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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | NOTE 11 – FAIR VALUE MEASUREMENTS The following table presents the carrying amount and fair values of the Company’s financial assets and liabilities measured on a recurring basis:
|  | September 30, 2025 |  |  | December 31, 2024 |
(in millions) |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivatives (Level 1 measurement): |  |  |  |  |  |  |  |  |  |  |  |
Other current and non-current assets: |  |  |  |  |  |  |  |  |  |  |  |
Emissions Trading Scheme credits |  |  | 2.6 |  |  |  | 2.6 |  |  |  | 3.9 |  |  |  | 3.9 |
Foreign currency forward exchange contracts |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 1.5 |  |  |  | 1.5 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Non-financial liabilities (Level 3 measurement): |  |  |  |  |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  |  | 8.2 |  |  |  | 8.2 |  |  |  | 20.1 |  |  |  | 20.1 |
The following methods and assumptions were used to estimate the fair values: Emissions Trading Scheme credits: The fair value is determined by the open market pricing at the end of the reporting period. Foreign currency forward exchange contracts: The fair value of derivatives relating to foreign currency forward exchange contracts are derived from current settlement prices and comparable contracts using current assumptions. Foreign currency forward exchange contracts primarily relate to contracts entered into to hedge future known transactions or hedge balance sheet net cash positions. The movements in the carrying amounts and fair values of these contracts are largely due to changes in exchange rates against the U.S. dollar. Acquisition-related contingent consideration: Contingent consideration payable in cash is discounted to its fair value at each balance sheet date. Where contingent consideration is dependent upon pre-determined financial targets, an estimate of the fair value of the likely consideration payable is made at each balance sheet date. The contingent consideration payable has been calculated based on the latest forecast. The movement in the current year relates to an $18.5 million reduction in the fair value of the expected payable relating to the acquisition of QGP, partially offset by an accretion charge of $2.3 million, the impact of foreign exchange of $3.0 million and a $1.3 million increase relating to the acquisition of the trade and net assets of Biotechnology Solutions LLC which has not been discounted to its fair value on the basis of materiality (see Note 4 of the Notes to the Condensed Consolidated Financial Statements for additional information).

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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