v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases, finance Leases
The following table presents lease assets and liabilities and their balance sheet classification:
(in millions)
Classification
December 31,
20252024
Operating leases:
Lease assetsOther assets$164.5 $156.5 
Current portion of liabilitiesOther current liabilities33.5 29.8 
Liabilities, net of current portionOther liabilities152.0 143.2 
Finance leases:
Lease assetsProperty, plant and equipment, net27.4 15.2 
Current portion of liabilitiesCurrent portion of debt6.1 4.0 
Liabilities, net of current portionDebt, net of current portion20.8 11.0 
The following tables present information about lease expense:
(in millions)
Year ended December 31,
202520242023
Operating lease expense1
$59.8 $58.2 $52.5 
Finance lease expense2
7.5 10.6 11.6 
Total$67.3 $68.8 $64.1 
(1)Operating lease expense for 2025 and 2024 includes $16.5 million and $14.6 million, respectively, classified as cost of sales and $43.3 million and $43.6 million classified within SG&A expenses, respectively.
(2)Finance lease expense consists primarily of amortization of finance lease assets that is classified within SG&A expenses.
December 31,
(dollars in millions)202520242023
Weighted average remaining lease term at end of the year:
Operating leases8.9 years9.3 years6.6 years
Finance leases4.8 years4.4 years11.7 years
Weighted average discount rate at end of the year:
Operating leases6.1 %6.2 %4.4 %
Finance leases5.4 %3.8 %7.9 %
Statement of cash flows:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities$36.2$100.1$39.3
Finance lease right-of-use assets obtained in exchange for Finance lease liabilities17.54.44.2
The following table presents future payments due under leases reconciled to lease liabilities:
(in millions)
December 31, 2025
Operating leasesFinance leases
2026$43.0 $7.3 
202736.6 6.4 
202828.9 5.9 
202921.9 5.4 
203018.2 3.1 
Thereafter97.1 2.6 
Total undiscounted lease payments245.7 30.7 
Difference between undiscounted and discounted lease payments(60.2)(3.8)
Lease liabilities$185.5 $26.9 
Leases, operating Leases
The following table presents lease assets and liabilities and their balance sheet classification:
(in millions)
Classification
December 31,
20252024
Operating leases:
Lease assetsOther assets$164.5 $156.5 
Current portion of liabilitiesOther current liabilities33.5 29.8 
Liabilities, net of current portionOther liabilities152.0 143.2 
Finance leases:
Lease assetsProperty, plant and equipment, net27.4 15.2 
Current portion of liabilitiesCurrent portion of debt6.1 4.0 
Liabilities, net of current portionDebt, net of current portion20.8 11.0 
The following tables present information about lease expense:
(in millions)
Year ended December 31,
202520242023
Operating lease expense1
$59.8 $58.2 $52.5 
Finance lease expense2
7.5 10.6 11.6 
Total$67.3 $68.8 $64.1 
(1)Operating lease expense for 2025 and 2024 includes $16.5 million and $14.6 million, respectively, classified as cost of sales and $43.3 million and $43.6 million classified within SG&A expenses, respectively.
(2)Finance lease expense consists primarily of amortization of finance lease assets that is classified within SG&A expenses.
December 31,
(dollars in millions)202520242023
Weighted average remaining lease term at end of the year:
Operating leases8.9 years9.3 years6.6 years
Finance leases4.8 years4.4 years11.7 years
Weighted average discount rate at end of the year:
Operating leases6.1 %6.2 %4.4 %
Finance leases5.4 %3.8 %7.9 %
Statement of cash flows:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities$36.2$100.1$39.3
Finance lease right-of-use assets obtained in exchange for Finance lease liabilities17.54.44.2
The following table presents future payments due under leases reconciled to lease liabilities:
(in millions)
December 31, 2025
Operating leasesFinance leases
2026$43.0 $7.3 
202736.6 6.4 
202828.9 5.9 
202921.9 5.4 
203018.2 3.1 
Thereafter97.1 2.6 
Total undiscounted lease payments245.7 30.7 
Difference between undiscounted and discounted lease payments(60.2)(3.8)
Lease liabilities$185.5 $26.9