Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Note 19. Debt

	Maturity	Interest Rate1		December 31, 2025		December 31, 2024
Short-term debt
Revolving Facility loans	Various	5.16	%	$	137.5	$	27.7
Long-term debt
CAD TLA Facility loans	April 2030	4.06	%	73.0		72.5
USD TLA Facility loans	April 2030	5.32	%	926.3		1,225.0
Senior Secured Notes	March 2028	6.75	%	550.0		550.0
Senior Unsecured Notes	March 2031	7.75	%	800.0		800.0
Less: Unamortized debt issuance costs				(15.3)		(21.3)
Total long-term debt				2,334.0		2,626.2
Less: current portion of long-term debt				51.2		4.1
Long-term debt				$	2,282.8	$	2,622.1

1 Interest rates on short-term debt and term loans reflect the weighted-average interest rates on borrowings as of December 31, 2025.

At December 31, 2025, the Company had undrawn Revolving Facility commitments aggregating $1.1 billion available until April 2030, subject to certain covenant restrictions, and undrawn uncommitted foreign credit facility capacity aggregating $15.0 million available indefinitely. The Company was in compliance with all financial and other covenants applicable to its debt agreements at December 31, 2025.

Credit Agreement

In 2016, the Company entered into a credit agreement with a syndicate of lenders (as amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement is comprised of multi-currency revolving facilities (the “Revolving Facility”) and the Term Loan A facility (the “TLA Facility”). The TLA Facility is comprised of facilities denominated in U.S. and Canadian dollars (the “USD TLA Facility” and “CAD TLA Facility”, respectively).

On April 3, 2025, the Company amended the Credit Agreement to, among other things, increase the aggregate principal amount of Revolving Facility from $750.0 million to $1.3 billion, reduce the USD TLA Facility from $1.225 billion to $950.0 million, reduce certain loan margins and fees, adjust certain covenants for more financial flexibility, and extend the maturity of the Credit Agreement from September 21, 2026 to April 3, 2030. Revolving Facility and TLA Facility loans bear interest at a benchmark rate plus an applicable margin and the TLA Facility loans are subject to quarterly installment payments of 1.25% of principal, with the balance due at maturity. In connection with the amendment, the Company incurred issuance costs of $1.8 million, which have been deferred and presented as a reduction in the carrying amount of the TLA Facility loans, $2.6 million, which have been deferred and presented within other non-current assets as they relate to the Revolving Facility, and $3.9 million, which have been expensed and recorded within selling, general and administrative expense.

Senior Secured and Unsecured Notes

On March 15, 2023, the Company completed the offering of (i) $550.0 million aggregate principal amount of 6.75% senior secured notes due March 15, 2028 (the “Secured Notes”) and (ii) $800.0 million aggregate principal amount of 7.75% senior unsecured notes due March 15, 2031 (the “Senior Unsecured Notes”, and together with the Senior Secured Notes, the “Notes”). Interest on the Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year. The Senior Secured Notes are jointly and severally guaranteed on a senior secured basis and the Senior Unsecured Notes are jointly and severally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries.

At December 31, 2025, long-term debt principal repayments to contractual maturity are as follows:

2026	$	51.2
2027	51.2
2028	601.3
2029	51.2
2030	794.4
Thereafter	800.0
	$	2,349.3