v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The Company leases manufacturing, warehouse and office facilities as well as manufacturing and office equipment under leases that expire at various dates through 2038. The facility leases generally provide that the Company is responsible for taxes, utilities, maintenance, and insurance.
The weighted-average remaining lease term for operating leases was 5.9 and 6.1 years and the weighted-average discount rate was 6.1% and 6.3% at June 30, 2026 and December 31, 2025, respectively. The weighted-average remaining lease term for finance leases was 3.0 and 3.1 years and the weighted-average discount rate was 5.3% and 5.4% at June 30, 2026 and December 31, 2025, respectively.
Supplemental balance sheet information related to leases is as follows:
Operating LeasesFinancial Statement Line Item in the Condensed Consolidated Balance Sheets (Unaudited)June 30, 2026December 31, 2025
ROU assets, netOther long-term assets$129.1 $106.8 
Current lease liabilitiesAccrued expenses and other current liabilities23.4 19.9 
Long-term lease liabilitiesOther long-term liabilities113.4 92.2 
Total operating lease liabilities$136.8 $112.1 
Finance LeasesFinancial Statement Line Item in the Condensed Consolidated Balance Sheets (Unaudited)June 30, 2026December 31, 2025
ROU assets, netProperty, plant and equipment, net$5.6 $5.6 
Current lease liabilitiesCurrent maturities of long-term debt2.2 2.1 
Long-term lease liabilitiesLong-term debt3.6 3.6 
Total finance lease liabilities$5.8 $5.7 
The Company recorded lease expense as either cost of goods sold or selling, general, and administrative expenses within its consolidated statements of income (loss), depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of goods sold or selling, general, and administrative expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of income (loss).
The components of lease expense were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Operating lease expense$8.7 $6.5 $16.8 $12.9 
Finance lease expense
Depreciation of ROU assets0.6 0.6 1.2 1.1 
Interest on lease liabilities0.1 0.1 0.2 0.1 
Total lease expense$9.4 $7.2 $18.2 $14.1 
The following table presents supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities:
Six months ended June 30,
20262025
Operating cash flow from operating leases$14.8 $12.9 
ROU assets obtained in exchange for new operating lease liabilities36.0 8.3 
Operating cash flows from finance leases0.2 0.1 
Financing cash flows for finance leases1.2 1.1 
ROU assets obtained in exchange for new finance lease liabilities1.3 1.9 
In March 2026, the Company entered into a lease agreement for a production facility. The lease has an initial term of 7 years, commencing on March 20, 2026, with options to extend for two additional periods of 5 years each. Total minimum lease payments over the noncancelable term are approximately $37.7. The lease is classified as an operating lease under ASC 842. In connection with the lease, the Company recognized a right of use asset of $30.1 and a corresponding lease liability of $30.1 on its condensed consolidated balance sheet.
Leases Leases
The Company leases manufacturing, warehouse and office facilities as well as manufacturing and office equipment under leases that expire at various dates through 2038. The facility leases generally provide that the Company is responsible for taxes, utilities, maintenance, and insurance.
The weighted-average remaining lease term for operating leases was 5.9 and 6.1 years and the weighted-average discount rate was 6.1% and 6.3% at June 30, 2026 and December 31, 2025, respectively. The weighted-average remaining lease term for finance leases was 3.0 and 3.1 years and the weighted-average discount rate was 5.3% and 5.4% at June 30, 2026 and December 31, 2025, respectively.
Supplemental balance sheet information related to leases is as follows:
Operating LeasesFinancial Statement Line Item in the Condensed Consolidated Balance Sheets (Unaudited)June 30, 2026December 31, 2025
ROU assets, netOther long-term assets$129.1 $106.8 
Current lease liabilitiesAccrued expenses and other current liabilities23.4 19.9 
Long-term lease liabilitiesOther long-term liabilities113.4 92.2 
Total operating lease liabilities$136.8 $112.1 
Finance LeasesFinancial Statement Line Item in the Condensed Consolidated Balance Sheets (Unaudited)June 30, 2026December 31, 2025
ROU assets, netProperty, plant and equipment, net$5.6 $5.6 
Current lease liabilitiesCurrent maturities of long-term debt2.2 2.1 
Long-term lease liabilitiesLong-term debt3.6 3.6 
Total finance lease liabilities$5.8 $5.7 
The Company recorded lease expense as either cost of goods sold or selling, general, and administrative expenses within its consolidated statements of income (loss), depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of goods sold or selling, general, and administrative expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of income (loss).
The components of lease expense were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Operating lease expense$8.7 $6.5 $16.8 $12.9 
Finance lease expense
Depreciation of ROU assets0.6 0.6 1.2 1.1 
Interest on lease liabilities0.1 0.1 0.2 0.1 
Total lease expense$9.4 $7.2 $18.2 $14.1 
The following table presents supplemental cash flow information related to cash paid for amounts included in the measurement of lease liabilities:
Six months ended June 30,
20262025
Operating cash flow from operating leases$14.8 $12.9 
ROU assets obtained in exchange for new operating lease liabilities36.0 8.3 
Operating cash flows from finance leases0.2 0.1 
Financing cash flows for finance leases1.2 1.1 
ROU assets obtained in exchange for new finance lease liabilities1.3 1.9 
In March 2026, the Company entered into a lease agreement for a production facility. The lease has an initial term of 7 years, commencing on March 20, 2026, with options to extend for two additional periods of 5 years each. Total minimum lease payments over the noncancelable term are approximately $37.7. The lease is classified as an operating lease under ASC 842. In connection with the lease, the Company recognized a right of use asset of $30.1 and a corresponding lease liability of $30.1 on its condensed consolidated balance sheet.