Fair Value |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| Fair Value [Abstract] | |||
| Fair Value |
Accounting
Standards Codification 820, Fair Value Measurement, defines fair value for financial assets and liabilities, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value
measurements. The carrying values of the Company’s cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued expenses, and short-term borrowings were approximately the same as the fair values as of June 30, 2025 and
December 31, 2024. The net fair value of the forward exchange contracts based on current pricing obtained for comparable derivative products (Level 2 inputs) was an asset of $0.9 million and a liability of $0.8 million as of June 30, 2025
and December 31, 2024, respectively. The
fair value of the Company’s long-term debt, including the portions of long-term debt classified as Short-term borrowings on the Company’s Consolidated Balance Sheets, is estimated using discounted cash flows based on the
Company’s current incremental borrowing rates for similar types of borrowing arrangements (Level 2 inputs). The carrying value of the long-term debt at June 30, 2025 and December 31, 2024, was $735.3 million and $613.7 million, respectively. The fair value of
the long-term debt at June 30, 2025 and December 31, 2024, was $745.9 million and $622.0 million, respectively.
|