v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Forward Contracts
The Company has commodity forward contracts to hedge forecasted purchases of commodities with maturities extending through September 2026. The notional amounts expressed in terms of the dollar value of the hedged item were as follows:
 June 30, 2025December 31, 2024
Copper$38.0 $41.7 

The Company has currency forward contracts with maturities extending through September 2026. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
 June 30, 2025December 31, 2024
Euro$776.0 $1,221.5 
Mexican Peso296.8 233.2 
Chinese Renminbi378.3 359.5 
Indian Rupee30.6 23.0 
Canadian Dollar145.4 52.2 
Australian Dollar25.8 — 
British Pound16.8 6.1 
Schedule of Fair Values of Derivative Instruments
Fair values of derivative instruments as of June 30, 2025 and December 31, 2024 were:
 June 30, 2025
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
Currency Contracts2.5 0.1 0.7 
Commodity Contracts3.0 — 0.3 
Not Designated as Hedging Instruments:
Currency Contracts7.9 — 5.1 
Total Derivatives$13.4 $0.1 $6.1 
 December 31, 2024
 Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
Interest Rate Swap Contracts$— $5.5 $— 
Currency Contracts0.1 — 8.0 
Commodity Contracts0.1 — 4.4 
Not Designated as Hedging Instruments:
Currency Contracts0.9 — 5.6 
Total Derivatives$1.1 $5.5 $18.0 
Schedule of Cash Flow Hedging Instruments
The effect of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income (Loss) were:
Three Months Ended
June 30, 2025June 30, 2024
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
(Loss) Gain Recognized in Other Comprehensive Income (Loss)$(0.3)$5.2 $(0.2)$4.7 $(0.6)$(7.3)$0.5 $(7.4)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(0.5)(2.9)— (3.4)— 7.4 — 7.4 
Gain Recognized in Interest Expense— — 4.9 4.9 — — 1.4 1.4 
Six Months Ended
June 30, 2025June 30, 2024
Commodity ForwardsCurrency ForwardsInterest Rate SwapsTotalCommodity ForwardsCurrency ForwardsInterest Rate SwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$6.8 $7.2 $(2.4)$11.6 $0.1 $(4.7)$3.7 $(0.9)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(1.0)(4.2)— (5.2)(1.8)14.7 — 12.9 
Gain Recognized in Interest Expense— — 6.1 6.1 — — 2.9 2.9 
Schedule of Derivatives Not Designated as Cash Flow Hedging Instruments
The effect of derivative instruments not designated as cash flow hedges on the Condensed Consolidated Statements of Income were:
Three Months Ended
June 30, 2025June 30, 2024
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain (Loss) recognized in Operating Expenses$— $9.7 $— $(2.4)
Six Months Ended
June 30, 2025June 30, 2024
Commodity ForwardsCurrency ForwardsCommodity ForwardsCurrency Forwards
Gain recognized in Operating Expenses— 15.1 — 7.7 
Schedule of Derivatives Offsetting Disclosures
The following table presents on a net basis the derivative assets and liabilities that are subject to right of offset under enforceable master netting agreements:
June 30, 2025
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of Offset Derivative Contracts as Presented on a Net Basis
Assets$13.5 $(2.1)$11.4 
Liabilities6.1 (2.1)4.0 
December 31, 2024
Gross Amounts as Presented on the Condensed Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$6.6 $(1.1)$5.5 
Liabilities18.0 (1.1)16.9