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v3.25.3

Leases (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales-type lease selling price(1) | $ | 10.0 |  |  | $ | 12.8 |  |  | $ | 31.1 |  |  | $ | 31.2 |
Cost of underlying assets | (3.3) |  |  | (5.7) |  |  | (10.5) |  |  | (11.8) |
Operating profit | $ | 6.7 |  |  | $ | 7.1 |  |  | $ | 20.6 |  |  | $ | 19.4 |
Interest income | $ | 2.1 |  |  | $ | 1.7 |  |  | $ | 6.2 |  |  | $ | 5.2 |
Total revenue attributable to sales-type leases | $ | 12.1 |  |  | $ | 14.5 |  |  | $ | 37.3 |  |  | $ | 36.4 |
(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 |  | September 30, 2025 |  | December 31, 2024
Leasing receivables, net—short-term | Other current assets |  | $ | 37.5 |  |  | $ | 33.9 |
Leasing receivables, net—long-term | Other assets |  | 76.9 |  |  | 71.2 |
Total leasing receivables |  |  | $ | 114.4 |  |  | $ | 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 |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |  |
Operating lease ROU assets, net | Operating lease ROU assets, net |  | $ | 1,242.5 |  |  | $ | 1,339.2 |
Financing lease ROU assets, net | Other assets, net |  | $ | 257.2 |  |  | $ | 261.4 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities, short-term | Operating lease liabilities, short-term |  | $ | 80.8 |  |  | $ | 89.3 |
Financing lease liabilities, short-term | Accounts payable and accrued expenses |  | $ | 1.1 |  |  | $ | 1.4 |
DLF obligations, short-term | Accounts payable and accrued expenses |  | $ | 1.1 |  |  | $ | 1.0 |
Non-current |  |  |  |  |
Operating lease liabilities, long-term | Operating lease liabilities, long-term |  | $ | 1,299.0 |  |  | $ | 1,377.1 |
Financing lease liabilities, long-term | Financing lease liabilities, long-term |  | $ | 306.2 |  |  | $ | 301.9 |
DLF obligations, long-term | Deemed landlord financing obligations |  | $ | 1,254.2 |  |  | $ | 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 September 30, 2025 are as follows (in millions):
Remainder of 2025 | $ | 15.0 |
2026 | 37.7 |
2027 | 31.0 |
2028 | 23.8 |
2029 | 15.9 |
Thereafter | 6.9 |
Total future lease proceeds | 130.3 |
Less: imputed interest | 15.9 |
Total | $ | 114.4 |
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 September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Operating lease costs: | $ | 40.8 |  |  | $ | 46.8 |  |  | $ | 126.8 |  |  | $ | 137.3 |
Financing lease costs: |  |  |  |  |  |  |
Amortization of ROU assets | 2.0 |  |  | 2.0 |  |  | 5.9 |  |  | 5.7 |
Interest on lease liabilities | 4.9 |  |  | 4.6 |  |  | 14.4 |  |  | 12.8 |
Total financing lease costs | 6.9 |  |  | 6.6 |  |  | 20.3 |  |  | 18.5 |
DLF obligation costs: |  |  |  |  |  |  |
Depreciation of DLF assets | 11.6 |  |  | 10.1 |  |  | 34.3 |  |  | 28.3 |
Interest on DLF obligations | 28.6 |  |  | 25.7 |  |  | 84.2 |  |  | 74.7 |
Total DLF obligation costs | 40.2 |  |  | 35.8 |  |  | 118.5 |  |  | 103.0 |
Variable lease costs | 1.2 |  |  | 2.2 |  |  | 5.6 |  |  | 8.6 |
Total lease costs | $ | 89.1 |  |  | $ | 91.4 |  |  | $ | 271.2 |  |  | $ | 267.4 |
Other information related to leases (in millions):
|  | Nine Months Ended September 30, |  |  |
Supplemental Cash Flows Information |  | 2025 |  | 2024 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 120.8 |  |  | $ | 125.8 |  |  |  |
Operating cash flows from finance leases |  | $ | 10.4 |  |  | $ | 8.9 |  |  |  |
Operating cash flows from DLF obligations |  | $ | 61.5 |  |  | $ | 54.9 |  |  |  |
Financing cash flows from finance leases |  | $ | 2.5 |  |  | $ | 3.0 |  |  |  |
Financing cash flows from DLF obligations |  | $ | 10.0 |  |  | $ | 8.0 |  |  |  |
Lease liabilities arising from new ROU assets: |  |  |  |  |  |  |
Operating leases |  | $ | 39.9 |  |  | $ | 33.9 |  |  |  |
Financing leases |  | $ | 6.9 |  |  | $ | 3.7 |  |  |  |
DLF obligations |  | $ | 50.2 |  |  | $ | 158.2 |  |  |  |
| September 30, 2025 |  | December 31, 2024
Weighted-average remaining lease term (years): |  |  |
Operating leases | 15.1 |  | 15.2
Financing leases | 35.6 |  | 36.2
DLF obligations | 36.2 |  | 36.8
Weighted-average discount rate: |  |  |
Operating leases | 5.9 | % |  | 5.8 | %
Financing leases | 6.9 | % |  | 6.5 | %
DLF obligations | 9.5 | % |  | 9.4 | %
Schedule of Future Minimum Operating Lease Obligations | As of September 30, 2025, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2025 | $ | 29.4 |  |  | $ | 2.9 |  |  | $ | 16.2 |  |  | $ | 48.5 |
2026 | 154.5 |  |  | 18.5 |  |  | 103.1 |  |  | 276.1 |
2027 | 155.4 |  |  | 19.2 |  |  | 104.4 |  |  | 279.0 |
2028 | 155.2 |  |  | 19.6 |  |  | 106.6 |  |  | 281.4 |
2029 | 155.1 |  |  | 20.1 |  |  | 109.0 |  |  | 284.2 |
Thereafter | 1,556.2 |  |  | 843.0 |  |  | 4,676.9 |  |  | 7,076.1 |
Total future lease payments | 2,205.8 |  |  | 923.3 |  |  | 5,116.2 |  |  | 8,245.3 |
Less: imputed interest | 826.0 |  |  | 616.0 |  |  | 3,860.9 |  |  | 5,302.9 |
Total | $ | 1,379.8 |  |  | $ | 307.3 |  |  | $ | 1,255.3 |  |  | $ | 2,942.4 |
(1) Future lease payments for DLF Obligations include approximately $21.2 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of September 30, 2025. Imputed interest includes approximately $72.2 million related to these unfunded DLF Obligations as of September 30, 2025.
Schedule of Future Minimum Financing Lease Obligations | As of September 30, 2025, our future minimum lease obligations were as follows (in millions):
| Operating Leases |  | Financing Leases |  | DLF Obligations(1) |  | Total
Remainder of 2025 | $ | 29.4 |  |  | $ | 2.9 |  |  | $ | 16.2 |  |  | $ | 48.5 |
2026 | 154.5 |  |  | 18.5 |  |  | 103.1 |  |  | 276.1 |
2027 | 155.4 |  |  | 19.2 |  |  | 104.4 |  |  | 279.0 |
2028 | 155.2 |  |  | 19.6 |  |  | 106.6 |  |  | 281.4 |
2029 | 155.1 |  |  | 20.1 |  |  | 109.0 |  |  | 284.2 |
Thereafter | 1,556.2 |  |  | 843.0 |  |  | 4,676.9 |  |  | 7,076.1 |
Total future lease payments | 2,205.8 |  |  | 923.3 |  |  | 5,116.2 |  |  | 8,245.3 |
Less: imputed interest | 826.0 |  |  | 616.0 |  |  | 3,860.9 |  |  | 5,302.9 |
Total | $ | 1,379.8 |  |  | $ | 307.3 |  |  | $ | 1,255.3 |  |  | $ | 2,942.4 |
(1) Future lease payments for DLF Obligations include approximately $21.2 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of September 30, 2025. Imputed interest includes approximately $72.2 million related to these unfunded DLF Obligations as of September 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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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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