Certain financial and non-financial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.

As discussed in note 10 and 11, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to Ritter were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. We estimated the fair value of these assets using Level 3 inputs, which included a discounted cash flow analysis.

As discussed in note 11, during the third quarter of 2025, goodwill associated with our Distribution reporting unit was determined to be impaired. As a result, the carrying amount was reduced to its estimated fair value of $3,500.0 million, resulting in an impairment charge of $785.0 million. We estimated the fair value of the Distribution reporting unit using Level 3 inputs under the fair value hierarchy, which included a discounted cash flow analysis and a guideline public company method.

The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements.

The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:


(in millions)	December 31, 2025				December 31, 2024
	Gross amount		Fair value		Gross amount		Fair value
Receivables facility	$	—	$	—	$	125.0	$	125.0
Senior secured credit facilities:

Euro term loans B-4	—		—		81.6		82.1
Euro term loans B-5	—		—		324.5		326.1
Euro term loans B-6	645.2		652.0		—		—
Euro term loans A-1	469.2		445.5		—		—
U.S. dollar term loans B-6	—		—		86.6		87.2
2.625% secured notes	—		—		672.6		668.4
3.875% unsecured notes	800.0		765.9		800.0		729.9
3.875% unsecured notes	469.2		470.2		413.9		413.6
4.625 % unsecured notes	1,550.0		1,542.2		1,550.0		1,480.6
Finance lease liabilities	26.9		26.9		15.0		15.0
Other	7.4		7.4		8.6		8.6
Total	$	3,967.9	$	3,910.1	$	4,077.8	$	3,936.5

The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are Level 2 measurements.