Hybrid Instruments Liabilities

3 Months Ended

Mar. 31, 2025

Hybrid Instruments [Abstract]

Hybrid instruments liabilities

19. Hybrid instruments liabilities:

Related to certain other majority owned acquisitions, the Company entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining ownerships for cash at contractually defined redemption values.

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2024	$	78.1
Acquisitions		—
Current period adjustments		1.1
Current period settlements		—
Foreign currency effect		1.0
Balance at March 31, 2025	$	80.2

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:

Hybrid Instrument Liabilities	Valuation Technique	Unobservable Input	Range	Weighted Average (a)
Put / Call Options	Option Pricing Model	Revenue Risk Premium	1.6% - 12.6%	10.7%
		EBITDA Risk Premium	10.1% - 25.1%	21.6%

a)Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.