XML 52 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use ("ROU") asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation
|  |  |  | As of December 31,
Leases |  | Classification |  | 2024 |  | 2023
|  |  |  | (In millions)
Assets: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Assets held for sale |  | $ | 1.9 |  |  | $ | 2.1 |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | 220.1 |  |  | 241.8 |
Finance |  | Property and equipment, net |  | 8.4 |  |  | 8.4 |
Total right-of-use assets |  |  |  | $ | 230.4 |  |  | $ | 252.3 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current maturities of operating leases |  | $ | 28.1 |  |  | $ | 26.2 |
Operating |  | Liabilities held for sale |  | 0.2 |  |  | 0.2 |
Finance |  | Current maturities of long-term debt |  | — |  |  | — |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | 200.0 |  |  | 222.1 |
Operating |  | Liabilities held for sale |  | 1.7 |  |  | 1.9 |
Finance |  | Long-term debt |  | 8.4 |  |  | 8.4 |
Total lease liabilities |  |  |  | $ | 238.4 |  |  | $ | 258.8 |
Lease Term and Discount Rate
| As of December 31,
| 2024 |  | 2023
Weighted Average Lease Term - Operating Leases | 12.8 years |  | 13.2 years
Weighted Average Lease Term - Finance Lease | 35.7 years |  | 36.7 years
Weighted Average Discount Rate - Operating Leases | 5.0 | % |  | 4.9 | %
Weighted Average Discount Rate - Finance Lease | 4.4 | % |  | 4.4 | %
Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the years ended December 31, 2024 and 2023.
| For the Year Ended December 31,
| 2024 |  | 2023
| (In millions)
Finance lease cost (Interest) | $ | 0.4 |  |  | $ | 0.4 |
Operating lease cost | 40.0 |  |  | 36.2 |
Short-term lease cost | 4.6 |  |  | 3.6 |
Variable lease cost | 1.1 |  |  | 1.0 |
| $ | 46.1 |  |  | $ | 41.3 |
Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the years ended December 31, 2024 and 2023.
| For the Year Ended December 31,
| 2024 |  | 2023
| (In millions)
Supplemental Cash Flow: |  |  |
Cash paid for amounts included in the measurements of lease liabilities |  |  |
Operating cash flows from finance lease | $ | 0.4 |  |  | $ | 0.4 |
Operating cash flows from operating leases | $ | 38.4 |  |  | $ | 36.2 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 12.0 |  |  | $ | 35.0 |
During the years ended December 31, 2024 and 2023, we obtained $12.0 million and $35.0 million, respectively, of right-of-use assets in exchange for new operating lease liabilities. The activity during the year ended December 31, 2023 was primarily as a result of a business combination. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2024, including leases related to liabilities associated with assets held for sale.
| Finance |  | Operating
| (In millions)
2025 | $ | 0.4 |  |  | $ | 38.9 |
2026 | 0.4 |  |  | 30.3 |
2027 | 0.4 |  |  | 25.0 |
2028 | 0.4 |  |  | 22.8 |
2029 | 0.4 |  |  | 21.7 |
Thereafter | 15.2 |  |  | 175.3 |
Total minimum lease payments | $ | 17.3 |  |  | $ | 314.0 |
Less: Amount of lease payments representing interest | (9.0) |  |  | (83.9) |
Present value of future minimum lease payments | $ | 8.4 |  |  | $ | 230.1 |
Less: current obligations under leases (a) | — |  |  | (28.3) |
Long-term lease obligation (b) | $ | 8.4 |  |  | $ | 201.8 |
__________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.7 million of operating lease liabilities classified as liabilities associated with assets held for sale. Certain of our lease agreements include financial covenants and incorporate by reference the financial covenants set forth in the 2023 Senior Credit Facility. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (i) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (ii) eviction from the premises; and (iii) the landlord having a claim for various damages.
LEASES | LEASES We lease real estate and equipment primarily under operating lease agreements. For leases with terms in excess of 12 months, we record a right-of-use ("ROU") asset and lease liability based on the present value of lease payments over the lease term. Escalation clauses, lease payments dependent on existing rates/indexes, renewal options, and purchase options are included within the determination of lease payments when appropriate. We have elected the practical expedient not to separate lease and non-lease components for all leases that qualify, except for information technology assets that are embedded within service agreements (such as software license arrangements). Leases are classified as either finance or operating, with classification impacting the pattern of expense recognition in the income statement. When available, the implicit rate is utilized to discount lease payments to present value; however, substantially all of our leases do not provide a readily determinable implicit rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Balance Sheet Presentation
|  |  |  | As of December 31,
Leases |  | Classification |  | 2024 |  | 2023
|  |  |  | (In millions)
Assets: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Assets held for sale |  | $ | 1.9 |  |  | $ | 2.1 |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | 220.1 |  |  | 241.8 |
Finance |  | Property and equipment, net |  | 8.4 |  |  | 8.4 |
Total right-of-use assets |  |  |  | $ | 230.4 |  |  | $ | 252.3 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Current maturities of operating leases |  | $ | 28.1 |  |  | $ | 26.2 |
Operating |  | Liabilities held for sale |  | 0.2 |  |  | 0.2 |
Finance |  | Current maturities of long-term debt |  | — |  |  | — |
Non-Current |  |  |  |  |  |
Operating |  | Operating lease liabilities |  | 200.0 |  |  | 222.1 |
Operating |  | Liabilities held for sale |  | 1.7 |  |  | 1.9 |
Finance |  | Long-term debt |  | 8.4 |  |  | 8.4 |
Total lease liabilities |  |  |  | $ | 238.4 |  |  | $ | 258.8 |
Lease Term and Discount Rate
| As of December 31,
| 2024 |  | 2023
Weighted Average Lease Term - Operating Leases | 12.8 years |  | 13.2 years
Weighted Average Lease Term - Finance Lease | 35.7 years |  | 36.7 years
Weighted Average Discount Rate - Operating Leases | 5.0 | % |  | 4.9 | %
Weighted Average Discount Rate - Finance Lease | 4.4 | % |  | 4.4 | %
Lease Costs The following table provides certain information related to the lease costs for finance and operating leases during the years ended December 31, 2024 and 2023.
| For the Year Ended December 31,
| 2024 |  | 2023
| (In millions)
Finance lease cost (Interest) | $ | 0.4 |  |  | $ | 0.4 |
Operating lease cost | 40.0 |  |  | 36.2 |
Short-term lease cost | 4.6 |  |  | 3.6 |
Variable lease cost | 1.1 |  |  | 1.0 |
| $ | 46.1 |  |  | $ | 41.3 |
Supplemental Cash Flow Information The following table presents supplemental cash flow information for leases during the years ended December 31, 2024 and 2023.
| For the Year Ended December 31,
| 2024 |  | 2023
| (In millions)
Supplemental Cash Flow: |  |  |
Cash paid for amounts included in the measurements of lease liabilities |  |  |
Operating cash flows from finance lease | $ | 0.4 |  |  | $ | 0.4 |
Operating cash flows from operating leases | $ | 38.4 |  |  | $ | 36.2 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 12.0 |  |  | $ | 35.0 |
During the years ended December 31, 2024 and 2023, we obtained $12.0 million and $35.0 million, respectively, of right-of-use assets in exchange for new operating lease liabilities. The activity during the year ended December 31, 2023 was primarily as a result of a business combination. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities as of December 31, 2024, including leases related to liabilities associated with assets held for sale.
| Finance |  | Operating
| (In millions)
2025 | $ | 0.4 |  |  | $ | 38.9 |
2026 | 0.4 |  |  | 30.3 |
2027 | 0.4 |  |  | 25.0 |
2028 | 0.4 |  |  | 22.8 |
2029 | 0.4 |  |  | 21.7 |
Thereafter | 15.2 |  |  | 175.3 |
Total minimum lease payments | $ | 17.3 |  |  | $ | 314.0 |
Less: Amount of lease payments representing interest | (9.0) |  |  | (83.9) |
Present value of future minimum lease payments | $ | 8.4 |  |  | $ | 230.1 |
Less: current obligations under leases (a) | — |  |  | (28.3) |
Long-term lease obligation (b) | $ | 8.4 |  |  | $ | 201.8 |
__________________________ (a) Includes $0.2 million of operating lease liabilities classified as liabilities associated with assets held for sale. (b) Includes $1.7 million of operating lease liabilities classified as liabilities associated with assets held for sale. Certain of our lease agreements include financial covenants and incorporate by reference the financial covenants set forth in the 2023 Senior Credit Facility. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (i) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (ii) eviction from the premises; and (iii) the landlord having a claim for various damages.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration