NOTE 5. LEASES Components of total operating lease cost were as follows: | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | (in millions) | | Operating lease cost | | $ | 6.4 | | $ | 6.5 | | $ | 13.0 | | $ | 13.0 | | Short-term and variable lease cost | | | 1.9 | | | 1.7 | | | 3.7 | | | 3.1 | | Total operating lease cost | | $ | 8.3 | | $ | 8.2 | | $ | 16.7 | | $ | 16.1 | |
Estimated future payments on our operating lease liabilities are as follows: | | | | Year Ending December 31, | | | (in millions) | 2026 (remaining) | | $ | 11.4 | 2027 | | | 23.1 | 2028 | | | 22.5 | 2029 | | | 18.5 | 2030 | | | 17.0 | Thereafter | | | 58.1 | Total lease payments | | | 150.6 | Less: Interest | | | (37.8) | Present value of lease liabilities | | $ | 112.8 |
In addition to the above, we have a lease agreement with total payments of $9.0 million that commences in the third quarter of 2026 and extends through 2031. The following tables present additional information about our lease agreements: | | | | | | | | | | | June 30, | | | December 31, | | | | 2026 | | | 2025 | | Weighted-average remaining lease term (in years) | | | 7.9 | | | | 8.2 | | Weighted-average discount rate | | | 6.3 | % | | | 6.4 | % |
| | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in millions) | | Cash paid for operating leases | $ | 6.5 | | $ | 6.7 | | $ | 13.4 | | $ | 13.0 | | Right-of-use assets obtained in exchange for operating lease liabilities | $ | 3.6 | | $ | 7.1 | | $ | 12.0 | | $ | 19.4 | |
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