v3.26.1
Fair Value (Notes)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
7. FAIR VALUE

ASC 820 - Fair Value Measurement defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” The definition is based on an exit price rather than an entry price, regardless of whether the entity plans to hold or sell the asset. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows:

•Level 1:  Observable inputs such as quoted prices in active markets;
•Level 2:  Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3:  Unobservable inputs in which there is little or no market data, which require the reporting entity to develop
its own assumptions.

Financial instruments   The estimated carrying value of our financial assets and liabilities that are recognized at fair value on a recurring basis, using available market information and other observable data, are as follows:
 
Fair Value
June 30, 2026December 31, 2025Input
(in millions)
Balance Sheet Classification
Cash equivalents$157.4 $183.1 Level 1
Prepaid expenses and other
Cash flow hedges - currency forward contracts10.2 9.0 Level 2
Cash flow hedges - variable-to-fixed interest rate swap3.2 0.1 Level 2
Nondesignated - currency forward contracts33.4 53.7 Level 2
Other assets and deferred charges
     Cash flow hedges - currency forward contracts6.3 4.9 Level 2
Fair value hedges - fixed-to-fixed cross-currency swap12.5 — Level 2
     Cash flow hedges - variable-to-fixed interest rate swap12.3 0.7 Level 2
Nondesignated - currency forward contracts3.6 — Level 2
Accrued expenses and other
     Cash flow hedges - currency forward contracts0.1 — Level 2
Fair value hedges - fixed-to-fixed cross-currency swap15.9 — Level 2
     Nondesignated - currency forward contracts3.2 — Level 2
Postretirement benefits and other long-term liabilities
Fair value hedges - fixed-to-fixed cross-currency swap— 21.5 Level 2
Nondesignated - currency forward contracts1.1 — Level 2

The carrying values of our cash, accounts receivable, accounts payable and accrued liabilities, and borrowings under non-U.S. credit facilities approximate their fair values due to the short-term maturities of these instruments. 
We estimated the fair value of the amounts outstanding on our debt using available market information and other observable data, to be as follows:
 
June 30, 2026December 31, 2025
Carrying  AmountFair ValueCarrying  AmountFair Value
 
Input
(in millions)
Revolving Credit Facility$— $— $— $— Level 2
Term Loan A Facility472.1 462.1 484.3 486.7 Level 2
Term Loan B Facility644.6 645.4 648.0 649.6 Level 2
Tranche C Term Facility824.6 823.5 — — Level 2
7.75% Notes due 2033
1,250.0 1,231.3 1,250.0 1,268.8 Level 2
6.875% Notes due 2028
125.0 125.0 250.0 249.8 Level 2
6.375% Notes due 2032
850.0 845.8 850.0 850.3 Level 2
5.00% Notes due 2029
600.0 580.5 600.0 576.0 Level 2
U.S. Private Placement Notes349.0 347.7 — — Level 3