Avantor, Inc. Leases Disclosure
(in millions) | Classification | December 31, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Operating leases: | |||||||||||||||||
| Lease assets | $ | 164.5 | $ | 156.5 | |||||||||||||
| Current portion of liabilities | 33.5 | 29.8 | |||||||||||||||
| Liabilities, net of current portion | 152.0 | 143.2 | |||||||||||||||
| Finance leases: | |||||||||||||||||
| Lease assets | 27.4 | 15.2 | |||||||||||||||
| Current portion of liabilities | 6.1 | 4.0 | |||||||||||||||
| Liabilities, net of current portion | 20.8 | 11.0 | |||||||||||||||
(in millions) | Year ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Operating lease expense1 | $ | 59.8 | $ | 58.2 | $ | 52.5 | |||||||||||
Finance lease expense2 | 7.5 | 10.6 | 11.6 | ||||||||||||||
| Total | $ | 67.3 | $ | 68.8 | $ | 64.1 | |||||||||||
| December 31, | |||||||||||||||||
| (dollars in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Weighted average remaining lease term at end of the year: | |||||||||||||||||
| Operating leases | 8.9 years | 9.3 years | 6.6 years | ||||||||||||||
| Finance leases | 4.8 years | 4.4 years | 11.7 years | ||||||||||||||
| Weighted average discount rate at end of the year: | |||||||||||||||||
| Operating leases | 6.1 | % | 6.2 | % | 4.4 | % | |||||||||||
| Finance leases | 5.4 | % | 3.8 | % | 7.9 | % | |||||||||||
| Statement of cash flows: | |||||||||||||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 36.2 | $ | 100.1 | $ | 39.3 | |||||||||||
| Finance lease right-of-use assets obtained in exchange for Finance lease liabilities | 17.5 | 4.4 | 4.2 | ||||||||||||||
(in millions) | December 31, 2025 | ||||||||||
| Operating leases | Finance leases | ||||||||||
| 2026 | $ | 43.0 | $ | 7.3 | |||||||
| 2027 | 36.6 | 6.4 | |||||||||
| 2028 | 28.9 | 5.9 | |||||||||
| 2029 | 21.9 | 5.4 | |||||||||
| 2030 | 18.2 | 3.1 | |||||||||
| Thereafter | 97.1 | 2.6 | |||||||||
| Total undiscounted lease payments | 245.7 | 30.7 | |||||||||
| Difference between undiscounted and discounted lease payments | (60.2) | (3.8) | |||||||||
| Lease liabilities | $ | 185.5 | $ | 26.9 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 14, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.