PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.001 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.001 per share. There were no preferred shares outstanding as of September 30, 2025 and December 31, 2024.

Stockholder Rights Plan

On June 11, 2025, the Company’s Board of Directors adopted a limited duration stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on June 11, 2025, the Company’s Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each share of common stock, par value $0.001 per share, of the Company (the “Common Shares”) outstanding on June 23, 2025 to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one thousandth of a share of Series A Preferred Stock, par value $0.001 per share, of the Company (the “Preferred Shares”) at a price of $50.00 per one one thousandth of a Preferred Share represented by a Right, subject to adjustment.

Initially, the Rights will be attached to all Common Share certificates and no separate certificates evidencing the Rights will be issued. Until the Distribution Date (as defined per the Rights Agreement), the Rights will be transferred with and only with the Common Shares. As long as the Rights are attached to the Common Shares, the Company will issue one Right with each new Common Share so that all such Common Shares will have Rights attached.

The Rights are generally exercisable only in the event that a person or group of affiliated or associated persons (such person or group being an “Acquiring Person”), acquires (or commences a tender offer or exchange offer the consummation of which would result in) beneficial ownership of 10% or more of the outstanding Common Shares. In such case (with certain limited exceptions), each holder of a Right (other than the Acquiring Person, whose Rights shall become void) will have the right to receive, upon exercise at the then current exercise price of the Right, Common Shares (or, if the Board so elects, cash, securities, or other property) having a value equal to two times the exercise price of the Right.

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends. The Rights will expire at the close of business on June 10, 2026.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2024	$	(276.0)	$	(6.5)	$	(0.4)	$	(282.9)
Current quarter foreign exchange adjustments	45.2		—		—		45.2
Unrealized loss on derivative instruments	—		—		(0.7)		(0.7)
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Tax effect of adjustments	—		—		0.2		0.2
Balance at March 31, 2025	(230.8)		(6.5)		(0.9)		(238.2)
Current quarter foreign exchange adjustments	82.8		—		—		82.8
Unrealized loss on derivative instruments	—		—		(0.1)		(0.1)
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.1)		(0.1)
Tax effect of adjustments	—		—		—		—
Balance at June 30, 2025	(148.0)		(6.5)		(1.1)		(155.6)
Current quarter foreign exchange adjustments	(14.9)		—		—		(14.9)
Unrealized gain on derivative instruments	—		—		0.1		0.1
Amounts reclassified from accumulated other comprehensive loss	—		—		—		—
Tax effect of adjustments	—		—		—		—
Balance at September 30, 2025	$	(162.9)	$	(6.5)	$	(1.0)	$	(170.4)

	Foreign Currency Translation Adjustments		Net Benefit Plan Adjustments		Unrealized Gain (Loss) on Derivative Instruments		Accumulated Other Comprehensive Loss
Balance at December 31, 2023	$	(206.7)	$	(7.4)	$	(1.4)	$	(215.5)
Current quarter foreign exchange adjustments	(27.7)		—		—		(27.7)
Unrealized gain on derivative instruments	—		—		2.5		2.5
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		—		(0.5)		(0.5)
Balance at March 31, 2024	(234.4)		(7.4)		0.2		(241.6)
Current quarter foreign exchange adjustments	(7.7)		—		—		(7.7)
Unrealized gain on derivative instruments	—		—		0.8		0.8
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		—		(0.1)		(0.1)
Balance at June 30, 2024	(242.1)		(7.4)		0.5		(249.0)
Current quarter foreign exchange adjustments	73.4		—		—		73.4
Unrealized loss on derivative instruments	—		—		(2.9)		(2.9)
Amounts reclassified from accumulated other comprehensive loss	—		—		(0.4)		(0.4)
Tax effect of adjustments	—		—		0.8		0.8
Balance at September 30, 2024	$	(168.7)	$	(7.4)	$	(2.0)	$	(178.1)