2 unchanged sentences
Our borrowings include both fixed and variable interest rate debt.
−Removed: At December 31, 2024, we had (i) $237.5 million in outstanding borrowings under our Term Loan, $25.0 million in outstanding borrowings under the Revolving Credit Facility, $1.4 million in letters of credit issued under the Revolving Credit Facility and $723.6 million available under the Credit Facility, (ii) an aggregate principal amount of $400 million of Senior Notes due 2028 and (iii) an aggregate principal amount of $400 million of Senior Notes due 2029.
+Added: At December 31, 2025, we had (i) no outstanding borrowings under the New Credit Facility, $1.4 million in letters of credit issued under the New Credit Facility and $1,248.6 million available under the New Credit Facility, (ii) an aggregate principal amount of $400 million of Senior Notes due 2028 and (iii) an aggregate principal amount of $400 million of Senior Notes due 2029, and (iv) an aggregate principal amount of $1.25 billion of 2030 Notes.
See the heading "Liquidity and Capital Resources" in Item 7 of this Report for additional information on our debt instruments.
4 unchanged sentences
Historically, we have hedged those risks with FX forward contracts.
−Removed: At December 31, 2024, the fair values of our outstanding derivative instruments were not significant.
+Added: At December 31, 2025, the fair values of our outstanding FX derivative instruments were not significant.
We do not enter into speculative derivative positions.
17 unchanged sentences
— — 4.13% 4.13% — —
−Removed: Variable Interest Rate Debt
−Removed: $ 12,500 $ 12,500 $ 237,500 — — — $ 262,500 $ 262,479
+Added: Convertible Senior Notes — $ — $ — — $ 1,250,000 — $ 1,250,000 $ 1,194,533
Average Interest Rate
−Removed: 5.39 % 5.27 % 5.28 % — — —
At December 31, 2024:
31 unchanged sentences
Euro (selling Canadian dollar) $ 6,444 $ (41) 1.6296
+Added: Year Ending Fair Value at Average Contractual
+Added: Foreign Currency December 31, 2028 December 31, 2025 Exchange Rate
+Added: Euro (selling Canadian dollar) $ 5,901 $ (93) —
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.