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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We lease facilities, vehicles and equipment under the operating lease agreements, which include both monthly and longer-term arrangements. Certain operating leases for vehicles contain residual value guarantee provisions, which would generally become due at the expiration of the o perating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. As of December 31, 2024, the aggregate residual value guarantee related to these leases was approximately $24.0 million. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreement is remote. The lease assets and liabilities as of December 31 were as follows:
Leases | Classification | 2024 |  | 2023
Assets |  |  |  |
Operating lease assets | Operating lease assets | $ | 54.6 |  |  | $ | 41.7 |
Finance lease assets | Property, plant and equipment(a) | 1.1 |  |  | 0.6 |
Total leased assets |  | $ | 55.7 |  |  | $ | 42.3 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating | Other current liabilities | $ | 18.5 |  |  | $ | 14.4 |
Finance | Current portion of long-term debt | 0.5 |  |  | 0.1 |
Noncurrent: |  |  |  |
Operating | Long-term operating lease liabilities | 36.3 |  |  | 27.4 |
Finance | Long-term debt | 0.7 |  |  | 0.4 |
Total lease liabilities |  | $ | 56.0 |  |  | $ | 42.3 |
(a) | Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.1 million as of December 31, 2024 and December 31, 2023, respectively.
The lease cost for the three years ended December 31 was as follows:
Lease Cost | 2024 |  | 2023 |  | 2022
Operating lease cost(a) | $ | 30.1 |  |  | $ | 28.9 |  |  | $ | 26.2 |
Finance lease cost(b) | 0.2 |  |  | 0.1 |  |  | 0.1 |
Total lease cost | $ | 30.3 |  |  | $ | 29.0 |  |  | $ | 26.3 |
(a) | Includes short-term lease costs of $6.2 million and $5.9 million and variable lease costs of $2.4 million and $4.2 million for the years ended December 31, 2024 and December 31, 2023, respectively.
(b) | Includes amortization of leased assets and interest on lease liabilities.
The maturity of lease liabilities as of December 31, 2024 was as follows:
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 21.0 |  |  | $ | 0.5 |  |  | $ | 21.5 |
2026 | 17.6 |  |  | 0.3 |  |  | 17.9 |
2027 | 12.8 |  |  | 0.2 |  |  | 13.0 |
2028 | 6.1 |  |  | 0.2 |  |  | 6.3 |
2029 | 2.2 |  |  | 0.1 |  |  | 2.3 |
Thereafter | 1.5 |  |  | — |  |  | 1.5 |
Total lease payments | $ | 61.2 |  |  | $ | 1.3 |  |  | $ | 62.5 |
Less: Interest | (6.4) |  |  | (0.1) |  |  | (6.5) |
Present value of lease liabilities | $ | 54.8 |  |  | $ | 1.2 |  |  | $ | 56.0 |
The lease term and discount rate as of December 31 were as follows:
Lease Term and Discount Rate | 2024 |  | 2023
Weighted-average remaining lease term (years): |  |  |
Operating leases | 3.5 |  | 3.8
Finance leases | 4.0 |  | 4.7
Weighted-average discount rate: |  |  |
Operating leases | 6.1% |  | 6.0%
Finance leases | 5.2% |  | 6.0%
Other information related to cash paid related to lease liabilities and lease assets obtained for the years ended December 31 was as follows:
Other Information | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 21.3 |  |  | $ | 18.9 |
Financing cash flows from finance leases | 0.2 |  |  | 0.1 |
Lease assets obtained in exchange for new finance lease liabilities | 1.0 |  |  | 0.7 |
Lease assets obtained in exchange for new operating lease liabilities | 34.2 |  |  | 18.8 |
Leases | Leases We lease facilities, vehicles and equipment under the operating lease agreements, which include both monthly and longer-term arrangements. Certain operating leases for vehicles contain residual value guarantee provisions, which would generally become due at the expiration of the o perating lease agreement if the fair value of the leased vehicles is less than the guaranteed residual value. As of December 31, 2024, the aggregate residual value guarantee related to these leases was approximately $24.0 million. We believe the likelihood of funding the guarantee obligation under any provision of the operating lease agreement is remote. The lease assets and liabilities as of December 31 were as follows:
Leases | Classification | 2024 |  | 2023
Assets |  |  |  |
Operating lease assets | Operating lease assets | $ | 54.6 |  |  | $ | 41.7 |
Finance lease assets | Property, plant and equipment(a) | 1.1 |  |  | 0.6 |
Total leased assets |  | $ | 55.7 |  |  | $ | 42.3 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating | Other current liabilities | $ | 18.5 |  |  | $ | 14.4 |
Finance | Current portion of long-term debt | 0.5 |  |  | 0.1 |
Noncurrent: |  |  |  |
Operating | Long-term operating lease liabilities | 36.3 |  |  | 27.4 |
Finance | Long-term debt | 0.7 |  |  | 0.4 |
Total lease liabilities |  | $ | 56.0 |  |  | $ | 42.3 |
(a) | Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.1 million as of December 31, 2024 and December 31, 2023, respectively.
The lease cost for the three years ended December 31 was as follows:
Lease Cost | 2024 |  | 2023 |  | 2022
Operating lease cost(a) | $ | 30.1 |  |  | $ | 28.9 |  |  | $ | 26.2 |
Finance lease cost(b) | 0.2 |  |  | 0.1 |  |  | 0.1 |
Total lease cost | $ | 30.3 |  |  | $ | 29.0 |  |  | $ | 26.3 |
(a) | Includes short-term lease costs of $6.2 million and $5.9 million and variable lease costs of $2.4 million and $4.2 million for the years ended December 31, 2024 and December 31, 2023, respectively.
(b) | Includes amortization of leased assets and interest on lease liabilities.
The maturity of lease liabilities as of December 31, 2024 was as follows:
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 21.0 |  |  | $ | 0.5 |  |  | $ | 21.5 |
2026 | 17.6 |  |  | 0.3 |  |  | 17.9 |
2027 | 12.8 |  |  | 0.2 |  |  | 13.0 |
2028 | 6.1 |  |  | 0.2 |  |  | 6.3 |
2029 | 2.2 |  |  | 0.1 |  |  | 2.3 |
Thereafter | 1.5 |  |  | — |  |  | 1.5 |
Total lease payments | $ | 61.2 |  |  | $ | 1.3 |  |  | $ | 62.5 |
Less: Interest | (6.4) |  |  | (0.1) |  |  | (6.5) |
Present value of lease liabilities | $ | 54.8 |  |  | $ | 1.2 |  |  | $ | 56.0 |
The lease term and discount rate as of December 31 were as follows:
Lease Term and Discount Rate | 2024 |  | 2023
Weighted-average remaining lease term (years): |  |  |
Operating leases | 3.5 |  | 3.8
Finance leases | 4.0 |  | 4.7
Weighted-average discount rate: |  |  |
Operating leases | 6.1% |  | 6.0%
Finance leases | 5.2% |  | 6.0%
Other information related to cash paid related to lease liabilities and lease assets obtained for the years ended December 31 was as follows:
Other Information | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 21.3 |  |  | $ | 18.9 |
Financing cash flows from finance leases | 0.2 |  |  | 0.1 |
Lease assets obtained in exchange for new finance lease liabilities | 1.0 |  |  | 0.7 |
Lease assets obtained in exchange for new operating lease liabilities | 34.2 |  |  | 18.8 |

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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 + Details
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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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