations | $ | 5.4 |  |  |  |  |  |  | $ | 61.0 |
Leases | LEASES We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install; various office spaces for selling and administrative activities to support our business; and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment. The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:
(in millions) |  | Classification |  | As of December 31,
|  | 2024 |  | 2023
Assets |  |  |  |  |  |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 95.6 |  |  | $ | 78.1 |
Finance |  | Property and equipment, net |  | 7.9 |  |  | 9.1 |
Total lease assets |  |  |  | $ | 103.5 |  |  | $ | 87.2 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current maturities of operating lease obligations |  | $ | 34.3 |  |  | $ | 28.3 |
Financing |  | Current maturities of finance lease obligations |  | 2.8 |  |  | 2.7 |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease obligations |  | 61.0 |  |  | 49.9 |
Financing |  | Finance lease obligations |  | 5.4 |  |  | 6.6 |
Total lease liabilities |  |  |  | $ | 103.5 |  |  | $ | 87.5 |
Weighted-average remaining lease term |  |
Operating leases | 3.6 years | 3.6 years
Finance leases | 3.0 years | 3.5 years
Weighted-average discount rate |  |
Operating leases | 5.68 | % | 5.23 | %
Finance leases | 7.74 | % | 6.91 | %
Lease Costs The table below presents certain information related to the lease costs for finance and operating leases during 2024, 2023 and 2022:
|  |  |  | Years ended December 31,
(in millions) |  | Classification |  | 2024 |  | 2023 |  | 2022
Operating lease cost (1) |  | Administrative |  | $ | 44.2 |  |  | $ | 38.2 |  |  | $ | 33.2 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets (2) |  | Cost of sales |  | 3.9 |  |  | 3.7 |  |  | 3.2 |
Interest on finance lease obligations |  | Interest expense, net |  | 0.7 |  |  | 0.6 |  |  | 0.3 |
Total lease costs |  |  |  | $ | 48.8 |  |  | $ | 42.5 |  |  | $ | 36.7 |
(1)Includes variable lease costs of $5.5 million, $4.7 million and $3.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and short-term lease costs of $2.4 million, $1.3 million and $1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2)Includes variable lease costs of $0.8 million for the year ended December 31, 2024 and $0.7 million for each of the years ended December 31, 2023 and 2022, respectively. Other Information The table below presents supplemental cash flow information related to leases during 2024, 2023 and 2022:
| Years ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 36.5 |  |  | $ | 31.6 |  |  | $ | 27.7 |
Operating cash flows for finance leases | 0.7 |  |  | 0.6 |  |  | 0.3 |
Financing cash flows for finance leases | 3.0 |  |  | 2.9 |  |  | 2.3 |
Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Consolidated Balance Sheets as of December 31, 2024:
| Finance Leases |  | Operating Leases
(in millions) |  |  | Related Party |  | Other |  | Total Operating
2025 | $ | 3.4 |  |  | $ | 1.1 |  |  | $ | 37.7 |  |  | $ | 38.8 |
2026 | 3.0 |  |  | 0.5 |  |  | 28.1 |  |  | 28.6 |
2027 | 2.0 |  |  | 0.1 |  |  | 17.8 |  |  | 17.9 |
2028 | 0.8 |  |  | — |  |  | 10.1 |  |  | 10.1 |
2029 | 0.1 |  |  | — |  |  | 5.3 |  |  | 5.3 |
Thereafter | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Total minimum lease payments | 9.3 |  |  | $ | 1.7 |  |  | $ | 103.7 |  |  | 105.4 |
Less: Amounts representing interest | (1.1) |  |  |  |  |  |  | (10.1) |
Present value of future minimum lease payments | 8.2 |  |  |  |  |  |  | 95.3 |
Less: Current obligation under leases | (2.8) |  |  |  |  |  |  | (34.3) |
Long-term lease obligations | $ | 5.4 |  |  |  |  |  |  | $ | 61.0 |

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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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