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Hybrid Instruments Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Hybrid Instruments [Abstract]

Schedule of changes in hybrid instrument liability

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2024		$	78.1
Acquisitions			—
Current period adjustments (a)			(42.0	)
Current period settlements			—
Foreign currency effect			3.7
Balance at September 30, 2025		$	39.8

a)Current period adjustments include a remeasurement of the hybrid liability consisting of a $43.7 million reduction, driven by downward revisions of the long-range financial forecasts for certain subsidiaries during the three months ended September 30, 2025.

Schedule of fair value measurements of hybrid instrument liabilities

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:

Hybrid Instrument Liabilities	Valuation Technique	Unobservable Input	Range	Weighted Average (a)
Put / Call Options	Option Pricing Model	Revenue Risk Premium	4.6% - 12.6%	9.6%
		EBITDA Risk Premium	10.1% - 25.1%	19.4%

a)Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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