v3.25.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Balances of Right of Use Assets and Liabilities of Finance Leases and Operating Leases

The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows:

 

 

 

 

December 31,

 

 

 

Balance Sheet Location

 

2024

 

 

2023

 

Operating leases:

 

 

 

 

 

 

 

 

Lease right-of-use assets, net

 

Other long-term assets

 

$

103.7

 

 

$

64.2

 

Current liabilities

 

Accrued liabilities

 

 

25.2

 

 

 

21.8

 

Non-current liabilities

 

Other long-term liabilities

 

 

90.4

 

 

 

56.5

 

 

 

 

 

 

 

 

 

 

Finance leases:

 

 

 

 

 

 

 

 

Lease right-of-use assets, net

 

Property, plant and equipment, net

 

$

285.1

 

 

$

281.5

 

Current liabilities

 

Current debt obligations

 

 

57.7

 

 

 

45.7

 

Non-current liabilities

 

Long-term debt

 

 

240.4

 

 

 

244.1

 

 

Summary of Components of Lease Expense

Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest expense, net in our Consolidated Statements of Operations. The components of lease expense were as follows:

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Lease cost

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

 

 

$

30.6

 

 

$

18.3

 

 

$

17.7

 

Short-term lease cost

 

 

 

 

45.2

 

 

 

56.7

 

 

 

35.0

 

Variable lease cost

 

 

 

 

46.0

 

 

 

26.0

 

 

 

17.9

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

 

 

55.3

 

 

 

48.2

 

 

 

20.3

 

Interest expense

 

 

 

 

14.5

 

 

 

14.0

 

 

 

3.5

 

Total lease cost

 

 

 

$

191.6

 

 

$

163.2

 

 

$

94.4

 

Summary of Other Supplemental Information Related to Leases

Other supplemental information related to our leases are as follows:

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

 

 

$

32.4

 

 

$

21.4

 

 

$

18.8

 

Operating cash flows for finance leases

 

 

 

 

14.2

 

 

 

13.9

 

 

 

2.7

 

Financing cash flows for finance leases

 

 

 

 

50.1

 

 

 

42.9

 

 

 

19.7

 

Summary of Maturities of Lease Liabilities Under Non-cancellable Leases

The following table presents the maturities of our lease liabilities under non-cancellable leases as of December 31, 2024:

 

 

Operating Leases

 

 

Finance Leases

 

 

 

 

 

 

 

 

2025

 

$

22.2

 

 

$

70.3

 

2026

 

 

24.9

 

 

 

68.6

 

2027

 

 

24.5

 

 

 

61.5

 

2028

 

 

19.9

 

 

 

53.4

 

2029

 

 

16.1

 

 

 

44.3

 

Thereafter

 

 

26.5

 

 

 

37.2

 

Total undiscounted cash flows

 

 

134.1

 

 

 

335.3

 

Less imputed interest

 

 

(18.5

)

 

 

(37.2

)

Total lease liabilities

 

$

115.6

 

 

$

298.1