v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Assets and Liabilities, Lessee
The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023:
(in millions)Classification on the Balance SheetDecember 31, 2024December 31, 2023
Assets
Operating lease assetsLease right of use assets$802.4 $732.8 
Finance lease assetsLease right of use assets42.9 56.3 
Total lease right of use assets$845.3 $789.1 
Liabilities
Current liabilities:
Operating lease liabilitiesCurrent operating lease liabilities$187.8 $131.2 
Finance lease liabilitiesAccrued expenses11.2 12.2 
Noncurrent liabilities:
Operating lease liabilitiesLong-term operating lease liabilities622.2 608.8 
Finance lease liabilitiesLong-term financing lease liabilities35.4 46.1 
Total lease liabilities$856.6 $798.3 
Lease, Cost
The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2024 and December 31, 2023:
Lease Costs (in millions)
December 31, 2024December 31,
2023
Components of total lease costs:
Finance lease costs
Amortization of right of use assets$14.0 $13.9 
Interest on lease liabilities3.6 4.5 
Operating lease costs289.6 219.7 
Short-term lease costs78.7 137.7 
Variable lease costs27.0 13.4 
Sub-lease income(3.0)— 
Total lease costs$409.9 $389.2 
Cash Flow, Lessee
The table below presents supplemental cash flow information related to leases for the year ended December 31, 2024 and December 31, 2023 (in millions):
Year Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$289.1 $213.9 
Operating cash flows for finance leases3.6 4.5 
Financing cash flows for finance leases12.2 14.1 
Supplemental non-cash quantification of assets acquired or remeasured under operating and financing leases288.6 271.6 
Lease Term and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2024:
Weighted average remaining lease term - operating leases9.0 years
Weighted average remaining lease term - finance leases3.8 years
Weighted average discount rate - operating leases13.7 %
Weighted average discount rate - finance leases7.1 %
Lessee, Operating Lease, Liability, Maturity
The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2024:
Amounts due in the year ended December 31, (in millions)
Finance LeasesOperating Leases
2025$14.1 $278.8 
202613.7 184.1 
202713.7 137.0 
202811.0 107.5 
20290.7 95.1 
Thereafter— 617.8 
Total minimum lease payments53.2 1,420.3 
Less: effect of discounting6.6 610.3 
Present value of future minimum lease payments46.6 810.0 
Less: current obligations under leases11.2 187.8 
Long-term lease obligations$35.4 $622.2 
Finance Lease, Liability, Fiscal Year Maturity
The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2024:
Amounts due in the year ended December 31, (in millions)
Finance LeasesOperating Leases
2025$14.1 $278.8 
202613.7 184.1 
202713.7 137.0 
202811.0 107.5 
20290.7 95.1 
Thereafter— 617.8 
Total minimum lease payments53.2 1,420.3 
Less: effect of discounting6.6 610.3 
Present value of future minimum lease payments46.6 810.0 
Less: current obligations under leases11.2 187.8 
Long-term lease obligations$35.4 $622.2