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LEASES | 9 Months Ended
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Sep. 30, 2025
LEASES |
LEASES | 9. LEASES ​ The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. ​ Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In millions) |  | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
Operating lease cost | ​ | $ | 35.6 | ​ | $ | 36.2 | ​ | $ | 109.6 | ​ | $ | 108.4
Short-term lease cost | ​ |  | 1.0 | ​ |  | 2.5 | ​ |  | 5.9 | ​ |  | 9.9
Variable lease cost | ​ |  | — | ​ |  | 0.1 | ​ |  | 0.2 | ​ |  | 0.5
Total | ​ | ​ | 36.6 | ​ | ​ | 38.8 | ​ | ​ | 115.7 | ​ | ​ | 118.8
Sublease income | ​ | ​ | (0.1) | ​ | ​ | (0.2) | ​ | ​ | (6.8) | ​ | ​ | (0.5)
Total lease cost, net | ​ | $ | 36.5 | ​ | $ | 38.6 | ​ | $ | 108.9 | ​ | $ | 118.3
​ Future minimum lease payments of operating lease liabilities that have non-cancelable lease terms in excess of one year at September 30, 2025 are as follows: ​
​ | ​ | ​ | ​
​ |  | As of
Year (in millions) |  | September 30, 2025
Remainder of 2025 | ​ | $ | 31.1
2026 | ​ |  | 119.9
2027 | ​ |  | 93.2
2028 | ​ |  | 42.9
2029 | ​ |  | 31.2
Thereafter | ​ |  | 96.4
Total lease payments | ​ | ​ | 414.7
Less: Interest | ​ | ​ | (56.9)
Present value of operating lease liabilities | ​ | ​ | 357.8
Less: Short-term portion | ​ | ​ | (117.0)
Long-term operating lease liabilities | ​ | $ | 240.8
​

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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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