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v3.25.2

Financing Arrangements (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our credit facilities and long-term debt obligations are summarized as follows (in millions, except interest rates):
|  |  |  |  |  | June 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2025 |  | 2024
Short-Term Credit Facilities |  |  |  |  |  |  |  |
2023 ABL Credit Facility |  | March 16, 2028 |  | 5.81% |  | $ | — |  |  | $ | — |
2025 Japan ABL Credit Facility |  | January 21, 2028 |  | 1.40% |  | 48.6 |  |  | — |
2022 Japan ABL Credit Facility |  | January 25, 2025 |  | 1.21% |  | — |  |  | 25.4 |
Total Principal Amount |  |  |  |  |  | $ | 48.6 |  |  | $ | 25.4 |
Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 3.2 |  |  | $ | 3.4 |
|  | Balance Sheet Location |  |  |  |  |  |
ABL Credit Facilities |  | Asset-based credit facilities |  |  |  | $ | 48.6 |  |  | $ | 25.4 |
Unamortized Debt Issuance Costs - Current |  | Prepaid expenses |  |  |  | $ | 1.2 |  |  | $ | 1.1 |
Unamortized Debt Issuance Costs - Non-current |  | Other long-term assets |  |  |  | $ | 2.0 |  |  | $ | 2.3 |
|  |  |  |  |  | June 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2025 |  | 2024
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |  |
2023 Term Loan B |  | March 16, 2030 |  | 7.33% |  | $ | 1,171.9 |  |  | $ | 1,178.1 |
Convertible Notes |  | May 1, 2026 |  | 2.75% |  | 258.3 |  |  | 258.3 |
Equipment Notes |  | July 24, 2025 - December 21, 2027 |  | 2.36% - 5.93% |  | 8.8 |  |  | 11.7 |
Mortgage Loans |  | July 1, 2033 - July 29, 2036 |  | 9.75% - 11.31% |  | 43.9 |  |  | 44.3 |
Financed Tenant Improvements |  | February 1, 2035 |  | 8.00% - 10.00% |  | 3.8 |  |  | 3.1 |
Total Principal Amount |  |  |  |  |  | $ | 1,486.7 |  |  | $ | 1,495.5 |
Less: Unamortized Debt Issuance Costs |  |  |  | 19.9 |  |  | 22.3 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 1,466.8 |  |  | $ | 1,473.2 |
|  | Balance Sheet Location |  |  |  |  |  |
Long-Term Debt - Current |  | Other current liabilities |  |  |  | $ | 14.7 |  |  | $ | 15.3 |
Long-Term Debt - Current |  | Convertible notes, net |  |  |  | 257.0 |  |  | — |
Long-Term Debt - Non-current |  | Long-term debt |  |  |  | 1,195.1 |  |  | 1,457.9 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 1,466.8 |  |  | $ | 1,473.2 |
Schedule of Interest Expense, Debt | Total interest and amortization expense related to our credit facilities and long-term debt obligations, which is included in “Interest expense, net” in our condensed consolidated statement of operations, is summarized as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Short-Term Credit Facilities |  |  |  |  |  |  |
2025 Japan ABL Credit Facility | $ | 0.2 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
2023 ABL Credit Facility | 0.2 |  |  | 0.6 |  |  | 0.5 |  |  | 1.2 |
2022 Japan ABL Credit Facility | — |  |  | — |  |  | — |  |  | 0.1 |
Total | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 1.3 |
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |
2023 Term Loan B | $ | 22.6 |  |  | $ | 26.6 |  |  | $ | 45.0 |  |  | $ | 55.1 |
Convertible Notes | 1.7 |  |  | 1.8 |  |  | 3.5 |  |  | 3.6 |
Equipment Notes | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |
Financed Tenant Improvements | 0.1 |  |  | — |  |  | 0.2 |  |  | 0.1 |
Mortgage Loans | 1.2 |  |  | 1.1 |  |  | 2.3 |  |  | 2.3 |
Total | $ | 25.7 |  |  | $ | 29.6 |  |  | $ | 51.2 |  |  | $ | 61.4 |
Schedule of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities | Our average availability and weighted-average interest rate under our 2023 ABL Credit Facility and 2025 Japan ABL Credit Facility were as follows for the periods presented (in millions except interest rates):
(in millions, except interest rates) | June 30, 2025
2023 ABL Credit Facility |
Average availability | $ | 412.4 |
Weighted-average interest rate | 4.95 | %
2025 Japan ABL Credit Facility |
Average availability | $ | 13.3 |
Weighted-average interest rate | 1.21 | %
Schedule of Aggregate Amount of Maturities for Debt | The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of June 30, 2025.
|  | (in millions)
Remainder of 2025 |  | $ | 9.1 |
2026 |  | 276.4 |
2027 |  | 15.6 |
2028 |  | 13.8 |
2029 |  | 13.9 |
Thereafter |  | 1,157.9 |
Total aggregate amount of maturities |  | $ | 1,486.7 |
Less: Unamortized debt issuance costs |  | 19.9 |
Total aggregate amount of maturities, net of unamortized debt issuance costs |  | $ | 1,466.8 |

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