FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Financial Instruments Recognized at Fair Value

A summary of the Company’s financial instruments recognized at fair value, and the fair value measurements used are as follows:


		As of September 30, 2024
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Interest rate swaps	Other current assets	$	28.4	$	—	$	28.4	$	—

Economic hedges	Other current assets	7.8		—		7.8		—
Interest rate swaps	Other noncurrent assets	27.3		—		27.3		—
Total assets		$	63.5	$	—	$	63.5	$	—

Liabilities:

Foreign currency exchange forwards	Accrued expenses and other liabilities	$	7.3	$	—	$	7.3	$	—
Private warrants	Current portion of warrant liabilities	464.2		—		464.2		—
Total liabilities		$	471.5	$	—	$	471.5	$	—


		As of December 31, 2023
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Interest rate swaps	Other current assets	$	36.4	$	—	$	36.4	$	—
Interest rate swaps	Other noncurrent assets	44.5		—		44.5		—
Total assets		$	80.9	$	—	$	80.9	$	—

Liabilities:


Private warrants	Warrant liabilities	$	195.0	$	—	$	195.0	$	—
Total liabilities		$	195.0	$	—	$	195.0	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The significant assumptions which the Company used in the model are:


Warrant valuation inputs	September 30, 2024			December 31, 2023
Stock price	$	99.49		$	48.03
Strike price	$	11.50		$	11.50
Remaining life	0.36			1.10
Volatility	97.5		%	55.0		%
Interest rate (1)	4.65		%	4.73		%
Dividend yield (2)	0.10		%	0.21		%

(1) Interest rate determined from a constant maturity treasury yield.

(2) September 30, 2024 and December 31, 2023 dividend yield assumes $0.10 per share per annum.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of September 30, 2024 and December 31, 2023.


	September 30, 2024				December 31, 2023
	Fair Value		Par Value (1)		Fair Value		Par Value (1)
Term Loan due 2027	$	2,104.9	$	2,102.2	$	2,104.9	$	2,118.1
Senior Secured Notes due 2028	819.8		850.0		794.0		850.0

(1)See “Note 5 — Debt” for additional information.