| Schedule of Interest Rate Swaps and Cross-Currency Swaps |
The following table summarizes our interest rate swaps in effect as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | Expiration date | | Fixed rate | | Notional amount | | | | | | March 31, 2025 | | December 31, 2024 | | | February 27, 2025 | | 1.629% | | $— | | $250.0 | | | March 27, 2025 | | 3.214% | | — | | 1,000.0 | | | February 8, 2026 | | 3.695% | | 500.0 | | 500.0 | | | March 27, 2028 | | 3.246% | | 1,000.0 | | 1,000.0 | | | March 27, 2028 | | 3.229% | | 350.0 | | — | | | March 27, 2028 | | 3.240% | | 250.0 | | — | | | Total interest rate swaps | | | | $2,100.0 | | $2,750.0 | |
The following table summarizes our cross-currency swaps in effect as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Pay | | Receive | Expiration date | | Notional amount | Interest rate | | Notional amount | Interest rate | | July 19, 2026 | | €124.0 | 0% | | $125.0 | 1.723% | July 19, 2027 (1) | | 121.4 | 0% | | 125.0 | 1.909% | April 16, 2028 (1) | | 72.9 | 0% | | 75.0 | 1.790% | April 16, 2028 (1) | | 72.9 | 0% | | 75.0 | 1.803% | April 16, 2029 (1) | | 97.1 | 0% | | 100.0 | 1.762% | January 3, 2030 (1) | | 121.5 | 0% | | 125.0 | 1.415% | Total cross-currency swaps | | €609.8 | | | $625.0 | | | | | | | | | | December 31, 2024 | | | Pay | | Receive | Expiration date | | Notional amount | Interest rate | | Notional amount | Interest rate | July 19, 2025 (2) | | €124.0 | 0% | | $125.0 | 1.883% | | July 19, 2026 | | 124.0 | 0% | | 125.0 | 1.723% | July 19, 2027 (2) | | 124.0 | 0% | | 125.0 | 1.400% | April 16, 2028 (2) | | 69.2 | 0% | | 75.0 | 1.676% | April 16, 2028 (2) | | 69.2 | 0% | | 75.0 | 1.685% | April 16, 2029 (2) | | 92.2 | 0% | | 100.0 | 1.703% | | Total cross-currency swaps | | €602.6 | | | $625.0 | |
(1)These swaps were executed on January 3, 2025, replacing previously existing cross-currency swaps. (2)These swaps were terminated on January 3, 2025. Upon the termination of these swaps, we paid cash of $1.1 million, which was reported in OCI at March 31, 2025, and will remain within accumulated OCI until the period in which a disposal or substantial liquidation of the entities hedged occurs.
|
| Schedule of Fair Values of Derivative Instruments in Condensed Consolidated Balance Sheets |
Fair Values of Derivative Instruments in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset derivatives | | Liability derivatives | | | March 31, 2025 | | December 31, 2024 | | March 31, 2025 | | December 31, 2024 | | | Balance sheet
location | | Fair value | | Balance sheet
location | | Fair value | | Balance sheet
location | | Fair value | | Balance sheet
location | | Fair value | | Derivatives designated as hedging instruments: | | | | | | | | | | | | | | | | | Cash flow hedge derivative: | | | | | | | | | | | | | | | | | Interest rate swaps | Other current assets | | $ | 19.6 | | | Other current assets | | $ | 42.6 | | | Other accrued &
current liabilities | | $ | — | | | Other accrued &
current liabilities | | $ | — | | | Net investment hedge derivative: | | | | | | | | | | | | | | | | | Cross-currency swaps | Other current assets | | — | | | Other current assets | | 3.7 | | | Other accrued &
current liabilities | | 30.1 | | | Other accrued &
current liabilities | | 13.2 | | | Total derivatives designated as hedging instruments | | | $ | 19.6 | | | | | $ | 46.3 | | | | | $ | 30.1 | | | | | $ | 13.2 | | | Derivatives not designated as hedging instruments: | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | Other current
assets | | $ | 1.1 | | | Other current
assets | | $ | 1.3 | | | Other accrued &
current liabilities | | $ | 0.6 | | | Other accrued &
current liabilities | | $ | 3.4 | | | | | | | | | | | | | | | | | | | Total derivatives not designated as hedging instruments | | | $ | 1.1 | | | | | $ | 1.3 | | | | | $ | 0.6 | | | | | $ | 3.4 | | | Total derivatives | | | $ | 20.7 | | | | | $ | 47.6 | | | | | $ | 30.7 | | | | | $ | 16.6 | |
|
| Schedule of Effect of Derivative Instruments on Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) |
The Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of pre-tax net gain or (loss) recognized in OCI on derivative | | | | Amount of gain or (loss) reclassified from accumulated OCI into income | | | | Amount of gain or (loss) recognized in income on derivative | | | Three months ended March 31, | | | | Three months ended March 31, | | | | Three months ended March 31, | | Derivatives designated as hedging instruments | | 2025 | | 2024 | | Location of gain or (loss) reclassified from accumulated OCI into income | | 2025 | | 2024 | | Location of gain or (loss) recognized in income on derivative | | 2025 | | 2024 | | Cash flow hedge derivative: | | | | | | | | | | | | | | | | | | Interest rate swaps | | $ | (18.4) | | | $ | 6.3 | | | Interest expense | | $ | 2.7 | | | $ | 21.2 | | | Interest expense | | $ | 2.7 | | | $ | 21.2 | | | Net investment hedge derivative: | | | | | | | | | | | | | | | | | | Cross-currency swaps | | $ | (21.7) | | | $ | 6.6 | | | | | $ | — | | | $ | — | | | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) recognized in income on derivatives | | | | | Three months ended March 31, | | | | Derivatives not designated as hedging instruments | | Location of gain or (loss) recognized in income on derivatives | | 2025 | | 2024 | | | | | | | | | | | | | | | | | Foreign exchange forward contracts | | Non-operating income (expense) – net | | $ | (4.7) | | | $ | 1.0 | | | | | |
|
| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table summarizes fair value measurements by level at March 31, 2025 for assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | Quoted prices in
active markets
for identical
assets (level I) | | Significant other
observable
inputs (level II) | | Significant
unobservable
inputs
(level III) | | Balance at March 31, 2025 | | Assets: | | | | | | | | Cash equivalents (1) | $ | 0.4 | | | $ | — | | | $ | — | | | $ | 0.4 | | | Other current assets: | | | | | | | | Foreign exchange forwards (2) | $ | — | | | $ | 1.1 | | | $ | — | | | $ | 1.1 | | Interest rate swap arrangements (3) | $ | — | | | $ | 19.6 | | | $ | — | | | $ | 19.6 | | | | | | | | | | | Liabilities: | | | | | | | | | Other accrued and current liabilities: | | | | | | | | Foreign exchange forwards (2) | $ | — | | | $ | 0.6 | | | $ | — | | | $ | 0.6 | | | | | | | | | | Cross-currency swap arrangements (3) | $ | — | | | $ | 30.1 | | | $ | — | | | $ | 30.1 | |
The following table summarizes fair value measurements by level at December 31, 2024 for assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | Quoted prices in
active markets
for identical
assets (level I) | | Significant other
observable
inputs (level II) | | Significant
unobservable
inputs
(level III) | | Balance at December 31, 2024 | | Assets: | | | | | | | | Cash equivalents (1) | $ | 0.4 | | | $ | — | | | $ | — | | | $ | 0.4 | | | Other current assets: | | | | | | | | Foreign exchange forwards (2) | $ | — | | | $ | 1.3 | | | $ | — | | | $ | 1.3 | | Interest rate swap arrangements (3) | $ | — | | | $ | 42.6 | | | $ | — | | | $ | 42.6 | | Cross-currency swap arrangements (3) | $ | — | | | $ | 3.7 | | | $ | — | | | $ | 3.7 | | | Liabilities: | | | | | | | | | Other accrued and current liabilities: | | | | | | | | Foreign exchange forwards (2) | $ | — | | | $ | 3.4 | | | $ | — | | | $ | 3.4 | | Cross-currency swap arrangements (3) | $ | — | | | $ | 13.2 | | | $ | — | | | $ | 13.2 | |
(1)The carrying value of cash equivalents represents fair value as they consist of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less. (2)Fair value is determined based on observable market data and considers a factor for nonperformance in the valuation. (3)Fair value is determined based on observable market data.
|
| Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments |
The estimated fair values of other financial instruments subject to fair value disclosures, determined based on valuation models using discounted cash flow methodologies with market data inputs from globally recognized data providers and third-party quotes from major financial institutions (categorized as Level II in the fair value hierarchy), are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at | | | March 31, 2025 | | December 31, 2024 | | | Carrying
amount | | Fair value | | Carrying
amount | | Fair value | | | | | | | | | Senior Unsecured Notes | $ | 455.9 | | | $ | 460.9 | | | $ | 455.7 | | | $ | 433.4 | | | Revolving facility | $ | 15.0 | | | $ | 14.5 | | | $ | 10.0 | | | $ | 9.8 | | Term loans (1) | $ | 3,056.3 | | | $ | 2,966.6 | | | $ | 3,063.0 | | | $ | 3,013.4 | |
(1)Includes short-term and long-term portions of the Term Loan Facility.
|