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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value of Debt

The following table sets forth the carrying value and fair value amounts of the Company’s term loans:

			June 30, 2025												December 31, 2024
(in millions)			Carrying Value						Fair Value						Carrying Value						Fair Value
Term Loans(1)(2)			$	3,992.7					$	4,010.2					$	3,786.7					$	3,798.6

(1) The carrying value of the term loans is presented on a gross basis and excludes unamortized debt discounts.

(2) The reported carrying values of other debt instruments approximate their fair values.

Schedule of Fair Value Amounts of Derivatives

The following table sets forth the fair value amounts of derivatives presented in the condensed consolidated financial statements:

			June 30, 2025												December 31, 2024
(in millions)			Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts			$	—					$	7.5					$	0.3					$	9.3
Cross-currency swaps			1.2						80.7						7.1						5.5
Foreign exchange forward contracts			—						0.7						—						—
			$	1.2					$	88.9					$	7.4					$	14.8
Derivatives designated as net investment hedges
Cross-currency swaps			$	—					$	2.7					$	3.8					$	5.9
Derivatives not designated as hedging instruments
Foreign exchange forward contracts			—						4.3						—						—
Total derivatives			$	1.2					$	95.9					$	11.2					$	20.7
As reported in the Condensed Consolidated Balance Sheets
Prepaid expenses and other current assets			$	1.1					$	—					$	11.1					$	—
Other noncurrent assets			0.1						—						0.1						—
Other current liabilities			—						59.7						—						6.6
Other noncurrent liabilities			—						36.2						—						14.1
			$	1.2					$	95.9					$	11.2					$	20.7

Schedule of Gains (Losses) on Derivatives

The following tables present the gains (losses) on the Company’s interest rate contracts and cross-currency swaps:

(in millions)			Beginning Accumulated Other Comprehensive Gain (Loss)						Amount of gains (losses) recognized, net of tax						Amount of gains (losses) reclassified into income, net of tax						Ending Accumulated Other Comprehensive Gain (Loss)
Three Months Ended June 30, 2025:
Designated as cash flow hedges:
Interest rate contracts			$	(7.5)					$	—					$	(1.0)					$	(6.5)
Cross-currency swaps			(4.5)						(43.7)						(37.5)						(10.7)
Foreign exchange forward contracts			—						(0.7)						—						(0.7)
Designated as net investment hedges:
Cross-currency swaps			$	4.1					$	(6.6)					$	—					$	(2.5)
Three Months Ended June 30, 2024:
Designated as cash flow hedges:
Interest rate contracts			$	31.7					$	5.1					$	10.5					$	26.3
Cross-currency swaps			1.1						7.0						8.4						(0.3)
Designated as net investment hedges:
Cross-currency swaps			$	7.4					$	(3.3)					$	—					$	4.1

(in millions)			Beginning Accumulated Other Comprehensive Gain (Loss)						Amount of gains (losses) recognized, net of tax						Amount of gains (losses) reclassified into income, net of tax						Ending Accumulated Other Comprehensive Gain (Loss)
Six Months Ended June 30, 2025:
Designated as cash flow hedges:
Interest rate contracts			$	0.8					$	0.2					$	7.5					$	(6.5)
Cross-currency swaps			(3.9)						(74.8)						(68.0)						(10.7)
Foreign exchange forward contract			—						(0.7)						—						(0.7)
Designated as net investment hedges:
Cross-currency swaps			$	(1.9)					$	(0.6)					$	—					$	(2.5)
Six Months Ended June 30, 2024:
Designated as cash flow hedges:
Interest rate contracts			$	26.7					$	20.7					$	21.1					$	26.3
Cross-currency swaps			(2.3)						16.6						14.6						(0.3)
Designated as net investment hedges:
Cross-currency swaps			$	—					$	4.1					$	—					$	4.1

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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