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FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Derivatives and Hedging
In the normal course of business, the Company is exposed to risks relating to changes in interest rates, foreign currency exchange rates and commodity prices. Derivative financial instruments, such as interest rate swaps, net investment hedges, foreign currency exchange forward contracts and commodities derivative contracts are used to manage the risks associated with changes in the conditions of those markets. The counterparties to the Company’s derivative agreements are primarily major international financial institutions. The Company regularly monitors its derivative positions and the credit ratings of its counterparties and does not anticipate nonperformance on their part.
All derivatives are recognized in the Consolidated Balance Sheets at fair value. Realized gains and losses on foreign currency forward contracts, commodity derivative contracts and the net periodic payments from interest rate swaps and cross-currency swaps are reflected as "Cash flows from operating activities" in the Condensed Consolidated Statements of Cash Flows.
Interest Rate and Cross-Currency Swaps
The Company uses interest rate swaps and cross-currency swaps to reduce its exposure to interest rate risk and foreign currency risk. The Company has designated its interest rate swaps as cash flow hedges and its cross-currency swaps as net investment hedges of the foreign currency exposure of a portion of its net investment in euro functional subsidiaries. These swaps effectively convert the Company's outstanding term loans, which are U.S. dollar denominated debt obligations, into fixed-rate euro-denominated debt through their respective expiration dates.
In March 2025, in connection with the partial prepayment of its term loans B-3, the Company terminated and monetized $49.7 million in notional value of related interest rate swaps and cross-currency swaps that were scheduled to mature in 2028. This transaction did not have a material impact on the Company's Condensed Consolidated Financial Statements.
In January 2025, upon maturity of $286 million in notional value of its cross-currency swaps, the Company received cash proceeds of $25.5 million which will remain in "Accumulated other comprehensive loss" until the hedged net investment is sold or liquidated. Subsequently, the Company entered into new interest rate swaps and cross-currency swaps to effectively convert $135 million of the term loans B-3, a U.S. dollar denominated debt obligation, into fixed-rate euro-denominated debt through December 2029.
The total notional value of the interest rate swaps and cross-currency swaps was $834 million and $1.04 billion at June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, approximately $699 million in notional value matures in December 2028 and the remaining balance in December 2029. The net result of these hedges is an interest rate of approximately 4.6% at June 30, 2025 on the term loans B-3, which could vary in the future due to changes in the euro and the U.S. dollar exchange rate.
Changes in the estimated fair value of interest rate swaps are recorded in "Accumulated other comprehensive loss" and reclassified to "Interest expense, net" in the Condensed Consolidated Statements of Operations as the underlying hedged item affects earnings. The fair value of the interest rate swaps was a net liability of $10.8 million and a net asset of $8.9 million at June 30, 2025 and December 31, 2024, respectively.
Changes in the estimated fair value of cross-currency swaps are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss." The fair value of the cross-currency swaps was a net liability of $74.1 million and a net asset of $54.0 million at June 30, 2025 and December 31, 2024, respectively.
For the three and six months ended June 30, 2025, these interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify a $0.6 million benefit from "Accumulated other comprehensive loss" to "Interest expense, net" in the Condensed Consolidated Statements of Operations within the next twelve months.
Foreign Currency
The Company conducts a significant portion of its business in currencies other than the U.S. dollar and certain subsidiaries conduct business in currencies other than their functional currency, which is typically their local currency. As a result, the Company’s operating results are impacted by foreign currency exchange rate volatility.
At June 30, 2025, the Company held foreign currency forward contracts to purchase and sell various currencies to mitigate foreign currency exposure primarily with the U.S. dollar, British pound and euro. The Company has not designated any foreign currency exchange forward contracts as eligible for hedge accounting and, as a result, changes in the fair value of foreign currency forward contracts are recorded in the Condensed Consolidated Statements of Operations as "Other income (expense), net." The total notional value of foreign currency exchange forward contracts held at June 30, 2025 and December 31, 2024 was approximately $161 million and $104 million, respectively, with settlement dates generally within one year. The fair value of the foreign currency forward contracts was a net current liability of $0.9 million and a net current asset of $0.9 million at June 30, 2025 and December 31, 2024, respectively.
Commodities
The Company enters into commodity derivative contracts for the purpose of mitigating its exposure to fluctuations in prices of certain metals used in the production of its finished goods. The Company held derivative contracts to purchase and sell various metals, primarily silver and tin, for a notional amount of $65.6 million and $55.3 million at June 30, 2025 and December 31, 2024, respectively. The fair value of the metals derivative contracts was a net current liability of $3.7 million and a net current asset of $3.2 million at June 30, 2025 and December 31, 2024, respectively. Substantially all contracts outstanding at June 30, 2025 have delivery dates within one year. The Company has not designated these derivatives as hedging instruments and, accordingly, records changes in their fair values in the Condensed Consolidated Statements of Operations as "Other income (expense), net."
Fair Value Measurements
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:
 (dollars in millions)Balance sheet locationClassificationJune 30, 2025December 31, 2024
Asset Category    
Foreign exchange contractsOther current assetsLevel 2$0.2 $1.7 
Metals contracts Other current assetsLevel 20.4 3.3 
Interest rate swaps Other current assetsLevel 20.8 4.0 
Cross-currency swaps Other current assetsLevel 27.7 39.2 
Interest rate swaps Other assetsLevel 2— 4.9 
Cross-currency swaps Other assetsLevel 2— 14.8 
Total$9.1 $67.9 
Liability Category
Foreign exchange contracts Accrued expenses and other current liabilitiesLevel 2$1.1 $0.8 
Metals contracts Accrued expenses and other current liabilitiesLevel 24.1 0.1 
Interest rate swaps Accrued expenses and other current liabilitiesLevel 20.2 — 
Interest rate swaps Other liabilitiesLevel 211.4 — 
Cross-currency swapsOther liabilitiesLevel 281.8 — 
Total$98.6 $0.9 
The fair values of Level 1 and Level 2 derivative assets and liabilities are determined using pricing models based upon observable market inputs, such as market spot and futures prices on over-the-counter derivative instruments, market interest rates and consideration of counterparty credit risk.
There were no significant transfers of financial instruments between the fair value hierarchy levels for the three and six months ended June 30, 2025.
The carrying value and estimated fair value of the Company’s long-term debt totaled $1.62 billion and $1.62 billion, respectively, at June 30, 2025. At December 31, 2024, the carrying value and estimated fair value totaled $1.82 billion and $1.81 billion, respectively. The carrying values noted above include unamortized discounts and debt issuance costs. The estimated fair value of long-term debt is measured using quoted market prices for similar instruments at the reporting date multiplied by the gross carrying amount of the related debt, which excludes unamortized discounts and debt issuance costs. Such instruments are valued using Level 2 inputs.