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Financial Instruments (Notes)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block] 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 and cross currency 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 and cross currency 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 portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described 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
June 2025$50 million(0.21)%June 2028
In June 2025, the Company entered into a cross currency swap arrangement, as summarized above, to replace the cross currency swap that matured in June 2025. The new swap was designated as an effective cash flow hedge.
The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2025 and December 31, 2024, respectively. A derivative gain of $5.5 million based upon interest rates at June 30, 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 June 30, 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 June 30, 2025 and December 31, 2024, as disclosed in Note 5. The Company recognized in other charges (income) a net loss of $12.6 million and $4.2 million during the three months ended June 30, 2025 and 2024, respectively, and a net loss of $11.3
million and a net gain of $4.6 million during the six months ended June 30, 2025 and 2024, respectively, which offset the related transaction gains (losses) associated with these contracts. At June 30, 2025 and December 31, 2024, these contracts had a notional value of $859.1 million and $788.6 million, respectively.