v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
15.
Debt

The Company’s debt obligations consist of the following (in millions):

 

 

June 30,
2026

 

 

December 31,
2025

 

2024 term loan agreements:

 

 

 

 

 

 

CHF 150 million loan due March 2029, 1.41%

 

$

—

 

 

$

180.8

 

CHF 150 million loan due March 2031, 1.53% (a)

 

 

185.2

 

 

 

189.0

 

Note Purchase Agreements (NPA – Senior notes) (b):

 

 

 

 

 

 

CHF 50 million due April 15, 2034, 2.56%

 

 

61.9

 

 

 

63.0

 

CHF 146 million due April 15, 2036, 2.62%, and CHF 50 million due April 15, 2036, 2.60%

 

 

242.6

 

 

 

247.0

 

CHF 135 million due April 15, 2039, 2.71%, and CHF 50 million due April 15, 2039, 2.62%

 

 

228.9

 

 

 

233.1

 

CHF 300 million due December 8, 2031, 0.88%

 

 

371.2

 

 

 

378.1

 

CHF 297 million due December 11, 2029, 1.01%

 

 

367.5

 

 

 

374.3

 

EUR 150 million due December 8, 2031, 1.03%

 

 

171.3

 

 

 

176.0

 

Revolving loan under the 2024 Revolving Credit Agreement

 

 

170.0

 

 

—

 

Other loans

 

 

10.0

 

 

 

11.2

 

Unamortized debt issuance costs

 

 

(1.9

)

 

 

(2.4

)

Total notes and loans outstanding

 

$

1,806.7

 

 

$

1,850.1

 

Finance lease obligations

 

 

18.1

 

 

 

19.0

 

Total debt

 

$

1,824.8

 

 

$

1,869.1

 

Current portion of long-term debt and finance lease obligations

 

 

(10.1

)

 

 

(16.6

)

Total long-term debt, less current portion

 

$

1,814.7

 

 

$

1,852.5

 
(a)
Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from 1.250% to 1.750% in the case of the seven-year term loan facilities, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.000% to 0.500%, based on the Company’s leverage ratio. The rate shown in this table represents the average rate applicable during the second quarter of 2026.
(b)
The fair value of the Company's long-term fixed interest rate debt was $1,427.0 million and $1,432.2 million as of June 30, 2026, and December 31, 2025, respectively.

 

Long-term borrowings and repayments:

The following table summarizes the Company’s long-term debt borrowings and repayments for the six months ended June 30, 2026, and 2025, excluding activity under the 2024 Revolving Credit Agreement, which is presented separately in the unaudited condensed consolidated statement of cash flows (amounts in millions):

 

 

 

June 30,
2026

 

 

June 30,
2025

 

Proceeds from long-term debt:

 

 

 

 

 

 

Other

 

$

—

 

 

$

2.9

 

Proceeds from long-term debt - Total

 

$

—

 

 

$

2.9

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2019 Term Loan Agreement

 

$

—

 

 

$

(7.5

)

CHF notes under the 2024 Term Loan Agreement

 

 

(179.6

)

 

 

(5.6

)

Other

 

 

(4.0

)

 

 

(9.2

)

Repayment of long-term debt - Total

 

$

(183.6

)

 

$

(22.3

)

Revolving Credit Facility:

As of June 30, 2026, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement (a)

 

0.95%

 

$

900.0

 

 

$

170.0

 

 

$

1.0

 

 

$

729.0

 

Bank guarantees and working capital line

 

varies

 

 

197.6

 

 

 

—

 

 

 

197.6

 

 

 

 

Total revolving lines of credit

 

 

 

$

1,097.6

 

 

$

170.0

 

 

$

198.6

 

 

$

729.0

 
(a)
Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.

As of June 30, 2026, the Company was in compliance with the financial covenants of all debt agreements.