LEASES

6 Months Ended

Jun. 30, 2025

9. LEASES

The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three and six months ended June 30, 2025 and 2024 consisted of the following:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
(In millions)		2025			2024			2025			2024
Operating lease cost		$	35.8		$	36.3		$	74.0		$	72.2
Short-term lease cost			3.3			5.4			4.9			7.4
Variable lease cost			0.1			0.2			0.2			0.4
Total			39.2			41.9			79.1			80.0
Sublease income			(3.1)			(0.2)			(6.7)			(0.3)
Total lease cost, net		$	36.1		$	41.7		$	72.4		$	79.7

Future minimum lease payments of operating lease liabilities that have non-cancelable lease terms in excess of one year at June 30, 2025 are as follows:


		As of
Year (in millions)		June 30, 2025
Remainder of 2025		$	59.5
2026			99.2
2027			72.3
2028			22.0
2029			10.3
Thereafter			79.8
Total lease payments			343.1
Less: Interest			(49.0)
Present value of operating lease liabilities			294.1
Less: Short-term portion			(109.1)
Long-term operating lease liabilities		$	185.0