Leases

3 Months Ended

Mar. 31, 2026

Lessee Accounting

We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2026 to September 2042.

We incurred $7.7 and $6.7 of rental expense under operating leases for the three months ended March 31, 2026 and 2025, respectively, and these are included in selling, general and administrative expenses within our unaudited condensed consolidated statements of operations and comprehensive (loss) income. Payments related to short-term lease costs and taxes and variable service charges on leased properties were immaterial.

The following table presents the lease balances within our unaudited condensed consolidated balance sheets, weighted average remaining lease term and weighted average discount rates related to our leases:


Lease Assets and Liabilities		March 31, 2026		December 31, 2025
Assets
Operating lease, net	Property, plant and equipment, net	$	85.4	$	81.7
Finance lease, net	Other assets	28.0		30.1
Total lease assets		$	113.4	$	111.8

Liabilities
Current:
Operating lease liabilities	Other current liabilities	$	22.1	$	20.7
Finance lease liabilities	Other current liabilities	7.4		7.5
Non-current:
Operating lease liabilities	Other long-term liabilities	65.1		62.6
Finance lease liabilities	Other long-term liabilities	21.4		23.5
Total lease liabilities		$	116.0	$	114.3

Weighted-average remaining lease terms
Operating leases		5.8 years		5.9 years
Finance leases		4.9 years		5.0 years
Weighted-average discount rate
Operating leases		6.9%		6.9%
Finance leases		6.2%		6.1%

We recorded net non-cash right-of-use assets in exchange for operating lease liabilities of $9.5 for the three months ended March 31, 2026.

The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2026:


	Finance		Operating
2026	$	7.1	$	20.8
2027	9.4		22.7
2028	5.2		19.0
2029	3.2		12.6
2030	2.7		8.6
2031	2.8		5.4
Thereafter	3.7		5.4
Total future minimum lease payments	34.1		94.5
Less: Present value discount	5.3		7.3
Lease liability	$	28.8	$	87.2

Leases

Lessee Accounting

We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2026 to September 2042.


Lease Assets and Liabilities		March 31, 2026		December 31, 2025
Assets
Operating lease, net	Property, plant and equipment, net	$	85.4	$	81.7
Finance lease, net	Other assets	28.0		30.1
Total lease assets		$	113.4	$	111.8

Liabilities
Current:
Operating lease liabilities	Other current liabilities	$	22.1	$	20.7
Finance lease liabilities	Other current liabilities	7.4		7.5
Non-current:
Operating lease liabilities	Other long-term liabilities	65.1		62.6
Finance lease liabilities	Other long-term liabilities	21.4		23.5
Total lease liabilities		$	116.0	$	114.3

Weighted-average remaining lease terms
Operating leases		5.8 years		5.9 years
Finance leases		4.9 years		5.0 years
Weighted-average discount rate
Operating leases		6.9%		6.9%
Finance leases		6.2%		6.1%

We recorded net non-cash right-of-use assets in exchange for operating lease liabilities of $9.5 for the three months ended March 31, 2026.

The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2026:


	Finance		Operating
2026	$	7.1	$	20.8
2027	9.4		22.7
2028	5.2		19.0
2029	3.2		12.6
2030	2.7		8.6
2031	2.8		5.4
Thereafter	3.7		5.4
Total future minimum lease payments	34.1		94.5
Less: Present value discount	5.3		7.3
Lease liability	$	28.8	$	87.2

Leases

Lessee Accounting

We lease certain office spaces, warehouses, facilities, vehicles and equipment. Our leases have maturity dates ranging from April 2026 to September 2042.


Lease Assets and Liabilities		March 31, 2026		December 31, 2025
Assets
Operating lease, net	Property, plant and equipment, net	$	85.4	$	81.7
Finance lease, net	Other assets	28.0		30.1
Total lease assets		$	113.4	$	111.8

Liabilities
Current:
Operating lease liabilities	Other current liabilities	$	22.1	$	20.7
Finance lease liabilities	Other current liabilities	7.4		7.5
Non-current:
Operating lease liabilities	Other long-term liabilities	65.1		62.6
Finance lease liabilities	Other long-term liabilities	21.4		23.5
Total lease liabilities		$	116.0	$	114.3

Weighted-average remaining lease terms
Operating leases		5.8 years		5.9 years
Finance leases		4.9 years		5.0 years
Weighted-average discount rate
Operating leases		6.9%		6.9%
Finance leases		6.2%		6.1%

We recorded net non-cash right-of-use assets in exchange for operating lease liabilities of $9.5 for the three months ended March 31, 2026.

The following table summarizes future minimum lease payments for non-cancelable operating leases and for finance leases as of March 31, 2026:


	Finance		Operating
2026	$	7.1	$	20.8
2027	9.4		22.7
2028	5.2		19.0
2029	3.2		12.6
2030	2.7		8.6
2031	2.8		5.4
Thereafter	3.7		5.4
Total future minimum lease payments	34.1		94.5
Less: Present value discount	5.3		7.3
Lease liability	$	28.8	$	87.2