v3.25.2
Hybrid Instruments Liabilities
6 Months Ended
Jun. 30, 2025
Hybrid Instruments [Abstract]  
Hybrid instruments liabilities
19.
Hybrid instruments liabilities

Related to certain other majority owned acquisitions, the Company has entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell the remaining ownerships for cash at contractually defined redemption values.

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2024

 

$

78.1

 

Acquisitions

 

 

 

Current period adjustments

 

 

1.7

 

Current period settlements

 

 

 

Foreign currency effect

 

 

3.8

 

Balance at June 30, 2025

 

$

83.6

 

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:

 

Hybrid Instrument Liabilities

Valuation Technique

Unobservable Input

Range

Weighted Average (a)

Put / Call Options

Option Pricing Model

Revenue Risk Premium

1.6% - 12.6%

10.6%

 

 

EBITDA Risk Premium

10.1% - 25.1%

21.4%

a)
Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.