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Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Expense and Other Information

The components of lease expense were as follows:

 

 

 

Three months ended
March 31,

 

(in millions)

 

2025

 

 

2024

 

Operating lease cost

 

$

7.1

 

 

$

7.4

 

Sublease income

 

 

(0.8

)

 

 

(0.9

)

 Total lease cost

 

$

6.3

 

 

$

6.5

 

 

 

Other information related to leases was as follows:

 

 

 

Three Months Ended
March 31,

 

(in millions, except lease term and discount rate)

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

7.4

 

 

$

7.7

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

 

$

7.4

 

 

$

8.7

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases

 

5.5 years

 

 

 

 

 

 

 

 

 

 

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.3

 %

 

 

 

 

Schedule of Future Minimum Lease Payments, Net of Sublease Income

Future minimum lease payments, net of sublease income, for all non-cancelable leases as of March 31, 2025 were as follows:

 

(in millions)

 

Operating
Leases

 

2025

 

$

20.8

 

2026

 

 

23.2

 

2027

 

 

18.2

 

2028

 

 

15.1

 

2029

 

 

11.9

 

2030

 

 

10.3

 

Thereafter

 

 

9.1

 

Total minimum lease payments

 

 

108.6

 

Less imputed interest

 

 

17.0

 

Future minimum payments for leases, net of sublease rental income and imputed interest

 

$

91.6