FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Carrying Value and Fair Value of Debt

The following table sets forth the carrying value and fair value amounts of the Company’s term loans:


	September 30, 2025				December 31, 2024
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Loans(1)(2)	$	3,590.7	$	3,594.0	$	3,786.7	$	3,798.6

(1) The carrying value of the term loans is presented on a gross basis and excludes unamortized debt discounts.

(2) The reported carrying values of other debt instruments approximate their fair values.

Schedule of Fair Value Amounts of Derivatives

The following table sets forth the fair value amounts of derivatives presented in the unaudited condensed consolidated financial statements:



	September 30, 2025				December 31, 2024
(in millions)	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Derivatives designated as cash flow hedges
Interest rate contracts	$	—	$	5.6	$	0.3	$	9.3
Cross-currency swaps	7.0		87.5		7.1		5.5
Foreign exchange forward contracts	0.6		1.0		—		—
	$	7.6	$	94.1	$	7.4	$	14.8

Derivatives designated as net investment hedges
Cross-currency swaps	$	3.0	$	9.6	$	3.8	$	5.9

Derivatives not designated as hedging instruments
Foreign exchange forward contracts	0.6		1.8		—		—

Total derivatives	$	11.2	$	105.5	$	11.2	$	20.7

As reported in the Unaudited Condensed Consolidated Balance Sheets
Prepaid expenses and other current assets	$	11.1	$	—	$	11.1	$	—
Other noncurrent assets	0.1		—		0.1		—
Other current liabilities	—		32.5		—		6.6
Other noncurrent liabilities	—		73.0		—		14.1
	$	11.2	$	105.5	$	11.2	$	20.7

Schedule of Gains (Losses) on Derivatives

The following tables present the gains (losses) on the Company’s interest rate contracts, cross-currency swaps and foreign exchange forward contracts:


(in millions)	Beginning Accumulated Other Comprehensive Gain (Loss)		Amount of gains (losses) recognized, net of tax		Amount of gains (losses) reclassified into income, net of tax		Ending Accumulated Other Comprehensive Gain (Loss)
Three Months Ended September 30, 2025:
Designated as cash flow hedges:
Interest rate contracts	$	(6.5)	$	0.2	$	(1.3)	$	(5.0)
Cross-currency swaps	(10.7)		4.8		1.7		(7.6)
Foreign exchange forward contracts	(0.7)		—		(0.2)		(0.5)

Designated as net investment hedges:
Cross-currency swaps	$	(2.5)	$	(5.4)	$	—	$	(7.9)

Three Months Ended September 30, 2024:
Designated as cash flow hedges:
Interest rate contracts	$	26.3	$	(10.2)	$	10.8	$	5.3
Cross-currency swaps	(0.3)		(27.1)		(21.3)		(6.1)

Designated as net investment hedges:
Cross-currency swaps	$	4.1	$	(5.2)	$	—	$	(1.1)


(in millions)	Beginning Accumulated Other Comprehensive Gain (Loss)		Amount of gains (losses) recognized, net of tax		Amount of gains (losses) reclassified into income, net of tax		Ending Accumulated Other Comprehensive Gain (Loss)
Nine Months Ended September 30, 2025:
Designated as cash flow hedges:
Interest rate contracts	$	0.8	$	0.4	$	6.2	$	(5.0)
Cross-currency swaps	(3.9)		(70.0)		(66.3)		(7.6)
Foreign exchange forward contracts	—		(0.6)		(0.1)		(0.5)

Designated as net investment hedges:
Cross-currency swaps	$	(1.9)	$	(6.0)	$	—	$	(7.9)

Nine Months Ended September 30, 2024:
Designated as cash flow hedges:
Interest rate contracts	$	26.7	$	10.5	$	31.9	$	5.3
Cross-currency swaps	(2.3)		(10.5)		(6.7)		(6.1)

Designated as net investment hedges:
Cross-currency swaps	$	—	$	(1.1)	$	—	$	(1.1)

Schedule of Common Stock Warrant Liability

The following table presents a reconciliation of the liability-classified Warrant prior to reclassification to equity:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Balance at beginning of period	$	226.0	$	163.5	$	191.4	$	116.2
Change in fair value	5.1		18.3		39.7		65.6
Reclassification to equity	(231.1)		—		(231.1)		—
Balance at end of period	$	—	$	181.8	$	—	$	181.8

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The level 3 fair value inputs used in the valuation of the liability-classified Warrant were as follows:


	July 24, 2025 (date of IPO)	December 31, 2024
Volatility	32.4%	31.5%
Risk-free rate	4.7%	4.8%
Discount for lack of marketability	—%	7.5%
Term (in years)	15.6	16.2

NIQ Global Intelligence plc 10-Q