Leases

3 Months Ended

Mar. 31, 2025

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