Commitments, Guarantees, Product Warranties and Other Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments, Guarantees, Product Warranties and Other Contingencies

Commitments, Guarantees, Product Warranties and Other Contingencies. Indirect Tax Contingencies. At March 31, 2026, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the condensed consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims.

Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated liabilities. The Company estimated the aggregate risk at March 31, 2026 to be up to $52.5 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire.

Legal Contingencies. At March 31, 2026, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate were considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings or asserted claims.

Refer to Note 16 of the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Bank Guarantees, Standby Letters of Credit, and Surety Bonds. At March 31, 2026, the maximum future contractual obligations relative to performance guarantees totaled $128.9, of which $24.3 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2025, the maximum future payment obligations relative to these various guarantees totaled $130.8, of which $24.3 represented standby letters of credit to insurance providers, and no associated liability was recorded.

Product Warranties. The Company provides its customers a standard manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. Changes in the Company’s warranty liability balance are illustrated in the following table:

	2026		2025
Beginning balance as of January 1	$	20.1	$	22.5
Current period accruals	3.9		4.2
Current period settlements	(4.9)		(6.5)
Currency translation adjustment	(0.5)		0.6
Ending balance as of March 31	$	18.6	$	20.8

Restricted Cash. The following table provides a reconciliation of Cash, cash equivalents and Short-term restricted cash reporting within the Company's Condensed Consolidated Statement of Financial Position and in the Condensed Consolidated Statements of Cash Flows:

	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	358.6	$	368.9
Bank collateral guarantees	7.3		10.7
Pension collateral guarantees	7.7		7.7
Restricted cash and cash equivalents	15.0		18.4
Total cash, cash equivalents, and restricted cash	$	373.6	$	387.3