Note 4. Leases 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’s payments related to its operating and finance lease liabilities for the three and six months ended June 30, 2025 and 2024 were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Cash paid related to operating leases |
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$ |
2.6 |
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$ |
3.8 |
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$ |
5.5 |
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$ |
7.7 |
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Cash paid related to finance leases |
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$ |
0.8 |
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$ |
0.8 |
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$ |
1.7 |
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$ |
1.4 |
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The components of lease expense for the three and six months ended June 30, 2025 and 2024 were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating lease expense: |
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Operating lease expense |
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$ |
1.8 |
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$ |
2.5 |
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$ |
3.7 |
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$ |
4.9 |
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Sublease income |
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(0.9 |
) |
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(1.1 |
) |
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(1.8 |
) |
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(2.2 |
) |
Net operating lease expense |
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$ |
0.9 |
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$ |
1.4 |
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$ |
1.9 |
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$ |
2.7 |
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Finance lease expense: |
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Amortization of right-of-use assets |
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$ |
0.6 |
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$ |
0.7 |
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$ |
1.1 |
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$ |
1.3 |
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Interest on lease liabilities |
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— |
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— |
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0.1 |
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0.1 |
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Total finance lease expense |
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$ |
0.6 |
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$ |
0.7 |
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$ |
1.2 |
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$ |
1.4 |
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The Company’s finance leases as of June 30, 2025 and December 31, 2024 are presented on the Company’s Unaudited Condensed Consolidated Balance Sheets as follows:
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June 30, 2025 |
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December 31, 2024 |
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Property, plant and equipment, net |
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$ |
2.2 |
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$ |
2.9 |
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Accrued liabilities |
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$ |
1.6 |
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$ |
2.8 |
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Other noncurrent liabilities |
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0.2 |
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0.2 |
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Total |
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$ |
1.8 |
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$ |
3.0 |
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