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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table presents information about our debt:
(dollars in millions)
December 31, 2025December 31, 2024
Interest terms
RateAmount
Receivables facility
SOFR1 plus —%
— %$— $125.0 
Senior secured credit facilities:
Euro term loans B-4
EURIBOR plus —%
— %— 81.6 
Euro term loans B-5
EURIBOR plus —%
— %— 324.5 
Euro term loans B-6
EURIBOR plus 2.50%
4.46 %645.2 — 
Euro term loans A-1
EURIBOR plus 1.50%
3.46 %469.2 — 
U.S. dollar term loans B-6
SOFR1 plus —%
— %— 86.6 
2.625% secured notesfixed rate— %— 672.6 
3.875% unsecured notesfixed rate3.875 %800.0 800.0 
3.875% unsecured notesfixed rate3.875 %469.2 413.9 
4.625 % unsecured notesfixed rate4.625 %1,550.0 1,550.0 
Finance lease liabilities26.9 15.0 
Other7.4 8.6 
Total debt, gross3,967.9 4,077.8 
Less: unamortized deferred financing costs(21.6)(22.0)
Total debt$3,946.3 $4,055.8 
Classification on balance sheets:
Current portion of debt$30.8 $821.1 
Debt, net of current portion3,915.5 3,234.7 
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1.SOFR includes credit spread adjustment.
The following table presents mandatory future repayments of debt principal:
(in millions)
December 31, 2025
2026
$30.8 
202737.4 
20282,056.1 
2029835.7 
2030391.0 
Thereafter616.9 
Total debt, gross$3,967.9 
Interest expense, net includes interest income of $42.2 million, $75.1 million and $65.2 million for the year ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. The interest income for the year ended December 31, 2025, December 31, 2024 and December 31, 2023, primarily relates to income on our interest rate swaps and cross currency swaps discussed in note 21.
Credit facilities
The following table presents availability under our revolving credit facility:
(in millions)
December 31, 2025
Capacity$1,400.0 
Undrawn letters of credit outstanding(19.5)
Unused availability$1,380.5 
In June 2023, we amended the revolving credit facility to increase its funding limit to $975.0 million and extended the term to June 29, 2028. We capitalized $2.3 million of fees in connection with this transaction.
In October 2025, we amended the revolving credit facility to increase its funding limit to $1,400.0 million and extended the term to October 9, 2030. We capitalized $3.8 million of fees in connection with this transaction. Refer to the “Senior secured credit facilities” section below for further discussion of this amendment.
Receivables facility
In October 2025, we terminated our receivables facility, which had a funding limit of $400.0 million. The cost associated with terminating this arrangement was not material.
Senior secured credit facilities
On December 31, 2025, the senior secured credit facilities consisted of a $1,400.0 million revolving credit facility that matures on October 9, 2030, a $645.2 million term loan facility that matures on October 9, 2032 and a $469.2 million term loan facility that matures on October 9, 2030. The revolving credit facility allows us to issue letters of credit and short-term notes. Borrowings under the facilities are guaranteed by substantially all of our domestic subsidiaries and secured by substantially all of their assets. The senior secured credit facilities bear interest at variable rates. The margin on the revolving credit facility decreases if certain net leverage ratios are achieved. Various other immaterial fees are payable under the facilities.
In October 2025, we completed a refinancing that included the issuance of €400.0 million and €550.0 million of senior secured term loans, maturing in October 2030 and October 2032, respectively. These loans bear interest at EURIBOR plus 150 basis points and EURIBOR plus 250 basis points, respectively. The proceeds from these issuances, along with cash on hand, were used to repay our outstanding U.S. dollar term loans B-6, Euro term loans B-4 and B-5, the remaining 2.625% secured notes, and the receivables facility. We capitalized $8.0 million of fees and expensed $4.4 million of fees in connection with this transaction.
In connection with the refinancing, we amended our revolving credit facility to obtain an additional $425.0 million in available funding, increasing the total availability under the facility to $1,400.0 million. The revolving credit facility will mature in October 2030.
Both the newly issued senior secured term loans and the amended revolving credit facility include covenants that we consider to be usual and customary. As part of the refinancing and the addition of the new €400.0 million term loan, (i) the leverage-based financial covenant in the credit facility agreement became a full-time financial maintenance covenant, whereas previously it had been a “springing covenant”, and (ii) a new consolidated interest coverage ratio financial maintenance covenant was added to the credit facilities agreement, in both cases on usual and customary terms for facility agreements governing these types of senior secured term loan and revolving credit facilities. As of December 31, 2025, our net leverage and consolidated interest coverage ratio were within the covenant requirements.
We are required to make additional prepayments if: (i) we generate excess cash flows, as defined, at specified percentages that decline if certain net leverage ratios are achieved; or (ii) we receive cash proceeds from certain types of asset sales or debt issuances. No additional required prepayments have become due since the inception of the credit facilities.
We may also prepay the term loans at our option. In 2025 and 2024, we made optional prepayments of $449.4 million and $526.4 million, respectively, of Euro term loans and $80.8 million and $690.0 million, respectively, of U.S. dollar term loans. In connection with the 2025 and 2024 prepayments, we recorded losses on extinguishment of debt of $1.1 million and $10.9 million, respectively, for the proportional write-off of related unamortized deferred financing costs.