XML 33 R22.htm IDEA: XBRL DOCUMENT v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
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)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.1 $14.1 $— $— 
Split-dollar life insurance policies24.7 — 24.7 — 
$38.8 $14.1 $24.7 $— 
Financial Liabilities:
Foreign exchange contracts
$18.2 $— $18.2 $— 
Commodity forwards4.3 — — 4.3 
$22.5 $— $18.2 $4.3 
December 31, 2024
($ in millions)TotalLevel 1Level 2Level 3
Financial Assets:
Money market investments$14.1 $14.1 $— $— 
Split-dollar life insurance policies24.7 — 24.7 — 
$38.8 $14.1 $24.7 $— 
Financial Liabilities:
Foreign exchange contracts$36.0 $— $36.0 $— 
Commodity forwards5.4 — — 5.4 
$41.4 $— $36.0 $5.4 
The fair values of the Company’s money market investments are based on the daily market price for identical assets in active markets. The fair value of the Company's split-dollar life insurance policies are the cash surrender value based on the fair value of underlying investment.
The changes in the fair value of the Company's commodity forwards recorded at fair value, which are Level 3 financial liabilities, are reflected within Other operating expense (income), net on the Condensed Consolidated Statements of Operations.
The Company had no transfers into or out of Level 3 of the fair value hierarchy for any of the periods presented.
Fair Value of Debt
The following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:
March 31, 2025December 31, 2024
($ 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.