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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The notional amounts and fair values of our outstanding foreign currency derivative contracts, which are recorded within other current assets in our Consolidated Balance Sheets, were as follows:
As of December 31 | 2024 |  | 2023
Notional amount (U.S. dollar equivalent)(a) | $ | 155.8 |  |  | $ | 258.4 |
Fair value of foreign currency derivative contracts(b) | $ | 2.9 |  |  | $ | 3.8 |
(a) The higher notional balance as of December 31, 2023 relates to a foreign currency derivative contract related to the purchase price of Svanehøj, which closed in January 2024. (b) Our foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy because these contracts are not actively traded and the valuation inputs are based on market observable data of similar instruments.
Derivative Instruments, Gain (Loss) | Gains or losses arising from changes in fair value of our foreign currency derivative contracts are recorded within General and administrative expenses in our Consolidated Statements of Operations, and were as follows:
For the Year Ended December 31 | 2024 |  | 2023
(Loss) gain on foreign currency derivative contracts(a) | $ | (6.7) |  |  | $ | (2.5) |
(a) None of our derivative contracts were designated as hedging instruments under ASC 815, Derivatives & Hedging.

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