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Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative [Line Items]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges, also see Notes 5 and 9 to the interim consolidated financial statements. As also mentioned in Note 7, the Company
has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.
Cash Flow Hedges
The Company has entered into a number of cross currency swaps designated as cash flow hedges. The agreements convert borrowings under the Company’s credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income or expense as follows:
Agreement DateAmount
Converted		Effective Swiss Franc
Interest Rate		Maturity Date
June 2019$50 million(0.82)%June 2023
November 2021$50 million(0.67)%November 2023
June 2021$50 million(0.73)%June 2024
June 2021$50 million(0.59)%June 2025
December 2023$50 million1.04%November 2026
November 2023$50 million1.16%November 2026
June 2023$50 million1.55%June 2027
June 2024$50 million1.15%June 2027
The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at March 31, 2025 and December 31, 2024, respectively. A derivative gain of $4.7 million based upon interest rates at March 31, 2025, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of March 31, 2025.
Other Derivatives
The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at March 31, 2025 and December 31, 2024, as disclosed in Note 5. The Company recognized in other charges (income) a net gain of $1.3 million and net gain of $8.8 million during the three months ended March 31, 2025 and 2024, respectively, which offset the related transaction gains (losses) associated with these contracts. At March 31, 2025 and December 31, 2024, these contracts had a notional value of $813.1 million and $788.6 million, respectively.