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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:
202420232022
Operating lease expense$32.7 $33.5 $30.3 
Amortization of right-of-use assets on finance leases3.0 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:
202420232022
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 leases2.8 2.1 1.2 
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Operating Leases20242023
Lease assets:
   Operating lease assets$130.6 $119.7 
Lease liabilities:
   Short-term operating lease liabilities$32.0 $25.9 
   Long-term operating lease liabilities84.0 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 Leases20242023
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 debt6.1 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 LeasesFinance Leases
Year Ending December 31,
2025$36.2 $2.9 
202628.5 2.5 
202722.5 1.7 
202817.0 0.9 
202913.2 0.5 
Thereafter12.1 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:
20242023
Lease assets added in the period:
   Operating leases$36.0 $23.3 
   Finance leases3.9 7.9 
The following tables present other information related to leases at December 31, 2024 and 2023:
20242023
Weighted-average remaining lease term:
   Operating leases4.6 years5.3 years
   Finance leases4.3 years5.1 years
Weighted-average discount rate:
   Operating leases4.65 %4.20 %
   Finance leases4.87 %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:
202420232022
Operating lease expense$32.7 $33.5 $30.3 
Amortization of right-of-use assets on finance leases3.0 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:
202420232022
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 leases2.8 2.1 1.2 
The following tables present the impact of leasing on the Consolidated Balance Sheets at December 31, 2024 and 2023:
Operating Leases20242023
Lease assets:
   Operating lease assets$130.6 $119.7 
Lease liabilities:
   Short-term operating lease liabilities$32.0 $25.9 
   Long-term operating lease liabilities84.0 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 Leases20242023
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 debt6.1 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 LeasesFinance Leases
Year Ending December 31,
2025$36.2 $2.9 
202628.5 2.5 
202722.5 1.7 
202817.0 0.9 
202913.2 0.5 
Thereafter12.1 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:
20242023
Lease assets added in the period:
   Operating leases$36.0 $23.3 
   Finance leases3.9 7.9 
The following tables present other information related to leases at December 31, 2024 and 2023:
20242023
Weighted-average remaining lease term:
   Operating leases4.6 years5.3 years
   Finance leases4.3 years5.1 years
Weighted-average discount rate:
   Operating leases4.65 %4.20 %
   Finance leases4.87 %4.24 %