v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
9.    Debt
The following table presents information about our debt:
(dollars in millions)
June 30, 2026
December 31, 2025
Interest termsRateAmount
Senior secured credit facilities:
Euro term loans B-6
EURIBOR plus 2.50%
4.403%
427.1 645.2 
Euro term loans A-1
EURIBOR plus 1.50%
3.403%
450.9 469.2 
3.875% unsecured notesfixed rate
3.875%
800.0 800.0 
3.875% Euro unsecured notesfixed rate
3.875%
456.6 469.2 
4.625% unsecured notesfixed rate
4.625%
1,550.0 1,550.0 
Finance lease liabilities25.6 26.9 
Other5.2 7.4 
Total debt, gross3,715.4 3,967.9 
Less: unamortized deferred financing costs(17.6)(21.6)
Total debt$3,697.8 $3,946.3 
Classification on balance sheets:
Current portion of debt$37.0 $30.8 
Debt, net of current portion3,660.8 3,915.5 
Interest expense, net includes interest income of $10.3 million and $11.0 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $20.8 million and $18.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. The interest income primarily relates to income on our cross-currency swaps discussed in note 14.
Credit facilities
The following table presents availability under our revolving credit facility:
(in millions)
June 30, 2026
Capacity$1,400.0 
Undrawn letters of credit outstanding(20.2)
Unused availability$1,379.8 
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.
Senior secured credit facilities
On June 30, 2026, the senior secured credit facilities consisted of a $1,400.0 million revolving credit facility that matures on October 9, 2030, a $427.1 million term loan facility that matures on October 9,
2032, and a $450.9 million term loan facility that matures on October 9, 2030. The term loans bear interest at variable rates based on EURIBOR plus 250 basis points and EURIBOR plus 150 basis points, respectively. 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 are secured by substantially all of their assets. The margin on the revolving credit facility is subject to
reduction upon the achievement of certain net leverage ratios. Various other immaterial fees are payable under the facilities.
In October 2025, we completed a refinancing transaction that established the current senior secured credit facility structure described above. The proceeds from the transaction, together 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. In connection with this transaction, we capitalized $8.0 million of debt issuance costs and expensed $4.4 million of fees.
During the quarter ended June 30, 2026, we made prepayments of $102.5 million on our Euro term loans B-6. As a result of this prepayment, we expensed $0.6 million of previously unamortized deferred financing costs as a loss on extinguishment of debt.
On July 14, 2026, we amended our existing credit agreement to reprice the Euro term loan B-6 under our senior secured credit facilities through the repayment of the existing Euro term loan B-6 and the issuance of a new Euro term loan B-7 tranche. Pursuant to the amendment, the Euro term loan B-7 bears interest at EURIBOR plus a spread of 2.00% per annum, compared with EURIBOR plus a spread of 2.50% per annum for the repaid Euro term loan B-6. The principal amount outstanding under the Euro term loan B-6 immediately before the amendment was $427.1 million, and the principal amount outstanding under the Euro term loan B-7 immediately after the amendment was $427.1 million. The Euro term loan B-7 has the same final maturity date as the repaid Euro term loan B-6, October 9, 2032. Costs incurred in connection with the amendment were not material.
Debt covenants
Our debt agreements include representations and covenants that we believe are usual and customary. The credit facility includes a leverage-based financial maintenance covenant and a consolidated interest coverage ratio financial maintenance covenant, each of which is subject to customary definitions, adjustments and exclusions. As of June 30, 2026, our net leverage and consolidated interest coverage ratio were within the covenant requirements.
The credit facility also requires additional mandatory prepayments upon the occurrence of certain events, including (i) the generation of excess cash flow, as defined, at specified percentages that decrease upon achievement of certain net leverage ratio thresholds, and (ii) the receipt of cash proceeds from certain asset dispositions or debt issuances, each subject to customary exceptions. No mandatory prepayments have been required or made under these provisions since the inception of the credit facilities.