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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Components of Debt Obligations

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

 

 

2024

 

 

2023

 

2024 term loan agreements:

 

 

 

 

 

 

CHF loan due 2027

 

$

162.1

 

 

$

—

 

CHF loan due 2029

 

 

162.1

 

 

 

—

 

CHF loan due 2031 (b)

 

 

165.2

 

 

 

—

 

2019 term loan agreement:

 

 

 

 

 

 

USD loan annual payments of $15.0 and balloon payment due December 2026

 

 

263.3

 

 

 

278.3

 

Note Purchase Agreements (NPA – Senior notes):

 

 

 

 

 

 

 2024 notes due April 15, 2034 - CHF 50 million 2.56% (b)

 

 

55.1

 

 

 

—

 

 2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (b)

 

 

215.9

 

 

 

—

 

 2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (b)

 

 

203.8

 

 

 

—

 

 2021 notes due December 8, 2031 - CHF 300 million 0.88% (b)

 

 

330.5

 

 

 

356.9

 

 2019 notes due December 11, 2029 - CHF 297 million 1.01% (b)

 

 

327.2

 

 

 

353.3

 

 2021 notes due December 8, 2031 - EUR 150 million 1.03% (b)

 

 

155.3

 

 

 

165.8

 

 2012 notes due January 18, 2024 - $300 million 4.46% (b)

 

 

—

 

 

 

100.0

 

CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (c)

 

 

27.5

 

 

 

—

 

Other loans

 

 

11.9

 

 

 

7.6

 

Unamortized debt issuance costs

 

 

(3.1

)

 

 

(1.3

)

Total notes and loans outstanding (a)

 

$

2,076.8

 

 

$

1,260.6

 

Finance lease obligations

 

 

17.5

 

 

 

20.9

 

Total debt

 

$

2,094.3

 

 

$

1,281.5

 

Current portion of long-term debt and finance lease obligations

 

 

(32.5

)

 

 

(121.2

)

Total long-term debt, less current portion

 

$

2,061.8

 

 

$

1,160.3

 
(a)
As of December 31, 2024 the annual maturities of notes and loans outstanding excluding the impact of unamortized debt issuance costs, are as follows (in millions): 2025: $29.2; 2026: $266.3; 2027: $163.5; 2028: $17.8; 2029: $498.5; and thereafter: $1,104.6.
(b)
As of December 31, 2024 and 2023, the fair value of the Company's long-term fixed interest rate debt was $1,278.9 million and $883.3 million as of December 31, 2024, and December 31, 2023, respectively.
(c)
Subsequent to December 31, 2024 and up until the date of filing this Annual Report on Form 10K, the Company borrowed CHF 100 million (approximately $109.9 million) and repaid CHF 125 million (approximately $137.9 million) of debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement.
Summary of Debt Borrowings and Repayments The following tables summarize the Company’s debt borrowings and repayments for the years ended December 31 (amounts in millions):

 

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

 

Proceeds from revolving lines of credit:

 

 

 

 

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

981.4

 

 

$

—

 

 

$

—

 

 

2019 Amended and Restated Credit Agreement (a)

 

 

268.9

 

 

 

—

 

 

 

—

 

 

Proceeds from revolving lines of credit - Total

 

$

1,250.3

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of revolving lines of credit:

 

 

 

 

 

 

 

 

 

 

2024 Amended and Restated Credit Agreement

 

$

(1,212.7

)

 

$

—

 

 

$

—

 

 

Repayments of revolving lines of credit - Total

 

$

(1,212.7

)

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt:

 

 

 

 

 

 

 

 

 

 

CHF notes under various 2024 Note Purchase Agreements

 

$

472.1

 

 

$

—

 

 

$

—

 

 

CHF notes under the 2024 Term Loan Agreement

 

 

495.6

 

 

 

—

 

 

 

—

 

 

Other

 

 

6.0

 

 

 

2.0

 

 

 

0.3

 

 

Proceeds from long-term debt - Total

 

$

973.7

 

 

$

2.0

 

 

$

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

 

 

 

 

USD notes under the 2012 Note Purchase Agreement

 

$

(100.0

)

 

$

—

 

 

$

(105.0

)

 

USD notes under the 2019 Term Loan Agreement

 

 

(15.0

)

 

 

(15.0

)

 

 

(6.0

)

 

CHF notes under the 2024 Term Loan Agreement

 

 

(6.4

)

 

 

—

 

 

 

—

 

 

Other

 

 

(14.0

)

 

 

(8.5

)

 

 

—

 

 

Repayment of long-term debt - Total

 

$

(135.4

)

 

$

(23.5

)

 

$

(111.0

)

 
a)
As detailed below the 2024 Amended and Restated Credit Agreement amended and restated the 2019 Revolving Credit Agreement on January 18, 2024. All balances were transferred to the 2024 Amended and Restated Credit Agreement
Summary of Maximum Commitments and Net Amounts Available Under the 2024 Credit Agreement and Other Lines of Credit

As of December 31, 2024, 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
Committed
Amounts
Available

 

2024 Amended and Restated Credit
     Agreement

 

 

0.69

%

 

$

900.0

 

 

$

27.5

 

 

$

0.3

 

 

$

872.2

 

Bank guarantees and working capital line

 

varies

 

 

 

159.3

 

 

 

—

 

 

 

159.3

 

 

 

—

 

Total revolving lines of credit

 

 

 

 

$

1,059.3

 

 

$

27.5

 

 

$

159.6

 

 

$

872.2