v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Components of Debt Obligations

The Company’s debt obligations consist of the following (in millions):

 

 

June 30,
2025

 

 

December 31,
2024

 

2024 term loan agreements:

 

 

 

 

 

 

CHF loan due 2027

 

$

181.9

 

 

$

162.1

 

CHF loan due 2029

 

 

183.1

 

 

 

162.1

 

CHF loan due 2031

 

 

189.0

 

 

 

165.2

 

2019 term loan agreement:

 

 

 

 

 

 

USD loan quarterly payments of $3.8 million and balloon payment due December 2026

 

 

255.8

 

 

 

263.3

 

Note Purchase Agreements (NPA – Senior notes):

 

 

 

 

 

 

 2024 notes due April 15, 2034 - CHF 50 million 2.56% (a)

 

 

63.0

 

 

 

55.1

 

 2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a)

 

 

246.9

 

 

 

215.9

 

 2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a)

 

 

233.1

 

 

 

203.8

 

 2021 notes due December 8, 2031 - CHF 300 million 0.88% (a)

 

 

378.0

 

 

 

330.5

 

 2019 notes due December 11, 2029 - CHF 297 million 1.01% (a)

 

 

374.2

 

 

 

327.2

 

 2021 notes due December 8, 2031 - EUR 150 million 1.03% (a)

 

 

176.5

 

 

 

155.3

 

CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b)

 

 

122.1

 

 

 

27.5

 

Other loans

 

 

15.2

 

 

 

11.9

 

Unamortized debt issuance costs

 

 

(2.8

)

 

 

(3.1

)

Total notes and loans outstanding

 

$

2,416.0

 

 

$

2,076.8

 

Finance lease obligations

 

 

19.3

 

 

 

17.5

 

Total debt

 

$

2,435.3

 

 

$

2,094.3

 

Current portion of long-term debt and finance lease obligations

 

 

(55.7

)

 

 

(32.5

)

Total long-term debt, less current portion

 

$

2,379.6

 

 

$

2,061.8

 
a)
The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively.
b)
Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.
Summary of Debt Borrowings and Repayments from Long-Term Debt The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the six months ended June 30, 2025 and 2024 (amounts in millions):

 

 

 

June 30,
2025

 

 

June 30,
2024

 

Proceeds from long-term debt:

 

 

 

 

 

 

CHF notes under various 2024 Note Purchase Agreements

 

$

—

 

 

$

472.1

 

CHF notes under the 2024 Term Loan Agreement

 

 

—

 

 

 

329.5

 

Other

 

 

2.9

 

 

 

4.1

 

Proceeds from long-term debt - Total

 

$

2.9

 

 

$

805.7

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2012 Note Purchase Agreement

 

$

—

 

 

$

(100.0

)

USD notes under the 2019 Term Loan Agreement

 

 

(7.5

)

 

 

(7.5

)

CHF notes under the 2024 Term Loan Agreement

 

 

(5.6

)

 

 

—

 

Other

 

 

(9.2

)

 

 

(10.5

)

Repayment of long-term debt - Total

 

$

(22.3

)

 

$

(118.0

)
Summary of Maximum Commitments and Net Amounts Available Under the 2024 Credit Agreement and Other Lines of Credit

As of June 30, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement

 

0.43%

 

$

900.0

 

 

$

122.1

 

 

$

0.7

 

 

$

777.2

 

Bank guarantees and working capital line

 

varies

 

 

184.0

 

 

 

—

 

 

 

184.0

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,084.0

 

 

$

122.1

 

 

$

184.7

 

 

$

777.2