v3.25.2
Financial Instruments and Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Derivatives Instruments
The following table summarizes outstanding financial instruments that are measured at fair value on a recurring basis:
June 30, 2025December 31, 2024Balance Sheet Classification
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Assets
Derivatives designated as hedges:
Cross currency swaps$197.0 $12.3 $197.0 $38.9 Other financial assets (non-current)
Interest rate swaps234.4 0.5 — — Other financial assets (non-current)
Total$431.4 $12.8 $197.0 $38.9 
The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive income (loss) (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings:
Effect of Financial Instruments
Three Months Ended Jun 30,
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeIncome Statement Classification
2025202420252024
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(2.6)$0.1 $0.2 $0.4 Interest and other financial expense, net
Interest rate swaps0.5 (2.1)— — Interest and other financial expense, net
Total$(2.1)$(2.0)$0.2 $0.4 
Effect of Financial Instruments
Six Months Ended June 30,
Gain (Loss) Recognized in AOCIGain (Loss) Reclassified from AOCI to IncomeIncome Statement Classification
2025202420252024
(In millions)
Derivatives designated as hedges:
Cross currency swaps$(4.6)$0.8 $(0.1)$0.8 Interest and other financial expense, net
Interest rate swaps0.5 (4.1)Interest and other financial expense, net
Total$(4.1)$(3.3)$(0.1)$0.8 
Schedule of Fair Value Measurements Not Recurring
The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Short-term and Long-term debt are recorded at amortized cost in the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
Notional AmountFair ValueNotional AmountFair Value
(In millions)
Non-derivatives:
Liabilities:
Term-Loan$640.3 $617.5 $601.9 $601.9 
China Term-Loan54.1 54.0 55.9 56.8 
Total$694.4 $671.5 $657.8 $658.7