THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of consolidated statement of cash flows |
| | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Cash and cash equivalents | | $ | 428.5 | | $ | 632.3 | | $ | 884.3 | Restricted cash | | | 48.8 | | | 48.5 | | | 27.1 | Total cash and cash equivalents and restricted cash in the statement of cash flows | | $ | 477.3 | | $ | 680.8 | | $ | 911.4 |
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| Schedule of impairment of assets |
| | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Impairment of long-lived assets | | $ | 43.5 | | $ | 72.3 | | $ | 106.9 | Impairment of equity investments recorded in investment income | | | 10.3 | | | — | | | 1.0 | Total impairment loss | | $ | 53.8 | | $ | 72.3 | | $ | 107.9 |
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| Schedule of benefit obligations and plan assets and the accrued liability |
| | | | | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2025 | | December 31, 2024 | Aggregated projected benefit obligation at end of period | | $ | (73.9) | | $ | (73.8) | | $ | (71.4) | | $ | (63.7) | Aggregated fair value of plan assets at end of period | | | 61.5 | | | 59.5 | | | 67.2 | | | 66.6 | Net asset (liability) for benefit cost - funded status | | $ | (12.4) | | $ | (14.3) | | $ | (4.2) | | $ | 2.9 |
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| Schedule of weighted-average assumptions used to determine benefit obligations |
The weighted-average assumptions used to determine benefit obligations are as follows: | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | | | December 31, 2025 | | December 31, 2024 | | December 31, 2025 | | December 31, 2024 | Discount rate | | 5.28% | | 5.43% | | 4.78% | | 5.18% | Rate of compensation increase | | N/A | | N/A | | 2.13% | | 2.22% |
The weighted-average assumptions used to determine net periodic benefit cost are as follows: | | | | | | | | | | | | | | | | | U.S. Pension Benefits | | International Pension Benefits | | | | Year Ended | | Year Ended | | | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, | | December 31, | | | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | Discount rate | | | 5.43% | | 4.76% | | 4.97% | | 5.18% | | 4.53% | | 4.82% | Weighted average expected long-term return on plan assets | | | 6.56% | | 6.56% | | 6.56% | | 5.41% | | 4.34% | | 4.32% | Rate of compensation increase | | | N/A | | N/A | | N/A | | 2.22% | | 2.07% | | 2.19% |
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| Schedule of expected benefit payments |
| | | | | | | (In millions) | | U.S. Pension Benefits | | International Pension Benefits | 2026 | | $ | 6.3 | | $ | 4.2 | 2027 | | | 5.9 | | | 4.3 | 2028 | | | 6.4 | | | 4.5 | 2029 | | | 6.7 | | | 4.3 | 2030 | | | 6.2 | | | 4.8 | Years 2031 - 2035 | | | 27.1 | | | 25.9 |
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| Schedule of other expense (income) |
| | | | | | | | | | | | Year Ended | (In millions) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | Governmental assistance - International markets | | $ | (10.8) | | $ | (0.1) | | $ | (3.8) | Governmental assistance - U.S. markets | | | — | | | — | | | (1.0) | Foreign currency transaction (gains) losses | | | (28.1) | | | 7.0 | | | (17.8) | Non-operating components of net periodic benefit cost | | | 1.2 | | | 1.8 | | | 1.4 | Gain on extinguishment - Second Lien Notes due 2026 | | | (6.6) | | | (40.3) | | | (140.5) | Loss on extinguishment - Senior Subordinated Notes due 2025 | | | — | | | 2.7 | | | — | Loss (gain) on extinguishment - Senior Subordinated Notes due 2026 | | | 0.3 | | | (1.3) | | | (2.3) | Loss on extinguishment - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | 103.3 | | | — | | | — | Loss on extinguishment - 7.5% First Lien Notes due 2029 | | | 99.0 | | | — | | | — | Term Loan modifications - third party fees | | | 3.1 | | | 42.3 | | | — | Increase in fair value of bifurcated embedded derivative liability - Senior Secured Exchangeable Notes due 2030 | | | 19.3 | | | — | | | — | Decrease in fair value of bifurcated embedded derivative liability - 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 | | | (56.7) | | | (75.8) | | | — | Equity in earnings of non-consolidated entities | | | (6.8) | | | (12.4) | | | (7.7) | Derivative stockholder settlement (1) | | | — | | | — | | | (14.0) | Shareholder litigation expense and (recoveries) (2) | | | (3.8) | | | (40.2) | | | 110.2 | Vendor dispute settlement (3) | | | — | | | (36.2) | | | — | Other settlement proceeds | | | — | | | (3.6) | | | — | Business interruption insurance recoveries | | | (1.0) | | | (0.1) | | | (1.3) | Total other expense (income) | | $ | 112.4 | | $ | (156.2) | | $ | (76.8) |
| (1) | The Company received $14.0 million as a result of a derivative stockholder settlement which was recorded as other income during the year ended December 31, 2023. |
| (2) | The Company recorded a $110.2 million charge for the settlement of shareholder litigation during the year ended December 31, 2023. The Company recorded other income related to recoveries of insurance claims associated with the shareholder litigation of $3.8 million and $40.2 million during the years ended December 31, 2025 and December 31, 2024, respectively. |
| (3) | The Company executed an agreement to collect $37.5 million as a resolution of a dispute with a vendor. The proceeds, net of legal costs, were recorded to other income during the year ended December 31, 2024. |
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