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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
LEASES | NOTE 10 — LEASES The Company primarily has third-party operating and finance leases for branch facilities, corporate office, and certain equipment. The Company has one immaterial operating lease with a related party. The Company’s leases have remaining lease terms that range from less than one year to leases that mature through December 2039 and contain provisions to renew the leases for additional terms of up to 20 years. The Company leases and subleases certain lift trucks to customers under short and long-term operating lease agreements. The sublease income is included in "Rental revenues" on our Condensed Consolidated Statements of Operations. Sublease income below primarily includes subleases of facilities that are not included in "Rental revenues" due to being outside our normal business operations. The costs of the head lease for these subleases are included in Operating lease expense below. At June 30, 2025 and December 31, 2024, assets recorded under finance leases, net of accumulated depreciation, were $42.9 million and $43.6 million, respectively. The assets are depreciated over the lesser of their remaining lease terms or estimated useful lives. The components of lease expense were as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease expense | $ | 6.9 |  |  | $ | 6.4 |  |  | $ | 13.8 |  |  | $ | 13.2 |
Short-term lease expense |  | 0.8 |  |  |  | 1.5 |  |  |  | 1.7 |  |  |  | 3.9 |
Low-value lease expense |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.7 |  |  |  | 0.7 |
Variable lease expense |  | 2.9 |  |  |  | 2.6 |  |  |  | 6.0 |  |  |  | 5.3 |
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | 3.1 |  |  |  | 2.5 |  |  |  | 6.0 |  |  |  | 4.8 |
Interest on lease liabilities |  | 1.1 |  |  |  | 0.9 |  |  |  | 2.1 |  |  |  | 1.8 |
Sublease income |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.2 | )
Total lease expense | $ | 15.1 |  |  | $ | 14.2 |  |  | $ | 30.1 |  |  | $ | 29.5 |
Additional information related to leases is presented in the table below:
| Six Months Ended June 30, |
Supplemental Cash Flows Information | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 13.3 |  |  | $ | 13.1 |
Operating cash flows for finance leases |  | 2.1 |  |  |  | 1.8 |
Financing cash flows for finance leases |  | 5.5 |  |  |  | 4.3 |
Non-cash right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases |  | 6.7 |  |  |  | 7.5 |
Finance leases |  | 5.3 |  |  |  | 10.4 |
Weighted Average Remaining Lease Term (in years): |  |  |  |  |
Operating leases |  | 8.3 |  |  |  | 8.8 |
Finance leases |  | 4.0 |  |  |  | 4.6 |
Weighted Average Discount Rate (in %): |  |  |  |  |
Operating leases |  | 10.8 |  |  |  | 10.3 |
Finance leases |  | 9.0 |  |  |  | 8.3 |
Minimum future lease payments under non-cancellable operating and finance leases described above as of June 30, 2025 were as follows:
Year ending December 31, | Operating Leases |  |  | Finance Leases |
Remainder of 2025 | $ | 13.1 |  |  | $ | 7.5 |
2026 |  | 24.6 |  |  |  | 14.3 |
2027 |  | 23.3 |  |  |  | 12.8 |
2028 |  | 21.2 |  |  |  | 10.8 |
2029 |  | 16.0 |  |  |  | 7.0 |
Thereafter |  | 82.6 |  |  |  | 2.0 |
Total future minimum lease payments |  | 180.8 |  |  |  | 54.4 |
Less: imputed interest |  | (63.1 | ) |  |  | (8.5 | )
Total | $ | 117.7 |  |  | $ | 45.9 |
Balance Sheet Location | June 30, 2025 |  |  | December 31, 2024 |
Current portion of long-term debt | $ | 11.3 |  |  | $ | 10.5 |
Current operating lease liabilities |  | 14.9 |  |  |  | 15.1 |
Finance lease obligations, net of current portion |  | 34.6 |  |  |  | 35.5 |
Long-term operating lease liabilities, net of current portion |  | 102.8 |  |  |  | 103.5 |
Total | $ | 163.6 |  |  | $ | 164.6 |
As of June 30, 2025, the Company had additional leases, substantially all real estate, that have not yet commenced with undiscounted lease payments of $14.5 million. These leases are expected to commence in 2025 and 2026 with lease terms up to 15 years. See Note 11, Contingencies, for more information on certain contracts where the Company guarantees the performance of the third-party lessee.

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