Leases (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Lease-Related Assets and Liabilities

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,
	Classification	2025			2024
Assets
Non-Current
Operating	Operating lease right-of-use assets	$	100.4		$	95.6
Finance	Property and equipment, net	6.7			7.9
Total lease assets		$	107.1		$	103.5
Liabilities
Current
Operating	Current maturities of operating lease obligations	$	36.1		$	34.3
Financing	Current maturities of finance lease obligations	2.8			2.8
Non-Current
Operating	Operating lease obligations	64.2			61.0
Financing	Finance lease obligations	4.2			5.4
Total lease liabilities		$	107.3		$	103.5

Weighted-average remaining lease term:
Operating leases		3.6 years			3.6 years
Finance leases		2.7 years			3.0 years
Weighted-average discount rate:
Operating leases		5.67		%	5.68		%
Finance leases		7.94		%	7.74		%

Schedule of Lease Costs for Finance and Operating Leases

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,
	Classification	2025		2024		2025		2024
Operating lease cost(1)	Administrative	$	12.5	$	10.8	$	24.8	$	21.1
Finance lease cost:
Amortization of leased assets(2)	Cost of sales	0.9		1.0		1.9		2.0
Interest on finance lease obligations	Interest expense, net	0.1		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.

The table below presents supplemental cash flow information related to leases (in millions):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
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 leases	0.1		0.1		0.3		0.3
Financing cash flows for finance leases	0.7		0.7		1.4		1.5

Schedule of Undiscounted Cash Flows Finance Lease Obligations

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 Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2025	$	1.7	$	0.5	$	20.8	$	21.3
2026	3.0		0.5		35.5		36.0
2027	2.1		0.1		23.7		23.8
2028	0.9		—		14.3		14.3
2029	0.1		—		8.5		8.5
Thereafter	0.0		—		6.9		6.9
Total minimum lease payments	7.8		$	1.1	$	109.7	110.8

Less: Amounts representing interest	(0.8)						(10.5)
Present value of future minimum lease payments	7.0						100.3
Less: Current obligation under leases	(2.8)						(36.1)
Long-term lease obligations	$	4.2					$	64.2

Schedule of Undiscounted Cash Flows Operating Lease Obligations


	Finance Leases		Operating Leases
			Related Party		Other		Total Operating
Remainder of 2025	$	1.7	$	0.5	$	20.8	$	21.3
2026	3.0		0.5		35.5		36.0
2027	2.1		0.1		23.7		23.8
2028	0.9		—		14.3		14.3
2029	0.1		—		8.5		8.5
Thereafter	0.0		—		6.9		6.9
Total minimum lease payments	7.8		$	1.1	$	109.7	110.8

Less: Amounts representing interest	(0.8)						(10.5)
Present value of future minimum lease payments	7.0						100.3
Less: Current obligation under leases	(2.8)						(36.1)
Long-term lease obligations	$	4.2					$	64.2