XML 30 R24.htm IDEA: XBRL DOCUMENT
v3.25.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | 15. Debt The Company’s debt obligations consist of the following (in millions):
|  | June 30, 2025 |  |  | December 31, 2024 |
2024 term loan agreements: |  |  |  |  |  |
CHF loan due 2027 |  | $ | 181.9 |  |  | $ | 162.1 |
CHF loan due 2029 |  |  | 183.1 |  |  |  | 162.1 |
CHF loan due 2031 |  |  | 189.0 |  |  |  | 165.2 |
2019 term loan agreement: |  |  |  |  |  |
USD loan quarterly payments of $3.8 million and balloon payment due December 2026 |  |  | 255.8 |  |  |  | 263.3 |
Note Purchase Agreements (NPA – Senior notes): |  |  |  |  |  |
2024 notes due April 15, 2034 - CHF 50 million 2.56% (a) |  |  | 63.0 |  |  |  | 55.1 |
2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a) |  |  | 246.9 |  |  |  | 215.9 |
2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a) |  |  | 233.1 |  |  |  | 203.8 |
2021 notes due December 8, 2031 - CHF 300 million 0.88% (a) |  |  | 378.0 |  |  |  | 330.5 |
2019 notes due December 11, 2029 - CHF 297 million 1.01% (a) |  |  | 374.2 |  |  |  | 327.2 |
2021 notes due December 8, 2031 - EUR 150 million 1.03% (a) |  |  | 176.5 |  |  |  | 155.3 |
CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b) |  |  | 122.1 |  |  |  | 27.5 |
Other loans |  |  | 15.2 |  |  |  | 11.9 |
Unamortized debt issuance costs |  |  | (2.8 | ) |  |  | (3.1 | )
Total notes and loans outstanding |  | $ | 2,416.0 |  |  | $ | 2,076.8 |
Finance lease obligations |  |  | 19.3 |  |  |  | 17.5 |
Total debt |  | $ | 2,435.3 |  |  | $ | 2,094.3 |
Current portion of long-term debt and finance lease obligations |  |  | (55.7 | ) |  |  | (32.5 | )
Total long-term debt, less current portion |  | $ | 2,379.6 |  |  | $ | 2,061.8 |
a) The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively. b) Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty. Significant borrowings and repayments: The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the six months ended June 30, 2025 and 2024 (amounts in millions):
|  | June 30, 2025 |  |  | June 30, 2024 |
Proceeds from long-term debt: |  |  |  |  |  |
CHF notes under various 2024 Note Purchase Agreements |  | $ | — |  |  | $ | 472.1 |
CHF notes under the 2024 Term Loan Agreement |  |  | — |  |  |  | 329.5 |
Other |  |  | 2.9 |  |  |  | 4.1 |
Proceeds from long-term debt - Total |  | $ | 2.9 |  |  | $ | 805.7 |
Repayment of long-term debt: |  |  |  |  |  |
USD notes under the 2012 Note Purchase Agreement |  | $ | — |  |  | $ | (100.0 | )
USD notes under the 2019 Term Loan Agreement |  |  | (7.5 | ) |  |  | (7.5 | )
CHF notes under the 2024 Term Loan Agreement |  |  | (5.6 | ) |  |  | — |
Other |  |  | (9.2 | ) |  |  | (10.5 | )
Repayment of long-term debt - Total |  | $ | (22.3 | ) |  | $ | (118.0 | )
Revolving Credit Facility: As of June 30, 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 |  | 0.43% |  | $ | 900.0 |  |  | $ | 122.1 |  |  | $ | 0.7 |  |  | $ | 777.2 |
Bank guarantees and working capital line |  | varies |  |  | 184.0 |  |  |  | — |  |  |  | 184.0 |  |  |  | — |
Total revolving lines of credit |  |  |  | $ | 1,084.0 |  |  | $ | 122.1 |  |  | $ | 184.7 |  |  | $ | 777.2 |
As of June 30, 2025, the Company was in compliance with the covenants of all debt agreements.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration