v3.26.1
Financing
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing Financing
Our debt consisted of the following:
(in millions)June 30,
2026		December 31,
2025
Term Loan A$— $9.1 
Revolving Facility184.4 126.0 
Other1
9.5 — 
Total short-term borrowings2
$193.9 $135.1 
Term Loan A$242.7 $351.4 
Term Loan B478.9 120.7 
6.55% notes due November 2036
198.8 198.8 
4.20% notes due March 2048
347.0 346.9 
Other1
4.7 — 
Other deferred financing costs associated with credit facilities(12.1)(13.4)
Total long-term debt2
$1,260.0 $1,004.4 
1 Includes debt assumed in connection with the Antares Vision acquisition including finance lease liabilities.
2 Debt discounts and debt issuance costs totaled $30.0 million and $30.7 million as of June 30, 2026, and December 31, 2025, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above, where applicable.
On December 15, 2025, in connection with the closing of the first phase of the Antares Vision acquisition, we amended our Credit Agreement (the “Fifth Amendment”) to provide for a new €430 million senior secured delayed draw term loan B facility (the “Term Loan B”) with a maturity date of December 15, 2032. In addition, the Fifth Amendment provides for maturity extensions on our existing senior secured term loan A facility (the “Term Loan A”) and revolving credit facility (the “Revolving Facility”) to December 15, 2030 and increased the Revolving Facility to $800.0 million.
In the fourth quarter of 2025, we designated the Term Loan B as a net investment hedge of certain foreign subsidiaries to mitigate the impact of foreign currency exchange rate fluctuations on the Company’s net investments in those subsidiaries. We recorded gains of $5.5 million and $7.7 million for the three-and-six months period ended June 30, 2026, respectively in Currency Translation Adjustment (“CTA”), a component of Accumulated Other Comprehensive Income (“AOCI”).
In the six months ended June 30, 2026, we performed the following debt related activity:
•Borrowed €317.9 million, or $366.9 million, under the Term Loan B to fund the acquisition of Antares Vision.
•Assumed $123.5 million of Antares Vision debt, of which $115.1 million was repaid during the second quarter of 2026. The remaining balance was repaid subsequent to the quarter-end.
•Borrowed $159.4 million and repaid $101.0 million on our Revolving Facility to fund the repayment of Antares Vision debt and support the Company’s working capital needs.
•Repaid $112.4 million of Term Loan A.