XML 27 R16.htm IDEA: XBRL DOCUMENT

LEASES

9 Months Ended

Sep. 30, 2025

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