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Leases (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Schedule of Sales-Type Lease, Revenue | Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales-type lease selling price(1) | $ | 11.8 |  |  | $ | 10.9 |  |  | $ | 21.1 |  |  | $ | 18.4 |
Cost of underlying assets | (4.3) |  |  | (4.1) |  |  | (7.2) |  |  | (6.1) |
Operating profit | $ | 7.5 |  |  | $ | 6.8 |  |  | $ | 13.9 |  |  | $ | 12.3 |
Interest income | $ | 2.2 |  |  | $ | 1.8 |  |  | $ | 4.1 |  |  | $ | 3.5 |
Total revenue attributable to sales-type leases | $ | 14.0 |  |  | $ | 12.7 |  |  | $ | 25.2 |  |  | $ | 21.9 |
(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.
Schedule of Supplemental Balance Sheet Information Related to Leases | Leasing receivables related to our net investment in sales-type leases are as follows (in millions):
| Balance Sheet Location |  | June 30, 2025 |  | December 31, 2024
Leasing receivables, net—short-term | Other current assets |  | $ | 38.6 |  |  | $ | 33.9 |
Leasing receivables, net—long-term | Other assets |  | 77.6 |  |  | 71.2 |
Total leasing receivables |  |  | $ | 116.2 |  |  | $ | 105.1 |
Supplemental balance sheet information related to our operating and financing right-of-use (“ROU”) assets and lease liabilities and deemed landlord financing (“DLF”) assets and obligations is as follows (in millions):
| Balance Sheet Location |  | June 30, 2025 |  | December 31, 2024
Assets |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,266.8 |  |  | $ | 1,339.2 |
Financing lease ROU assets, net | Other assets, net |  | $ | 249.1 |  |  | $ | 261.4 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 79.7 |  |  | $ | 89.3 |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.5 |  |  | $ | 1.4 |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 1.0 |  |  | $ | 1.0 |
Non-current |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,322.0 |  |  | $ | 1,377.1 |
Financing lease liabilities, long-term | Other long-term liabilities |  | $ | 295.2 |  |  | $ | 301.9 |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,238.7 |  |  | $ | 1,194.8 |
Schedule of Sales-Type Lease, Lease Receivable, Maturity | Net maturities of sales-type lease receivables for the next five years and thereafter as of June 30, 2025 are as follows (in millions):
Remainder of 2025 | $ | 26.8 |
2026 | 35.9 |
2027 | 29.0 |
2028 | 21.6 |
2029 | 13.8 |
Thereafter | 5.3 |
Total future lease proceeds | 132.4 |
Less: imputed interest | 16.2 |
Total | $ | 116.2 |
Schedule of Components of Lease Expense and Other Information Related to Leases | The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Operating lease costs: | $ | 40.9 |  |  | $ | 45.4 |  |  | $ | 86.0 |  |  | $ | 90.5 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 1.9 |  |  | 1.8 |  |  | 3.9 |  |  | 3.7 |
Interest on lease liabilities | 4.8 |  |  | 3.9 |  |  | 9.5 |  |  | 8.2 |
Total financing lease costs | 6.7 |  |  | 5.7 |  |  | 13.4 |  |  | 11.9 |
DLF obligation costs: |  |  |  |  |  |  |
Depreciation of DLF assets | 11.4 |  |  | 9.2 |  |  | 22.7 |  |  | 18.2 |
Interest on DLF obligations | 27.9 |  |  | 25.0 |  |  | 55.6 |  |  | 49.0 |
Total DLF obligation costs | 39.3 |  |  | 34.2 |  |  | 78.3 |  |  | 67.2 |
Variable lease costs | 2.0 |  |  | 2.9 |  |  | 4.4 |  |  | 6.4 |
Total lease costs | $ | 88.9 |  |  | $ | 88.2 |  |  | $ | 182.1 |  |  | $ | 176.0 |
Other information related to leases (in millions):
|  | Six Months Ended June 30, |  |  |
Supplemental Cash Flows Information |  | 2025 |  | 2024 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 82.7 |  |  | $ | 83.1 |  |  |  |
Operating cash flows from finance leases |  | $ | 6.2 |  |  | $ | 5.4 |  |  |  |
Operating cash flows from DLF obligations |  | $ | 37.8 |  |  | $ | 33.3 |  |  |  |
Financing cash flows from finance leases |  | $ | 1.8 |  |  | $ | 1.9 |  |  |  |
Financing cash flows from DLF obligations |  | $ | 7.7 |  |  | $ | 6.9 |  |  |  |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |  |
Operating leases |  | $ | 37.8 |  |  | $ | 28.6 |  |  |  |
Financing leases |  | $ | 0.2 |  |  | $ | 0.1 |  |  |  |
DLF obligations |  | $ | 37.0 |  |  | $ | 108.9 |  |  |  |
| June 30, 2025 |  | December 31, 2024
Weighted-average remaining lease term (years): |  |  |
Operating leases | 15.3 |  | 15.2
Financing leases | 35.7 |  | 36.2
DLF obligations | 36.4 |  | 36.8
Weighted-average discount rate: |  |  |
Operating leases | 5.9 | % |  | 5.8 | %
Financing leases | 6.8 | % |  | 6.5 | %
DLF obligations | 9.3 | % |  | 9.4 | %
Schedule of Future Minimum Operating Lease Obligations | As of June 30, 2025, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2025 | $ | 67.8 |  |  | $ | 7.2 |  |  | $ | 41.6 |  |  | $ | 116.6 |
2026 | 154.5 |  |  | 18.2 |  |  | 101.2 |  |  | 273.9 |
2027 | 155.4 |  |  | 18.3 |  |  | 102.4 |  |  | 276.1 |
2028 | 155.2 |  |  | 18.7 |  |  | 104.6 |  |  | 278.5 |
2029 | 155.1 |  |  | 19.2 |  |  | 107.1 |  |  | 281.4 |
Thereafter | 1,570.6 |  |  | 806.0 |  |  | 4,583.2 |  |  | 6,959.8 |
Total future lease payments | 2,258.6 |  |  | 887.6 |  |  | 5,040.1 |  |  | 8,186.3 |
Less: imputed interest | 856.9 |  |  | 590.9 |  |  | 3,800.4 |  |  | 5,248.2 |
Total | $ | 1,401.7 |  |  | $ | 296.7 |  |  | $ | 1,239.7 |  |  | $ | 2,938.1 |
(1) Future lease payments for DLF Obligations include approximately $14.0 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of June 30, 2025. Imputed interest includes approximately $36.6 million related to these unfunded DLF Obligations as of June 30, 2025.
Schedule of Future Minimum Financing Lease Obligations | As of June 30, 2025, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2025 | $ | 67.8 |  |  | $ | 7.2 |  |  | $ | 41.6 |  |  | $ | 116.6 |
2026 | 154.5 |  |  | 18.2 |  |  | 101.2 |  |  | 273.9 |
2027 | 155.4 |  |  | 18.3 |  |  | 102.4 |  |  | 276.1 |
2028 | 155.2 |  |  | 18.7 |  |  | 104.6 |  |  | 278.5 |
2029 | 155.1 |  |  | 19.2 |  |  | 107.1 |  |  | 281.4 |
Thereafter | 1,570.6 |  |  | 806.0 |  |  | 4,583.2 |  |  | 6,959.8 |
Total future lease payments | 2,258.6 |  |  | 887.6 |  |  | 5,040.1 |  |  | 8,186.3 |
Less: imputed interest | 856.9 |  |  | 590.9 |  |  | 3,800.4 |  |  | 5,248.2 |
Total | $ | 1,401.7 |  |  | $ | 296.7 |  |  | $ | 1,239.7 |  |  | $ | 2,938.1 |
(1) Future lease payments for DLF Obligations include approximately $14.0 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of June 30, 2025. Imputed interest includes approximately $36.6 million related to these unfunded DLF Obligations as of June 30, 2025.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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