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Leasing | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leasing | Note 11 - Leasing The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment. Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
| 2024 | 2023 | 2022
Operating lease expense | $ | 32.7 |  | $ | 33.5 |  | $ | 30.3 |
Amortization of right-of-use assets on finance leases | 3.0 |  | 2.2 |  | 1.7 |
Total lease expense | $ | 35.7 |  | $ | 35.7 |  | $ | 32.0 |
Cash flows from operating and financing leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
| 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 35.7 |  | $ | 33.6 |  | $ | 30.1 |
Financing cash flows from finance leases | 2.8 |  | 2.1 |  | 1.2 |
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Operating Leases | 2024 | 2023
Lease assets: |  |
Operating lease assets | $ | 130.6 |  | $ | 119.7 |
Lease liabilities: |  |
Short-term operating lease liabilities | $ | 32.0 |  | $ | 25.9 |
Long-term operating lease liabilities | 84.0 |  | 78.7 |
Total operating lease liabilities | $ | 116.0 |  | $ | 104.6 |
Short-term operating lease liabilities at December 31, 2024 and 2023 are included in other current liabilities on the Consolidated Balance Sheets.
Finance Leases | 2024 | 2023
Lease assets: |  |
Property, plant and equipment, net | $ | 8.4 |  | $ | 8.9 |
Lease liabilities: |  |
Current portion of long-term debt | $ | 2.7 |  | $ | 2.4 |
Long-term debt | 6.1 |  | 6.1 |
Total finance lease liabilities | $ | 8.8 |  | $ | 8.5 |
Note 11 - Leasing (continued) Future minimum lease payments under non-cancellable leases at December 31, 2024 were as follows:
| Operating Leases | Finance Leases
Year Ending December 31, |  |
2025 | $ | 36.2 |  | $ | 2.9 |
2026 | 28.5 |  | 2.5 |
2027 | 22.5 |  | 1.7 |
2028 | 17.0 |  | 0.9 |
2029 | 13.2 |  | 0.5 |
Thereafter | 12.1 |  | 1.0 |
Total future minimum lease payments | $ | 129.5 |  | $ | 9.5 |
Less: imputed interest | (13.5) |  | (0.7) |
Total | $ | 116.0 |  | $ | 8.8 |
The following tables present lease assets added for the periods ended December 31, 2024 and 2023:
| 2024 | 2023
Lease assets added in the period: |  |
Operating leases | $ | 36.0 |  | $ | 23.3 |
Finance leases | 3.9 |  | 7.9 |
The following tables present other information related to leases at December 31, 2024 and 2023:
| 2024 | 2023
Weighted-average remaining lease term: |  |
Operating leases | 4.6 years | 5.3 years
Finance leases | 4.3 years | 5.1 years
Weighted-average discount rate: |  |
Operating leases | 4.65 | % | 4.20 | %
Finance leases | 4.87 | % | 4.24 | %
Leasing | Note 11 - Leasing The Company enters into operating and finance leases for manufacturing facilities, warehouses, sales offices, information technology equipment, plant equipment, vehicles and certain other equipment. Lease expense for the years ended December 31, 2024, 2023 and 2022 was as follows:
| 2024 | 2023 | 2022
Operating lease expense | $ | 32.7 |  | $ | 33.5 |  | $ | 30.3 |
Amortization of right-of-use assets on finance leases | 3.0 |  | 2.2 |  | 1.7 |
Total lease expense | $ | 35.7 |  | $ | 35.7 |  | $ | 32.0 |
Cash flows from operating and financing leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
| 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 35.7 |  | $ | 33.6 |  | $ | 30.1 |
Financing cash flows from finance leases | 2.8 |  | 2.1 |  | 1.2 |
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Operating Leases | 2024 | 2023
Lease assets: |  |
Operating lease assets | $ | 130.6 |  | $ | 119.7 |
Lease liabilities: |  |
Short-term operating lease liabilities | $ | 32.0 |  | $ | 25.9 |
Long-term operating lease liabilities | 84.0 |  | 78.7 |
Total operating lease liabilities | $ | 116.0 |  | $ | 104.6 |
Short-term operating lease liabilities at December 31, 2024 and 2023 are included in other current liabilities on the Consolidated Balance Sheets.
Finance Leases | 2024 | 2023
Lease assets: |  |
Property, plant and equipment, net | $ | 8.4 |  | $ | 8.9 |
Lease liabilities: |  |
Current portion of long-term debt | $ | 2.7 |  | $ | 2.4 |
Long-term debt | 6.1 |  | 6.1 |
Total finance lease liabilities | $ | 8.8 |  | $ | 8.5 |
Note 11 - Leasing (continued) Future minimum lease payments under non-cancellable leases at December 31, 2024 were as follows:
| Operating Leases | Finance Leases
Year Ending December 31, |  |
2025 | $ | 36.2 |  | $ | 2.9 |
2026 | 28.5 |  | 2.5 |
2027 | 22.5 |  | 1.7 |
2028 | 17.0 |  | 0.9 |
2029 | 13.2 |  | 0.5 |
Thereafter | 12.1 |  | 1.0 |
Total future minimum lease payments | $ | 129.5 |  | $ | 9.5 |
Less: imputed interest | (13.5) |  | (0.7) |
Total | $ | 116.0 |  | $ | 8.8 |
The following tables present lease assets added for the periods ended December 31, 2024 and 2023:
| 2024 | 2023
Lease assets added in the period: |  |
Operating leases | $ | 36.0 |  | $ | 23.3 |
Finance leases | 3.9 |  | 7.9 |
The following tables present other information related to leases at December 31, 2024 and 2023:
| 2024 | 2023
Weighted-average remaining lease term: |  |
Operating leases | 4.6 years | 5.3 years
Finance leases | 4.3 years | 5.1 years
Weighted-average discount rate: |  |
Operating leases | 4.65 | % | 4.20 | %
Finance leases | 4.87 | % | 4.24 | %

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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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