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Leases | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 consisted of the following:
| Operating Leases |  | Finance Leases |  |  |
| (in millions)
2025 (remaining) | $ | 9.2 |  |  | $ | 3.7 |  |  |  |
2026 | 11.2 |  |  | 1.5 |  |  |  |
2027 | 8.0 |  |  | 0.4 |  |  |  |
2028 | 6.2 |  |  | 0.1 |  |  |  |
2029 | 5.8 |  |  | — |  |  |  |
Thereafter | 55.6 |  |  | — |  |  |  |
Total undiscounted future minimum lease obligations | 96.0 |  |  | 5.7 |  |  |  |
Less imputed interest | (34.0) |  |  | (0.2) |  |  |  |
Present value of net minimum lease obligations | $ | 62.0 |  |  | $ | 5.5 |  |  |  |
The following table summarizes our operating and finance leases and their classification within the Consolidated Balance Sheet.
| March 31, 2025 |  | December 31, 2024
| (in millions)
Assets |  |  |
Operating - Other assets | $ | 61.8 |  |  | $ | 63.1 |
Finance - Property, plant, and equipment, net | 10.9 |  |  | 12.3 |
Total lease assets | 72.7 |  |  | 75.4 |
Liabilities |  |  |
Current |  |  |
Operating - Accrued liabilities | 8.5 |  |  | 8.6 |
Finance - Current portion of long-term debt | 4.2 |  |  | 5.2 |
Non-current |  |  |
Operating - Other liabilities | 53.5 |  |  | 54.7 |
Finance - Debt | 1.3 |  |  | 1.9 |
Total lease liabilities | $ | 67.5 |  |  | $ | 70.4 |

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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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