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Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | 15. Debt The Company’s debt obligations consist of the following (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
2024 term loan agreements: |  |  |  |  |  |
CHF loan due 2027 |  | $ | 165.3 |  |  | $ | 162.1 |
CHF loan due 2029 |  |  | 165.3 |  |  |  | 162.1 |
CHF loan due 2031 (a) |  |  | 169.5 |  |  |  | 165.2 |
2019 term loan agreement: |  |  |  |  |  |
USD loan quarterly payments of $3.8 million and balloon payment due December 2026 |  |  | 259.5 |  |  |  | 263.3 |
Note Purchase Agreements (NPA – Senior notes): |  |  |  |  |  |
2024 notes due April 15, 2034 - CHF 50 million 2.56% (a) |  |  | 56.5 |  |  |  | 55.1 |
2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a) |  |  | 221.5 |  |  |  | 215.9 |
2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a) |  |  | 209.1 |  |  |  | 203.8 |
2021 notes due December 8, 2031 - CHF 300 million 0.88% (a) |  |  | 339.1 |  |  |  | 330.5 |
2019 notes due December 11, 2029 - CHF 297 million 1.01% (a) |  |  | 335.7 |  |  |  | 327.2 |
2021 notes due December 8, 2031 - EUR 150 million 1.03% (a) |  |  | 162.2 |  |  |  | 155.3 |
CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b) |  |  | — |  |  |  | 27.5 |
Other loans |  |  | 14.9 |  |  |  | 11.9 |
Unamortized debt issuance costs |  |  | (2.9 | ) |  |  | (3.1 | )
Total notes and loans outstanding |  | $ | 2,095.7 |  |  | $ | 2,076.8 |
Finance lease obligations |  |  | 18.1 |  |  |  | 17.5 |
Total debt |  | $ | 2,113.8 |  |  | $ | 2,094.3 |
Current portion of long-term debt and finance lease obligations |  |  | (37.7 | ) |  |  | (32.5 | )
Total long-term debt, less current portion |  | $ | 2,076.1 |  |  | $ | 2,061.8 |
a) The fair value of the Company's long-term fixed interest rate debt was $1,288.4 million and $1,278.9 million as of March 31, 2025, and December 31, 2024, respectively. b) Subsequent to March 31, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed $10 million, net through a swing line drawing and CHF $90.0 million (approximately $110.5 million) of debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement. Significant borrowings and repayments: The following table summarizes the Company’s debt borrowings and repayments for the three months ended March 31, 2025 and 2024 (amounts in millions):
|  | March 31, 2025 |  |  | March 31, 2024 |
Proceeds from revolving lines of credit: |  |  |  |  |  |
2024 Amended and Restated Credit Agreement |  | $ | 139.9 |  |  | $ | — |
2019 Amended and Restated Credit Agreement (a) |  |  | — |  |  |  | 268.9 |
Proceeds from revolving lines of credit - Total |  | $ | 139.9 |  |  | $ | 268.9 |
Repayments of revolving lines of credit: |  |  |  |  |  |
2024 Amended and Restated Credit Agreement |  | $ | (167.9 | ) |  | $ | — |
Other |  | — |  |  |  | (0.5 | )
Repayments of revolving lines of credit - Total |  | $ | (167.9 | ) |  | $ | (0.5 | )
Proceeds from long-term debt: |  |  |  |  |  |
Other |  | $ | 2.9 |  |  | $ | — |
Proceeds from long-term debt - Total |  | $ | 2.9 |  |  | $ | — |
Repayment of long-term debt: |  |  |  |  |  |
USD notes under the 2012 Note Purchase Agreement |  | $ | — |  |  | $ | (100.0 | )
USD notes under the 2019 Term Loan Agreement |  |  | (3.8 | ) |  |  | (3.8 | )
CHF notes under the 2024 Term Loan Agreement |  |  | (2.1 | ) |  | — |
Other |  |  | (1.8 | ) |  |  | (3.4 | )
Repayment of long-term debt - Total |  | $ | (7.7 | ) |  | $ | (107.2 | )
a) The 2024 Amended and Restated Credit Agreement amended and restated the 2019 Revolving Credit Agreement on January 18, 2024. All balances were transferred to the 2024 Amended and Restated Credit Agreement Revolving Credit Facility: As of March 31, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):
|  | Weighted Average Interest Rate |  | Total Amount Committed by Lenders |  |  | Outstanding Borrowings |  |  | Outstanding Letters of Credit |  |  | Total Amount Available |
2024 Amended and Restated Credit Agreement |  | 0.36% |  | $ | 900.0 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 899.7 |
Bank guarantees and working capital line |  | varies |  |  | 173.4 |  |  |  | — |  |  |  | 173.4 |  |  |  | — |
Total revolving lines of credit |  |  |  | $ | 1,073.4 |  |  | $ | — |  |  | $ | 173.7 |  |  | $ | 899.7 |
As of March 31, 2025, the Company was in compliance with the financial covenants of all debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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