v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
Operating leases and financing leases
Supplemental balance sheet information related to our operating and financing right of use (“ROU”) assets and lease liabilities is as follows (in millions):
Balance Sheet LocationJune 30, 2026December 31, 2025
Assets
Operating lease ROU assets, netOperating lease ROU assets, net$161.0 $173.5 
Financing lease ROU assets, net
Other assets, net
$22.6 $0.7 
Liabilities
Current
Operating lease liabilities, short-termOperating lease liabilities, short-term$23.1 $22.9 
Financing lease liabilities, short-termOther current liabilities$1.7 $0.3 
Non-current
Operating lease liabilities, long-termOperating lease liabilities, long-term$176.5 $189.7 
Financing lease liabilities, long-termOther long-term liabilities$21.3 $0.5 
Lease Termination Incentive
During the first quarter of 2025, we signed an agreement with the landlord of our Japanese subsidiary’s headquarters to terminate a lease prior to its original end date in exchange for a cash incentive of 1,800.0 million Yen (approximately $12.0 million). As a result, we recognized a $12.0 million gain on lease termination, which was recorded within selling, general and administrative expenses in our condensed consolidated statement of operations.
The components of lease expense, excluding the impact from the lease termination incentive, included in our condensed consolidated statement of operations for the periods presented below are as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease costs
$8.7 $8.6 $17.7 $16.7 
Financing lease costs:
Amortization of ROU assets1.0 — 1.1 0.1 
Interest on lease liabilities0.7 — 0.7 — 
Total financing lease costs1.7 — 1.8 0.1 
Variable lease costs0.3 0.3 0.7 0.6 
Total lease costs$10.7 $8.9 $20.2 $17.4 
Other information related to leases (in millions):
Six Months Ended June 30,
Supplemental Cash Flows Information20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18.3 $15.7 
Operating cash flows from finance leases$0.7 $— 
Financing cash flows from finance leases$0.7 $0.1 
Lease liabilities arising from new ROU assets:
Operating leases$8.6 $25.2 
Financing leases$22.9 $0.2 
June 30, 2026December 31, 2025
Weighted-average remaining lease term (years):
Operating leases8.89.4
Financing leases9.33.4
Weighted-average discount rate:
Operating leases6.8 %6.8 %
Financing leases7.2 %7.1 %
As of June 30, 2026, our future minimum lease obligations were as follows (in millions):
Operating LeasesFinancing LeasesTotal
Remainder of 2026$17.8 $1.7 $19.5 
202734.7 3.3 38.0 
202833.2 3.3 36.5 
202932.2 3.3 35.5 
203027.8 3.3 31.1 
Thereafter128.9 16.9 145.8 
Total future lease payments274.6 31.8 306.4 
Less: imputed interest75.0 8.8 83.8 
Total$199.6 $23.0 $222.6 
Leases Leases
Operating leases and financing leases
Supplemental balance sheet information related to our operating and financing right of use (“ROU”) assets and lease liabilities is as follows (in millions):
Balance Sheet LocationJune 30, 2026December 31, 2025
Assets
Operating lease ROU assets, netOperating lease ROU assets, net$161.0 $173.5 
Financing lease ROU assets, net
Other assets, net
$22.6 $0.7 
Liabilities
Current
Operating lease liabilities, short-termOperating lease liabilities, short-term$23.1 $22.9 
Financing lease liabilities, short-termOther current liabilities$1.7 $0.3 
Non-current
Operating lease liabilities, long-termOperating lease liabilities, long-term$176.5 $189.7 
Financing lease liabilities, long-termOther long-term liabilities$21.3 $0.5 
Lease Termination Incentive
During the first quarter of 2025, we signed an agreement with the landlord of our Japanese subsidiary’s headquarters to terminate a lease prior to its original end date in exchange for a cash incentive of 1,800.0 million Yen (approximately $12.0 million). As a result, we recognized a $12.0 million gain on lease termination, which was recorded within selling, general and administrative expenses in our condensed consolidated statement of operations.
The components of lease expense, excluding the impact from the lease termination incentive, included in our condensed consolidated statement of operations for the periods presented below are as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease costs
$8.7 $8.6 $17.7 $16.7 
Financing lease costs:
Amortization of ROU assets1.0 — 1.1 0.1 
Interest on lease liabilities0.7 — 0.7 — 
Total financing lease costs1.7 — 1.8 0.1 
Variable lease costs0.3 0.3 0.7 0.6 
Total lease costs$10.7 $8.9 $20.2 $17.4 
Other information related to leases (in millions):
Six Months Ended June 30,
Supplemental Cash Flows Information20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$18.3 $15.7 
Operating cash flows from finance leases$0.7 $— 
Financing cash flows from finance leases$0.7 $0.1 
Lease liabilities arising from new ROU assets:
Operating leases$8.6 $25.2 
Financing leases$22.9 $0.2 
June 30, 2026December 31, 2025
Weighted-average remaining lease term (years):
Operating leases8.89.4
Financing leases9.33.4
Weighted-average discount rate:
Operating leases6.8 %6.8 %
Financing leases7.2 %7.1 %
As of June 30, 2026, our future minimum lease obligations were as follows (in millions):
Operating LeasesFinancing LeasesTotal
Remainder of 2026$17.8 $1.7 $19.5 
202734.7 3.3 38.0 
202833.2 3.3 36.5 
202932.2 3.3 35.5 
203027.8 3.3 31.1 
Thereafter128.9 16.9 145.8 
Total future lease payments274.6 31.8 306.4 
Less: imputed interest75.0 8.8 83.8 
Total$199.6 $23.0 $222.6