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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Components of Debt Obligations

The Company’s debt obligations consist of the following (in millions):

 

 

September 30,
2025

 

 

December 31,
2024

 

2024 term loan agreements (a):

 

 

 

 

 

 

CHF 150 million loan due March 2027, 1.50%

 

$

141.5

 

 

$

162.1

 

CHF 150 million loan due March 2029, 1.50%

 

 

181.5

 

 

 

162.1

 

CHF 150 million loan due March 2031, 1.75%

 

 

188.6

 

 

 

165.2

 

2019 term loan agreement:

 

 

 

 

 

 

USD loan quarterly payments of $3.8 million and balloon payment due December 2026

 

 

—

 

 

 

263.3

 

Note Purchase Agreements (NPA – Senior notes):

 

 

 

 

 

 

CHF 50 million due April 15, 2034, 2.56% (b)

 

 

62.9

 

 

 

55.1

 

CHF 146 million due April 15, 2036, 2.62%, and CHF 50 million due April 15, 2036, 2.60% (b)

 

 

246.4

 

 

 

215.9

 

CHF 135 million due April 15, 2039, 2.71%, and CHF 50 million due April 15, 2039, 2.62% (b)

 

 

232.6

 

 

 

203.8

 

CHF 300 million due December 8, 2031, 0.88% (b)

 

 

377.2

 

 

 

330.5

 

CHF 297 million due December 11, 2029, 1.01% (b)

 

 

373.4

 

 

 

327.2

 

EUR 150 million due December 8, 2031, 1.03% (b)

 

 

176.3

 

 

 

155.3

 

CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement

 

 

—

 

 

 

27.5

 

Other loans

 

 

11.7

 

 

 

11.9

 

Unamortized debt issuance costs

 

 

(2.5

)

 

 

(3.1

)

Total notes and loans outstanding

 

$

1,989.6

 

 

$

2,076.8

 

Finance lease obligations

 

 

18.9

 

 

 

17.5

 

Total debt

 

$

2,008.5

 

 

$

2,094.3

 

Current portion of long-term debt and finance lease obligations

 

 

(24.3

)

 

 

(32.5

)

Total long-term debt, less current portion

 

$

1,984.2

 

 

$

2,061.8

 
a)
Amounts outstanding under the Term Loan Agreements bear interest at a rate equal to the Swiss Average Rate Overnight (“SARON”), plus a margin ranging from (i) 1.000% to 1.500% in the case of the three- and five-year term loan facilities and (ii) 1.250% to 1.750% in the case of the seven-year term loan facilities, in each case, based on the Company’s leverage ratio, provided, however, that if the loans are required to bear interest determined by reference to an Alternate Base Rate (“ABR Loans”), then such ABR Loans shall bear interest equal to (i) the federal funds effective rate plus ½ of 1%, (ii) the prime rate announced by Bank of America, N.A., and (iii) 1%, plus a margin ranging from 0.100% to 0.200%, based on the Company’s leverage ratio.
b)
The fair value of the Company's long-term fixed interest rate debt was $1,432.4 million and $1,278.9 million as of September 30, 2025, and December 31, 2024, respectively.
Summary of Debt Borrowings and Repayments from Long-Term Debt

The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the nine months ended September 30, 2025 and 2024 (amounts in millions):

 

 

 

September 30,
2025

 

 

September 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

 

 

—

 

 

 

495.6

 

Other

 

 

2.9

 

 

 

4.8

 

Proceeds from long-term debt – Total

 

$

2.9

 

 

$

972.5

 

 

 

 

 

 

 

 

Repayment of long-term debt (a):

 

 

 

 

 

 

USD notes under the 2012 Note Purchase Agreement

 

$

—

 

 

$

(100.0

)

USD notes under the 2019 Term Loan Agreement

 

 

(263.3

)

 

 

(11.3

)

CHF notes under the 2024 Term Loan Agreement

 

 

(46.8

)

 

 

—

 

Other

 

 

(11.2

)

 

 

(16.5

)

Repayment of long-term debt – Total

 

$

(321.3

)

 

$

(127.8

)
a)
During the quarter ended September 30, 2025, the Company repaid in full the outstanding balance in its 2019 term loan of $255.8 million and the outstanding balance in its 2024 Revolving Credit Agreement of $300 million, as well as repaid $37.6 million of the outstanding balance of the 2024 term loan due in 2027 using proceeds from the Series A Mandatory Convertible Preferred Stock. See Note 21, Shareholder's Equity for further information.
Summary of Maximum Commitments and Net Amounts Available Under the 2024 Credit Agreement and Other Lines of Credit

As of September 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 (a)

 

1.48%

 

$

900.0

 

 

$

—

 

 

$

0.7

 

 

$

899.3

 

Bank guarantees and working capital line

 

Various

 

 

192.6

 

 

 

—

 

 

 

192.6

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,092.6

 

 

$

—

 

 

$

193.3

 

 

$

899.3

 
a)
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.