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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We have various leases primarily for office space, land and buildings, and certain equipment. At inception, we determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. For leases that contain options to purchase, terminate, or extend, such options are included in the lease term when it is reasonably certain that the option will be exercised. Some of our lease arrangements contain lease components and non-lease components which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. Future minimum lease payments for operating and finance lease obligations as of December 31, 2024 consisted of the following:
| Operating Leases |  | Finance Leases |  |
| (in millions)
2025 | $ | 13.0 |  |  | $ | 5.4 |  |  |
2026 | 11.1 |  |  | 1.5 |  |  |
2027 | 7.9 |  |  | 0.4 |  |  |
2028 | 6.1 |  |  | 0.1 |  |  |
2029 | 5.7 |  |  | — |  |  |
Thereafter | 55.3 |  |  | — |  |  |
Total undiscounted future minimum obligations | 99.1 |  |  | 7.4 |  |  |
Less imputed interest | (35.8) |  |  | (0.3) |  |  |
Present value of net minimum lease obligations | $ | 63.3 |  |  | $ | 7.1 |  |  |
The following table summarizes our operating and finance leases and their classification within the Consolidated Balance Sheet.
| December 31, 2024 |  | December 31, 2023
| (in millions)
Assets |  |  |
Operating - Other assets | $ | 63.1 |  |  | $ | 36.7 |
Finance - Property, plant, and equipment, net | 12.3 |  |  | 16.5 |
Total lease assets | 75.4 |  |  | 53.2 |
Liabilities |  |  |
Current |  |  |
Operating - Accrued liabilities | 8.6 |  |  | 8.4 |
Finance - Current portion of long-term debt | 5.2 |  |  | 6.8 |
Non-current |  |  |
Operating - Other liabilities | 54.7 |  |  | 29.7 |
Finance - Debt | 1.9 |  |  | 6.3 |
Total lease liabilities | $ | 70.4 |  |  | $ | 51.2 |
Operating lease costs were $11.4 million and $9.4 million during the years ended December 31, 2024 and 2023, respectively, and are included in cost of revenues and selling, general, and administrative expenses on the Consolidated Statements of Operations. Costs related to variable lease rates or leases with terms less than twelve months were not significant. Amortization of finance lease assets was $5.5 million and $5.2 million during the years ended December 31, 2024 and 2023, respectively, and is included in cost of revenues and selling, general, and administrative expenses on the Consolidated Statements of Operations. Interest expense on finance lease liabilities was not significant during the years ended December 31, 2024 and 2023. The following table includes supplemental cash flow and non-cash information related to leases:
| December 31, 2024 |  | December 31, 2023 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Cash paid for operating leases | $ | 10.8 |  |  | $ | 9.3 |  |  |
Cash paid for finance leases | $ | 7.0 |  |  | $ | 7.0 |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating leases | $ | 36.7 |  |  | $ | 7.7 |  |  |
Finance leases | $ | 1.0 |  |  | $ | 1.0 |  |  |
Other information about lease amounts recognized in our Consolidated Financial Statements is as follows:
| December 31, 2024 |  | December 31, 2023 |  |
Weighted average remaining lease term - operating leases | 12.0 years |  | 6.2 years |  |
Weighted average remaining lease term - finance leases | 1.5 years |  | 2.0 years |  |
Weighted average discount rate - operating leases | 6.8 | % |  | 5.3 | % |  |
Weighted average discount rate - finance leases | 4.4 | % |  | 3.8 | % |  |

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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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