In accordance with Accounting Standards Codification ("ASC") 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following:

In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.


		As of June 30, 2026
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Cash	Cash and cash equivalents	$	2,810.6	$	2,810.6	$	—	$	—

Foreign currency exchange forwards	Other current assets	8.0		—		8.0		—
Economic hedges	Other current assets	18.5		—		18.5		—

Total assets		$	2,837.1	$	2,810.6	$	26.5	$	—

Liabilities:
Contingent consideration	Accrued expenses and other liabilities	$	222.5	$	—	$	—	$	222.5
Contingent consideration	Other long-term liabilities	12.1		—		—		12.1
Total liabilities		$	234.6	$	—	$	—	$	234.6


		As of December 31, 2025
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Cash	Cash and cash equivalents	$	1,728.4	$	1,728.4	$	—	$	—
Interest rate swaps	Other current assets	23.4		—		23.4		—
Foreign currency exchange forwards	Other current assets	9.7		—		9.7		—
Economic hedges	Other current assets	26.1		—		26.1		—
Interest rate swaps	Other noncurrent assets	4.8		—		4.8		—
Total assets		$	1,792.4	$	1,728.4	$	64.0	$	—

Liabilities:


Contingent consideration	Other long-term liabilities	$	144.1	$	—	$	—	$	144.1
Total liabilities		$	144.1	$	—	$	—	$	144.1

Contingent consideration — In conjunction with the PurgeRite Acquisition, the Company records contingent consideration at fair value based on the estimated discounted contingent payments expected to be made, and may increase or decrease based on the financial performance of PurgeRite for the year ended December 31, 2026. The Company estimates the fair value of contingent consideration utilizing Monte Carlo simulations in a risk-neutral framework. Key assumptions include certain projected post-closing performance metrics, discount rate and volatility associated with the relevant metric. Contingent consideration is classified as Level 3 due to the reliance on unobservable inputs. For the three and six months ended June 30, 2026, the Company recognized a loss of $28.8 and $62.0 within "Other operating expense (income)" of the Unaudited Consolidated Statement of Earnings (Loss).

In conjunction with the other acquisitions, the Company records contingent consideration at fair value based on management's estimates of certain future events occurring and conditions being met pursuant to the terms and conditions of the acquisition agreement, and may increase or decrease based on management's assumptions. Contingent consideration is classified as Level 3 due to the reliance on unobservable inputs. Refer to "Note 3 - Acquisitions" for additional information on these acquisitions.

Interest rate swaps — From time to time the Company may enter into derivative financial instruments designed to hedge the variability in interest expense on floating rate debt. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income, depending on the effectiveness of the offset.

The Company has utilized interest rate swaps to manage the interest rate risk of the Company’s total debt portfolio and related overall cost of borrowing. At December 31, 2025, interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of SOFR-based floating rate debt for fixed rate debt. The Company’s interest rate swaps would have matured in March of 2027, but on March 3, 2026, in connection with the repayment of the Term Loan Credit Agreement, the hedged forecasted transactions became probable of not occurring, and therefore the Company settled all outstanding interest rate swaps. Refer to "Note 10 - Accumulated Other Comprehensive Income (Loss)" for additional information on the settlement. During the three and six months ended June 30, 2026 and 2025 the Company recognized income of $0, $29.6, $8.2, and $16.5 respectively, within “Interest expense (income), net” on the Unaudited Condensed Consolidated Statements of Earnings (Loss).

The interest rate swaps were valued using the SOFR yield curves at the reporting date and were classified in Level 2. Counterparties to these contracts were highly rated financial institutions. The fair values of the Company’s interest rate swaps were adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA was calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages.

Foreign currency exchange forwards — The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. The duration of the derivatives are generally less than one year. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market; as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure is recognized. At June 30, 2026 and December 31, 2025, we had derivative instruments which hedge our exposure to certain foreign currency exchange rates with a notional amount of $386.3 and $149.8, respectively. For the three and six months ended June 30, 2026 there was $6.1, and $9.5 in realized gains associated with the foreign currency exchange swaps within "Cost of sales - products" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). For the three and six months ended June 30, 2025, there were $1.2 and $5.9 in realized losses associated with the foreign currency exchange swaps.

Economic hedges — At June 30, 2026 and December 31, 2025 the Company had derivative instruments which hedge our purchases of aluminum with notional amounts of 15,240.0 and 10,310.0 metric tons, respectively, and copper with notional amounts of 18,374.3 and 8,754.8 metric tons, respectively. At June 30, 2026, the Company had derivative instruments which hedge our purchases of steel with a notional amount of 14,995.8 metric tons. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. These derivative instruments are treated as economic hedges and for the three and six months ended June 30, 2026 and 2025 the Company recognized mark-to-market losses of $1.9, $2.8, $8.2 and $7.8, respectively, within "Other operating expense (income)" on the Unaudited Condensed Consolidated Statement of Earnings (Loss).

Net investment hedge — From time to time the Company designates certain intercompany debt to hedge a portion of its investment in foreign subsidiaries and affiliates. The net impact of translation adjustments from these hedges was $(0.5), $(1.7), $(0.8), and $(0.9) respectively, for the three and six months ended June 30, 2026 and 2025, respectively, and is included in “Foreign currency translation” in the Unaudited Condensed Consolidated Statement of Other Comprehensive Income (Loss). As of June 30, 2026, the Company's intercompany debt designated to hedge investments in certain foreign subsidiaries and affiliates loans outstanding have been repaid.


	June 30, 2026				December 31, 2025
	Fair Value		Par Value(1)		Fair Value		Par Value(1)
Term Loan due 2032	$	—	$	—	$	2,089.1	$	2,076.1
Senior Secured Notes due 2028	841.3		850.0		840.9		850.0
Senior Notes due 2036 at 4.850% at June 30, 2026	582.0		600.0		—		—
Senior Notes due 2046 at 5.650% at June 30, 2026	487.9		500.0		—		—
Senior Notes due 2056 at 5.800% at June 30, 2026	490.6		500.0		—		—
Senior Notes due 2066 at 5.950% at June 30, 2026	493.2		500.0		—		—

Marketable securities — The Company classifies marketable securities with maturities in excess of three months and less than one year at acquisition as held-to-maturity. These investments primarily consist of U.S. Treasury bills and bank deposits. The Company does not purchase and hold securities principally for the purpose of selling them in the near future, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At June 30, 2026 and December 31, 2025, the Company recorded "Short-term investments" on the Condensed Consolidated Balance Sheets at amortized cost of $300.0 and $99.5, respectively. At June 30, 2026 and December 31, 2025, the short-term investments had a fair value of $300.0 and $99.6. The Company values these investments by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset, which are classified within Level 2.