v3.25.4

LEASES (Notes)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

LEASES

Lease Position as of December 31, 2025 and December 31, 2024

The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:

(in millions)						Classification on the Balance Sheet						December 31, 2025						December 31, 2024
Assets
Operating lease assets						Lease right of use assets						$	725.7					$	802.4
Finance lease assets						Lease right of use assets						34.0						42.9
Total lease right of use assets												$	759.7					$	845.3
Liabilities
Current liabilities:
Operating lease liabilities						Current operating lease liabilities						$	184.4					$	187.8
Finance lease liabilities						Accrued expenses						12.2						11.2
Noncurrent liabilities:
Operating lease liabilities						Long-term operating lease liabilities						543.0						622.2
Finance lease liabilities						Long-term financing lease liabilities						25.8						35.4
Total lease liabilities												$	765.4					$	856.6

Lease Costs

The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2025 and December 31, 2024:

Lease Costs (in millions)						December 31, 2025						December 31, 2024
Components of total lease costs:
Finance lease costs
Amortization of right of use assets						$	11.4					$	14.0
Interest on lease liabilities						2.9						3.6
Operating lease costs						321.7						289.6
Short-term lease costs						69.7						78.7
Variable lease costs						39.2						27.0
Sub-lease income						(2.9)						(3.0)
Total lease costs						$	442.0					$	409.9

Other Information

The table below presents supplemental cash flow information related to leases for the year ended December 31, 2025 and December 31, 2024 (in millions):

			Years Ended December 31,
			2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	327.4					$	289.1
Operating cash flows for finance leases			2.9						3.6
Financing cash flows for finance leases			11.2						12.2
Supplemental non-cash quantification of assets acquired or remeasured under operating and financing leases			156.2						288.6

Lease Term and Discount Rate

The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2025:

Weighted average remaining lease term - operating leases			8.8 years
Weighted average remaining lease term - finance leases			2.9 years
Weighted average discount rate - operating leases			13.9		%
Weighted average discount rate - finance leases			7.2		%

Undiscounted Cash Flows

The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2025:

Amounts due in the year ended December 31, (in millions)						Finance Leases						Operating Leases
2026						$	14.5					$	268.7
2027						14.5						147.5
2028						11.8						113.2
2029						1.4						98.7
2030						—						96.3
Thereafter						—						532.6
Total minimum lease payments						42.2						1,257.0
Less: effect of discounting						4.2						529.6
Present value of future minimum lease payments						38.0						727.4
Less: current obligations under leases						12.2						184.4
Long-term lease obligations						$	25.8					$	543.0

As of December 31, 2025, the Company has entered into certain leases that have not yet commenced. No such pending leases, either individually or in the aggregate, are material. There are no material lease arrangements in which the Company is the lessor.

LEASES

LEASES

Lease Position as of December 31, 2025 and December 31, 2024

The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:

(in millions)						Classification on the Balance Sheet						December 31, 2025						December 31, 2024
Assets
Operating lease assets						Lease right of use assets						$	725.7					$	802.4
Finance lease assets						Lease right of use assets						34.0						42.9
Total lease right of use assets												$	759.7					$	845.3
Liabilities
Current liabilities:
Operating lease liabilities						Current operating lease liabilities						$	184.4					$	187.8
Finance lease liabilities						Accrued expenses						12.2						11.2
Noncurrent liabilities:
Operating lease liabilities						Long-term operating lease liabilities						543.0						622.2
Finance lease liabilities						Long-term financing lease liabilities						25.8						35.4
Total lease liabilities												$	765.4					$	856.6

Lease Costs

The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2025 and December 31, 2024:

Lease Costs (in millions)						December 31, 2025						December 31, 2024
Components of total lease costs:
Finance lease costs
Amortization of right of use assets						$	11.4					$	14.0
Interest on lease liabilities						2.9						3.6
Operating lease costs						321.7						289.6
Short-term lease costs						69.7						78.7
Variable lease costs						39.2						27.0
Sub-lease income						(2.9)						(3.0)
Total lease costs						$	442.0					$	409.9

Other Information

The table below presents supplemental cash flow information related to leases for the year ended December 31, 2025 and December 31, 2024 (in millions):

			Years Ended December 31,
			2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	327.4					$	289.1
Operating cash flows for finance leases			2.9						3.6
Financing cash flows for finance leases			11.2						12.2
Supplemental non-cash quantification of assets acquired or remeasured under operating and financing leases			156.2						288.6

Lease Term and Discount Rate

The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2025:

Weighted average remaining lease term - operating leases			8.8 years
Weighted average remaining lease term - finance leases			2.9 years
Weighted average discount rate - operating leases			13.9		%
Weighted average discount rate - finance leases			7.2		%

Undiscounted Cash Flows

The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2025:

Amounts due in the year ended December 31, (in millions)						Finance Leases						Operating Leases
2026						$	14.5					$	268.7
2027						14.5						147.5
2028						11.8						113.2
2029						1.4						98.7
2030						—						96.3
Thereafter						—						532.6
Total minimum lease payments						42.2						1,257.0
Less: effect of discounting						4.2						529.6
Present value of future minimum lease payments						38.0						727.4
Less: current obligations under leases						12.2						184.4
Long-term lease obligations						$	25.8					$	543.0

As of December 31, 2025, the Company has entered into certain leases that have not yet commenced. No such pending leases, either individually or in the aggregate, are material. There are no material lease arrangements in which the Company is the lessor.

X

- References

No definition available.

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- 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

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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

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