v3.25.2
Financial Instruments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Measurements Financial Instruments and Fair Value Measurements
Due to its foreign operations, the company is exposed to the effects of foreign currency exchange rate fluctuations on the U.S. dollar, principally related to intercompany account balances. The company uses derivative financial instruments to reduce its exposure to market risks from changes in foreign currency exchange rates on such balances. The company enters into foreign exchange forward contracts, generally having maturities of three months or less, which have not been designated as hedging instruments. At June 30, 2025 and December 31, 2024, the notional amount of these contracts was $556.6 million and $501.3 million, respectively. The fair value of these forward contracts is based on quoted prices for similar but not identical financial instruments; as such, the inputs are considered Level 2 inputs.
The following table summarizes the fair value of the company’s foreign exchange forward contracts.
June 30, 2025December 31, 2024
Balance Sheet Location
Prepaid expenses and other current assets$14.2 $0.1 
Other accrued liabilities0.2 9.5 
Total fair value$14.0 $(9.4)
The following table summarizes the location and amount of gains (losses) recognized on foreign exchange forward contracts.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Statement of Income Location
Other (expense), net$38.0 $(5.3)$53.9 $(17.0)
Subsequent to June 30, 2025, the company ceased its use of foreign currency forward contracts previously used to reduce its exposure to market risks from changes in foreign currency exchange rates.
Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other liabilities. The carrying amounts of these financial assets and liabilities approximate fair value due to their short maturities. Such financial instruments are not included in the following table that provides information about the estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheets as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt:
10.625% senior secured notes due January 15, 2031
$685.9 $719.9 $— $— 
6.875% senior secured notes due November 1, 2027
$— $— $481.6 $471.3 
Long-term debt is carried at amortized cost and its estimated fair value is based on market prices classified as Level 2 in the fair value hierarchy.