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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps and Cross-Currency Swaps
The following table summarizes our interest rate swaps in effect as of December 31, 2024 and 2023:
Expiration date
Fixed rate
Notional amount
December 31, 2024December 31, 2023
February 27, 20251.629%$250.0$250.0
March 27, 2025
3.214%1,000.01,000.0
February 8, 2026
3.695%500.01,500.0
March 27, 20283.246%1,000.0—
Total interest rate swaps$2,750.0$2,750.0
The following table summarizes our cross-currency swaps in effect as of December 31, 2024 and 2023:
December 31, 2024
Pay
Receive
Expiration date
Notional amount
Interest rate
Notional amountInterest rate
July 19, 2025 (1)
€124.00%$125.01.883%
July 19, 2026124.00%125.01.723%
July 19, 2027 (1)
124.00%125.01.400%
April 16, 2028 (1)
69.20%75.01.676%
April 16, 2028 (1)
69.20%75.01.685%
April 16, 2029 (1)
92.20%100.01.703%
Total cross-currency swaps
€602.6$625.0
December 31, 2023
Pay
Receive
Expiration date
Notional amount
Interest rate
Notional amountInterest rate
July 19, 2024 (2)
€124.00%$125.02.205%
July 19, 2025124.00%125.01.883%
July 19, 2026124.00%125.01.723%
Total cross-currency swaps
€372.0$375.0
(1)These swaps were terminated in January, 2025. Upon the termination of these swaps, we paid cash of $1.1 million, which will be reported in OCI for the three months ended March 31, 2025, and will remain within accumulated OCI until the period in which a disposal or substantial liquidation of the entities hedged occurs.
(2)This swap was amended on April 19, 2024 to extend the maturity date to July 19, 2027 and change the USD coupon fixed rate to 1.400%. As a result of the amendment, the original cross-currency swap was de-designated and the unrealized loss of $0.3 million related to the off-market component included within accumulated other comprehensive income (loss) will be systematically reclassified to earnings as a reduction to interest expense through July 19, 2027.
Schedule of Fair Values of Derivative Instruments in the Consolidated Balance Sheets
Fair Values of Derivative Instruments in the Consolidated Balance Sheets
 
 Asset derivativesLiability derivatives
December 31,December 31,
 2024202320242023
 Balance sheet
location		Fair valueBalance sheet
location		Fair valueBalance sheet
location		Fair valueBalance sheet
location		Fair value
Derivatives designated as hedging instruments:
Cash flow hedge derivative:
Interest rate swapsOther current assets$42.6 Other current assets$33.1 Other accrued &
current liabilities		$— Other accrued &
current liabilities		$— 
Net investment hedge derivative:
Cross-currency swapsOther current assets3.7 Other current assets— Other accrued &
current liabilities		13.2 Other accrued &
current liabilities		34.1 
Total derivatives designated as hedging instruments$46.3 $33.1 $13.2 $34.1 
Derivatives not designated as hedging instruments:
Foreign exchange forward contractsOther current
assets		$1.3 Other current
assets		$8.0 Other accrued &
current liabilities		$3.4 Other accrued &
current liabilities		$2.3 
Total derivatives not designated as hedging instruments$1.3 $8.0 $3.4 $2.3 
Total derivatives$47.6 $41.1 $16.6 $36.4 
Schedule of Effect of Derivative Instruments on Consolidated Statement of Operations and Comprehensive Income (Loss)
The Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income (Loss)

 
Amount of pre-tax net gain or (loss) recognized in OCI on derivative
Year Ended December 31,
Derivatives designated as hedging instruments202420232022
Cash flow hedge derivative:
     Interest rate swaps$15.4 $(43.4)$55.6 
Net investment hedge derivative:
     Cross-currency swaps
$24.2 $(17.0)$2.9 
  Amount of gain or (loss) reclassified from accumulated OCI into income
Year Ended December 31,
Derivatives designated as hedging instrumentsLocation of gain or (loss) reclassified from accumulated OCI into income202420232022
Cash flow hedge derivative:
     Interest rate swapsInterest expense$45.8 $75.4 $13.2 


 Amount of gain or (loss) recognized in income on derivative
Year Ended December 31,
Derivatives designated as hedging instrumentsLocation of gain or (loss) reclassified from accumulated OCI into income202420232022
Cash flow hedge derivative:
     Interest rate swapsInterest expense$45.8 $75.4 $13.2 


Amount of gain (loss) recognized in income on derivatives
Year Ended December 31,
Derivatives not designated as hedging
instruments		Location of gain or (loss) recognized in
income on derivatives		202420232022
Foreign exchange forward contracts
Non-operating income (expense) – net
$(8.6)$7.9 $(12.1)
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes fair value measurements by level at December 31, 2024 for assets and liabilities measured at fair value on a recurring basis:
Quoted prices in
active markets
for identical
assets (level I)
Significant other
observable
inputs (level II)
Significant
unobservable
inputs
(level III)
Balance at December 31, 2024
Assets:
Cash equivalents (1)
$0.4 $— $— $0.4 
Other current assets:
Foreign exchange forwards (2)
$— $1.3 $— $1.3 
Interest rate swap arrangements (3)
$— $42.6 $— $42.6 
Cross-currency swap arrangements (3)
$— $3.7 $— $3.7 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $3.4 $— $3.4 
Cross-currency swap arrangements (3)
$— $13.2 $— $13.2 
The following table summarizes fair value measurements by level at December 31, 2023 for assets and liabilities measured at fair value on a recurring basis:
Quoted prices in
active markets
for identical
assets (level I)
Significant other
observable
inputs (level II)
Significant
unobservable
inputs
(level III)
Balance at December 31, 2023
Assets:
Cash equivalents (1)
$0.9 $— $— $0.9 
Other current assets:
Foreign exchange forwards (2)
$— $8.0 $— $8.0 
Interest rate swap arrangements (3)
$— $33.1 $— $33.1 
Liabilities:
Other accrued and current liabilities:
Foreign exchange forwards (2)
$— $2.3 $— $2.3 
Cross-currency swap arrangements (3)
$— $34.1 $— $34.1 
(1)The carrying value of cash equivalents represents fair value as they consist of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less.
(2)Fair value is determined based on observable market data and considers a factor for nonperformance in the valuation.
(3)Fair value is determined based on observable market data.
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments The estimated fair values of other financial instruments subject to fair value disclosures, determined based on valuation models using discounted cash flow methodologies with market data inputs from globally recognized data providers and third-party quotes from major financial institutions (categorized as Level II in the fair value hierarchy), are as follows:
 
 December 31,
 20242023
 Carrying
amount		Fair valueCarrying
amount		Fair value
Senior Unsecured Notes
$455.7 $433.4 $454.9 $420.3 
Revolving facility$10.0 $9.8 $25.0 $24.6 
Term loans (1)
$3,063.0 $3,013.4 $3,065.3 $3,003.9 
(1)Includes short-term and long-term portions of the Term Loan Facility.