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Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Leases

Operating leases and financing leases

Supplemental balance sheet information related to our operating and financing right of use (“ROU”) assets and lease liabilities is as follows (in millions):

			Balance Sheet Location						June 30, 2026						December 31, 2025
Assets
Operating lease ROU assets, net			Operating lease ROU assets, net						$	161.0					$	173.5
Financing lease ROU assets, net			Other assets, net						$	22.6					$	0.7
Liabilities
Current
Operating lease liabilities, short-term			Operating lease liabilities, short-term						$	23.1					$	22.9
Financing lease liabilities, short-term			Other current liabilities						$	1.7					$	0.3
Non-current
Operating lease liabilities, long-term			Operating lease liabilities, long-term						$	176.5					$	189.7
Financing lease liabilities, long-term			Other long-term liabilities						$	21.3					$	0.5

Lease Termination Incentive

During the first quarter of 2025, we signed an agreement with the landlord of our Japanese subsidiary’s headquarters to terminate a lease prior to its original end date in exchange for a cash incentive of 1,800.0 million Yen (approximately $12.0 million). As a result, we recognized a $12.0 million gain on lease termination, which was recorded within selling, general and administrative expenses in our condensed consolidated statement of operations.

The components of lease expense, excluding the impact from the lease termination incentive, included in our condensed consolidated statement of operations for the periods presented below are as follows (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Operating lease costs			$	8.7					$	8.6					$	17.7					$	16.7
Financing lease costs:
Amortization of ROU assets			1.0						—						1.1						0.1
Interest on lease liabilities			0.7						—						0.7						—
Total financing lease costs			1.7						—						1.8						0.1
Variable lease costs			0.3						0.3						0.7						0.6
Total lease costs			$	10.7					$	8.9					$	20.2					$	17.4

Other information related to leases (in millions):

						Six Months Ended June 30,
Supplemental Cash Flows Information						2026						2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	18.3					$	15.7
Operating cash flows from finance leases						$	0.7					$	—
Financing cash flows from finance leases						$	0.7					$	0.1
Lease liabilities arising from new ROU assets:
Operating leases						$	8.6					$	25.2
Financing leases						$	22.9					$	0.2

			June 30, 2026						December 31, 2025
Weighted-average remaining lease term (years):
Operating leases			8.8						9.4
Financing leases			9.3						3.4
Weighted-average discount rate:
Operating leases			6.8		%				6.8		%
Financing leases			7.2		%				7.1		%

As of June 30, 2026, our future minimum lease obligations were as follows (in millions):

			Operating Leases						Financing Leases						Total
Remainder of 2026			$	17.8					$	1.7					$	19.5
2027			34.7						3.3						38.0
2028			33.2						3.3						36.5
2029			32.2						3.3						35.5
2030			27.8						3.3						31.1
Thereafter			128.9						16.9						145.8
Total future lease payments			274.6						31.8						306.4
Less: imputed interest			75.0						8.8						83.8
Total			$	199.6					$	23.0					$	222.6

Leases

Leases

Operating leases and financing leases

Supplemental balance sheet information related to our operating and financing right of use (“ROU”) assets and lease liabilities is as follows (in millions):

			Balance Sheet Location						June 30, 2026						December 31, 2025
Assets
Operating lease ROU assets, net			Operating lease ROU assets, net						$	161.0					$	173.5
Financing lease ROU assets, net			Other assets, net						$	22.6					$	0.7
Liabilities
Current
Operating lease liabilities, short-term			Operating lease liabilities, short-term						$	23.1					$	22.9
Financing lease liabilities, short-term			Other current liabilities						$	1.7					$	0.3
Non-current
Operating lease liabilities, long-term			Operating lease liabilities, long-term						$	176.5					$	189.7
Financing lease liabilities, long-term			Other long-term liabilities						$	21.3					$	0.5

Lease Termination Incentive

During the first quarter of 2025, we signed an agreement with the landlord of our Japanese subsidiary’s headquarters to terminate a lease prior to its original end date in exchange for a cash incentive of 1,800.0 million Yen (approximately $12.0 million). As a result, we recognized a $12.0 million gain on lease termination, which was recorded within selling, general and administrative expenses in our condensed consolidated statement of operations.

The components of lease expense, excluding the impact from the lease termination incentive, included in our condensed consolidated statement of operations for the periods presented below are as follows (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Operating lease costs			$	8.7					$	8.6					$	17.7					$	16.7
Financing lease costs:
Amortization of ROU assets			1.0						—						1.1						0.1
Interest on lease liabilities			0.7						—						0.7						—
Total financing lease costs			1.7						—						1.8						0.1
Variable lease costs			0.3						0.3						0.7						0.6
Total lease costs			$	10.7					$	8.9					$	20.2					$	17.4

Other information related to leases (in millions):

						Six Months Ended June 30,
Supplemental Cash Flows Information						2026						2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	18.3					$	15.7
Operating cash flows from finance leases						$	0.7					$	—
Financing cash flows from finance leases						$	0.7					$	0.1
Lease liabilities arising from new ROU assets:
Operating leases						$	8.6					$	25.2
Financing leases						$	22.9					$	0.2

			June 30, 2026						December 31, 2025
Weighted-average remaining lease term (years):
Operating leases			8.8						9.4
Financing leases			9.3						3.4
Weighted-average discount rate:
Operating leases			6.8		%				6.8		%
Financing leases			7.2		%				7.1		%

As of June 30, 2026, our future minimum lease obligations were as follows (in millions):

			Operating Leases						Financing Leases						Total
Remainder of 2026			$	17.8					$	1.7					$	19.5
2027			34.7						3.3						38.0
2028			33.2						3.3						36.5
2029			32.2						3.3						35.5
2030			27.8						3.3						31.1
Thereafter			128.9						16.9						145.8
Total future lease payments			274.6						31.8						306.4
Less: imputed interest			75.0						8.8						83.8
Total			$	199.6					$	23.0					$	222.6

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- References

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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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