LEASES

3 Months Ended

Mar. 31, 2026

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, 2025.

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2026 and 2025 consisted of the following:


		Three Months Ended
		March 31,
(In millions)		2026			2025
Operating lease cost		$	37.8		$	38.2
Short-term lease cost			1.4			1.6
Variable lease cost			0.1			0.1
Total			39.3			39.9
Sublease income			(0.3)			(3.6)
Total lease cost, net		$	39.0		$	36.3

Future minimum lease payments of operating lease liabilities that have non-cancelable lease terms in excess of one year at March 31, 2026 are as follows:


		As of
Year (in millions)		March 31, 2026
Remainder of 2026		$	107.9
2027			108.3
2028			57.9
2029			35.5
2030			24.8
Thereafter			73.3
Total lease payments			407.7
Less: Interest			(52.4)
Present value of operating lease liabilities			355.3
Less: Short-term portion			(125.3)
Long-term operating lease liabilities		$	230.0