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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables summarize the fair values of financial instruments:
| March 31, 2025
($ in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  |  |  |  |  |  |
Money market investments | $ | 14.1 |  |  | $ | 14.1 |  |  | $ | — |  |  | $ | — |
Split-dollar life insurance policies | 24.7 |  |  | — |  |  | 24.7 |  |  | — |
| $ | 38.8 |  |  | $ | 14.1 |  |  | $ | 24.7 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 18.2 |  |  | $ | — |  |  | $ | 18.2 |  |  | $ | — |
Commodity forwards | 4.3 |  |  | — |  |  | — |  |  | 4.3 |
| $ | 22.5 |  |  | $ | — |  |  | $ | 18.2 |  |  | $ | 4.3 |
| December 31, 2024
($ in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial Assets: |  |  |  |  |  |  |
Money market investments | $ | 14.1 |  |  | $ | 14.1 |  |  | $ | — |  |  | $ | — |
Split-dollar life insurance policies | 24.7 |  |  | — |  |  | 24.7 |  |  | — |
| $ | 38.8 |  |  | $ | 14.1 |  |  | $ | 24.7 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 36.0 |  |  | $ | — |  |  | $ | 36.0 |  |  | $ | — |
Commodity forwards | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
| $ | 41.4 |  |  | $ | — |  |  | $ | 36.0 |  |  | $ | 5.4 |
The fair values of the Company’s money market investments are based on the daily market price for identical assets in active markets. The fair value of the Company's split-dollar life insurance policies are the cash surrender value based on the fair value of underlying investment. The changes in the fair value of the Company's commodity forwards recorded at fair value, which are Level 3 financial liabilities, are reflected within Other operating expense (income), net on the Condensed Consolidated Statements of Operations. The Company had no transfers into or out of Level 3 of the fair value hierarchy for any of the periods presented. Fair Value of Debt The following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:
| March 31, 2025 |  | December 31, 2024
($ in millions) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Term Loans | $ | 3,090.9 |  |  | $ | 3,079.3 |  |  | $ | 3,098.6 |  |  | $ | 3,121.8 |
6.250% Senior Notes 1 | 712.8 |  |  | 712.9 |  |  | 713.0 |  |  | 709.4 |
3.875% Senior Notes 1 | 469.0 |  |  | 470.8 |  |  | 459.8 |  |  | 459.9 |
4.375% Senior Notes 1 | 708.5 |  |  | 715.6 |  |  | 710.0 |  |  | 701.2 |
Non-tendered Original Senior Notes | 12.5 |  |  | 12.2 |  |  | — |  |  | — |
Total | $ | 4,993.7 |  |  | $ | 4,990.8 |  |  | $ | 4,981.4 |  |  | $ | 4,992.3 |
1 The December 31, 2024 balances for the 6.250% Senior Notes, 3.875% Senior Notes and the 4.375% Senior Notes represent the Original Notes as defined in Note 6 - "Debt". The March 31, 2025 balances for the 6.250% Senior Notes, 3.875% Senior Notes and the 4.375% Senior Notes represent the New Notes as described in Note 6 - "Debt". The fair value of the Term Loans is estimated using quoted market prices for similar issues and are categorized within Level 2 of the fair value hierarchy. The fair values of the 6.250% Senior Notes, 3.875% Senior Notes, and 4.375% Senior Notes are based on the trading levels and bid/offer prices observed by a market participant and are categorized within Level 2 of the fair value hierarchy. Given the variable interest rates, the carrying values of the Revolving Credit Facility and other debts approximate their fair values.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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