The Company has operating leases for certain service centers, office space and equipment as well as finance leases, substantially all related to information technology equipment. The Company determines if an arrangement is a lease at inception. The Company must consider whether the contract conveys the right to control the use of an identified asset. Certain arrangements require significant judgment to determine if an asset is specified in the contract and if the Company directs how and for what purpose the asset is used during the term of the contract.

The Company has non-cancelable sublease rental arrangements which did not reduce the future maturities of the operating lease liabilities at December 31, 2025 and 2024. The Company’s future rental commitments for leases with subleases were approximately $1.4 million and $4.7 million for the years ended December 31, 2025 and 2024, respectively. The Company remains secondarily liable under these leases in the event that the sub-lessee defaults under the sublease terms. The Company does not believe that material payments will be required as a result of the secondary liability provisions of the primary lease agreements.

The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025			2024			2023
Operating lease expense:
Operating lease expense	$	7.3		$	9.8		$	16.3
Sublease income		(3.6	)		(4.4	)		(4.2	)
Net operating lease expense	$	3.7		$	5.4		$	12.1

Finance lease expense:
Amortization of ROU assets	$	2.1		$	2.9		$	2.4
Interest on lease liabilities		0.2			0.2			0.3
Total finance lease expense	$	2.3		$	3.1		$	2.7

The Company’s finance leases as of December 31, 2025 and 2024 are presented on the Company’s audited Consolidated Balance Sheets as follows:


	December 31,
	2025		2024
Property, plant and equipment, net	$	3.9	$	2.9

Accrued liabilities	$	0.9	$	2.8
Other noncurrent liabilities		2.2		0.2
Total	$	3.1	$	3.0

Other information related to operating and finance leases for the years ended December 31, 2025, 2024 and 2023 and as of December 31, 2025 and 2024 was as follows:


	Year Ended December 31,
	2025			2024		2023
Supplemental cash flow information:
Cash paid related to operating leases	$	10.1		$	14.7	$	17.5
Cash paid related to principal payments on finance leases		3.2			2.9		2.4

Non-cash disclosure:
Increase in operating lease liabilities due to new ROU assets	$	0.2		$	—	$	0.5
(Decrease) increase in operating lease liabilities due to lease modifications and remeasurements		(0.9	)		5.0		(3.2	)
Increase in finance lease liabilities due to new ROU assets		2.9			0.9		2.5


	December 31,
	2025			2024
Weighted-average remaining lease term:
Operating leases	2.0 years			1.9 years
Finance leases	3.8 years			1.9 years
Weighted-average discount rate:
Operating leases		7.1	%		5.3	%
Finance leases		6.6	%		7.5	%

As of December 31, 2025, future maturities of lease liabilities were as follows:


	Operating Leases			Finance Leases
2026	$	4.1		$	0.9
2027		2.8			0.9
2028		0.7			0.8
2029		—			0.8
2030		—			—
2031 and thereafter		—			—
Total lease payments		7.6			3.4
Less: Interest		(0.4	)		(0.3	)
Present value of lease liabilities	$	7.2		$	3.1

The Company recorded a benefit of $1.6 million during the year ended December 31, 2025 related to the acceleration of rent expense associated with termination and modification of certain operating leases. The Company recorded a charge of $3.7 million for the acceleration of rent expense associated with abandoned leases during the year ended December 31, 2023. Accelerated rent (benefit) expense was recorded in either cost of sales or SG&A expenses on the Company’s audited Consolidated Statements of Operations, depending on the nature of the property.