v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases LEASES
We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):
As of June 30,As of December 31,
Classification20252024
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$100.4 $95.6 
FinanceProperty and equipment, net6.7 7.9 
Total lease assets $107.1 $103.5 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$36.1 $34.3 
FinancingCurrent maturities of finance lease obligations2.8 2.8 
Non-Current 
OperatingOperating lease obligations64.2 61.0 
FinancingFinance lease obligations4.2 5.4 
Total lease liabilities$107.3 $103.5 
Weighted-average remaining lease term:
Operating leases 3.6 years3.6 years
Finance leases 2.7 years3.0 years
Weighted-average discount rate:
Operating leases 5.67 %5.68 %
Finance leases 7.94 %7.74 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases (in millions):
Three months ended June 30,Six months ended June 30,
Classification2025202420252024
Operating lease cost(1)
Administrative$12.5 $10.8 $24.8 $21.1 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales0.9 1.0 1.9 2.0 
Interest on finance lease obligationsInterest expense, net0.1 0.1 0.3 0.3 
Total lease costs$13.5 $11.9 $27.0 $23.4 
(1)Includes variable lease costs of $1.7 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively, $3.3 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively, short-term lease costs of $0.3 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $0.8 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Includes variable lease costs of $0.2 million for each of the three months ended June 30, 2025 and 2024, respectively, and $0.4 million for each of the six months ended June 30, 2025 and 2024, respectively.
Other Information
The table below presents supplemental cash flow information related to leases (in millions):
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$10.4 $8.9 $20.6 $17.3 
Operating cash flows for finance leases0.1 0.1 0.3 0.3 
Financing cash flows for finance leases0.7 0.7 1.4 1.5 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheets as of June 30, 2025 (in millions):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2025$1.7 $0.5 $20.8 $21.3 
20263.0 0.5 35.5 36.0 
20272.1 0.1 23.7 23.8 
20280.9 — 14.3 14.3 
20290.1 — 8.5 8.5 
Thereafter0.0 — 6.9 6.9 
Total minimum lease payments7.8 $1.1 $109.7 110.8 
Less: Amounts representing interest(0.8)(10.5)
Present value of future minimum lease payments7.0 100.3 
Less: Current obligation under leases(2.8)(36.1)
Long-term lease obligations$4.2 $64.2 
Leases LEASES
We lease various assets in the ordinary course of business as follows: warehouses to store our materials and perform staging activities for certain products we install, various office spaces for selling and administrative activities to support our business, and certain vehicles and equipment to facilitate our operations, including, but not limited to, trucks, forklifts and office equipment.
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets (in millions):
As of June 30,As of December 31,
Classification20252024
Assets   
Non-Current   
OperatingOperating lease right-of-use assets$100.4 $95.6 
FinanceProperty and equipment, net6.7 7.9 
Total lease assets $107.1 $103.5 
Liabilities 
Current 
OperatingCurrent maturities of operating lease obligations$36.1 $34.3 
FinancingCurrent maturities of finance lease obligations2.8 2.8 
Non-Current 
OperatingOperating lease obligations64.2 61.0 
FinancingFinance lease obligations4.2 5.4 
Total lease liabilities$107.3 $103.5 
Weighted-average remaining lease term:
Operating leases 3.6 years3.6 years
Finance leases 2.7 years3.0 years
Weighted-average discount rate:
Operating leases 5.67 %5.68 %
Finance leases 7.94 %7.74 %
Lease Costs
The table below presents certain information related to the lease costs for finance and operating leases (in millions):
Three months ended June 30,Six months ended June 30,
Classification2025202420252024
Operating lease cost(1)
Administrative$12.5 $10.8 $24.8 $21.1 
Finance lease cost:
Amortization of leased assets(2)
Cost of sales0.9 1.0 1.9 2.0 
Interest on finance lease obligationsInterest expense, net0.1 0.1 0.3 0.3 
Total lease costs$13.5 $11.9 $27.0 $23.4 
(1)Includes variable lease costs of $1.7 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively, $3.3 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively, short-term lease costs of $0.3 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $0.8 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Includes variable lease costs of $0.2 million for each of the three months ended June 30, 2025 and 2024, respectively, and $0.4 million for each of the six months ended June 30, 2025 and 2024, respectively.
Other Information
The table below presents supplemental cash flow information related to leases (in millions):
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$10.4 $8.9 $20.6 $17.3 
Operating cash flows for finance leases0.1 0.1 0.3 0.3 
Financing cash flows for finance leases0.7 0.7 1.4 1.5 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years for the finance lease obligations and operating lease obligations recorded on the Condensed Consolidated Balance Sheets as of June 30, 2025 (in millions):
 Finance LeasesOperating Leases
  Related PartyOtherTotal Operating
Remainder of 2025$1.7 $0.5 $20.8 $21.3 
20263.0 0.5 35.5 36.0 
20272.1 0.1 23.7 23.8 
20280.9 — 14.3 14.3 
20290.1 — 8.5 8.5 
Thereafter0.0 — 6.9 6.9 
Total minimum lease payments7.8 $1.1 $109.7 110.8 
Less: Amounts representing interest(0.8)(10.5)
Present value of future minimum lease payments7.0 100.3 
Less: Current obligation under leases(2.8)(36.1)
Long-term lease obligations$4.2 $64.2