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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases Finance Leases We have finance leases primarily related to manufacturing equipment. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were nil and $0.1 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were $8.1 million and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for finance leases were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Amortization expense of finance lease right-of-use assets | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 1.3 |  |  | $ | 0.4 |
Interest expense on finance lease obligations | $ | (0.1) |  |  | $ | — |  |  | $ | (0.3) |  |  | $ | — |
Payments on finance lease obligations | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 1.2 |  |  | $ | 0.3 |
Operating Leases We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.2 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.6 million and $5.9 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for operating leases were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Operating leases expense | $ | 1.6 |  |  | $ | 1.3 |  |  | $ | 4.5 |  |  | $ | 3.9 |
Short-term leases expense | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Payments on operating lease obligations | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | 3.5 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in millions) | Financial Statement Line Item | September 30, 2025 |  | December 31, 2024
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 9.0 |  |  | $ | 1.1 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 22.0 |  |  | $ | 24.1 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 1.4 |  |  | $ | 0.4 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 7.7 |  |  | $ | 0.8 |
Total finance lease obligations |  | $ | 9.1 |  |  | $ | 1.2 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 4.1 |  |  | $ | 4.0 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 18.9 |  |  | $ | 20.6 |
Total operating lease obligations |  | $ | 23.0 |  |  | $ | 24.6 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of September 30, 2025:
| Finance |  | Operating
(Dollars in millions) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2025 | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |
2026 | 1.8 |  |  | — |  |  | 1.8 |  |  | 5.0 |  |  | — |  |  | 5.0 |
2027 | 1.6 |  |  | — |  |  | 1.6 |  |  | 4.2 |  |  | — |  |  | 4.2 |
2028 | 1.4 |  |  | — |  |  | 1.4 |  |  | 3.3 |  |  | — |  |  | 3.3 |
2029 | 1.4 |  |  | — |  |  | 1.4 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Thereafter | 4.1 |  |  | — |  |  | 4.1 |  |  | 10.9 |  |  | — |  |  | 10.9 |
Total lease payments | 10.7 |  |  | — |  |  | 10.7 |  |  | 28.2 |  |  | — |  |  | 28.2 |
Less: Interest | (1.6) |  |  | — |  |  | (1.6) |  |  | (5.2) |  |  | — |  |  | (5.2) |
Present Value of Net Future Minimum Lease Payments | $ | 9.1 |  |  | $ | — |  |  | $ | 9.1 |  |  | $ | 23.0 |  |  | $ | — |  |  | $ | 23.0 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| September 30, 2025 |  | December 31, 2024
Weighted Average Remaining Lease Term |  |  |
Finance leases | 6.9 years |  | 3.4 years
Operating leases | 6.8 years |  | 7.3 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.69% |  | 4.33%
Operating leases | 5.62% |  | 5.63%
Leases | Leases Finance Leases We have finance leases primarily related to manufacturing equipment. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were nil and $0.1 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were $8.1 million and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for finance leases were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Amortization expense of finance lease right-of-use assets | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | 1.3 |  |  | $ | 0.4 |
Interest expense on finance lease obligations | $ | (0.1) |  |  | $ | — |  |  | $ | (0.3) |  |  | $ | — |
Payments on finance lease obligations | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 1.2 |  |  | $ | 0.3 |
Operating Leases We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.2 million and $5.6 million for the three months ended September 30, 2025 and 2024, respectively. Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $0.6 million and $5.9 million for the nine months ended September 30, 2025 and 2024, respectively. Our expenses and payments for operating leases were as follows:
| Three Months Ended |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Operating leases expense | $ | 1.6 |  |  | $ | 1.3 |  |  | $ | 4.5 |  |  | $ | 3.9 |
Short-term leases expense | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.6 |  |  | $ | 0.5 |
Payments on operating lease obligations | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | 3.5 |
Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
(Dollars in millions) | Financial Statement Line Item | September 30, 2025 |  | December 31, 2024
Finance lease right-of-use assets | Property, plant and equipment, net | $ | 9.0 |  |  | $ | 1.1 |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 22.0 |  |  | $ | 24.1 |
Finance lease obligations, current portion | Other accrued liabilities | $ | 1.4 |  |  | $ | 0.4 |
Finance lease obligations, non-current portion | Other long-term liabilities | $ | 7.7 |  |  | $ | 0.8 |
Total finance lease obligations |  | $ | 9.1 |  |  | $ | 1.2 |
Operating lease obligations, current portion | Operating lease obligations, current portion | $ | 4.1 |  |  | $ | 4.0 |
Operating lease obligations, non-current portion | Operating lease obligations, non-current portion | $ | 18.9 |  |  | $ | 20.6 |
Total operating lease obligations |  | $ | 23.0 |  |  | $ | 24.6 |
Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of September 30, 2025:
| Finance |  | Operating
(Dollars in millions) | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect |  | Leases Signed |  | Less: Leases Not Yet Commenced |  | Leases in Effect
2025 | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |
2026 | 1.8 |  |  | — |  |  | 1.8 |  |  | 5.0 |  |  | — |  |  | 5.0 |
2027 | 1.6 |  |  | — |  |  | 1.6 |  |  | 4.2 |  |  | — |  |  | 4.2 |
2028 | 1.4 |  |  | — |  |  | 1.4 |  |  | 3.3 |  |  | — |  |  | 3.3 |
2029 | 1.4 |  |  | — |  |  | 1.4 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Thereafter | 4.1 |  |  | — |  |  | 4.1 |  |  | 10.9 |  |  | — |  |  | 10.9 |
Total lease payments | 10.7 |  |  | — |  |  | 10.7 |  |  | 28.2 |  |  | — |  |  | 28.2 |
Less: Interest | (1.6) |  |  | — |  |  | (1.6) |  |  | (5.2) |  |  | — |  |  | (5.2) |
Present Value of Net Future Minimum Lease Payments | $ | 9.1 |  |  | $ | — |  |  | $ | 9.1 |  |  | $ | 23.0 |  |  | $ | — |  |  | $ | 23.0 |
The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments:
| September 30, 2025 |  | December 31, 2024
Weighted Average Remaining Lease Term |  |  |
Finance leases | 6.9 years |  | 3.4 years
Operating leases | 6.8 years |  | 7.3 years
Weighted Average Discount Rate |  |  |
Finance leases | 4.69% |  | 4.33%
Operating leases | 5.62% |  | 5.63%

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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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