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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives and Hedging We utilize a combination of cross-currency swaps, with and without foreign exchange collars, (together the “Foreign Exchange Contracts”) as a net investment hedge of a portion of our investments in certain international subsidiaries that use the euro as their functional currency in order to reduce the volatility caused by changes in exchange rates. We are also a party to foreign currency contracts not designated as hedging instruments (the “Foreign Currency Contracts”) which are used to mitigate the risk associated with cash management activities and customer forward sale agreements denominated in currencies other than the applicable local currency, and to match costs and expected revenues where production facilities have a different currency than the selling currency. Our Foreign Currency Contracts are measured at fair value with changes in fair value recorded within other expense, net. We classify cash flows related to our Foreign Currency Contracts as operating activities within our condensed consolidated statements of cash flows. Our derivative contracts are entered into with major financial institutions in order to reduce credit risk and risk of nonperformance by third parties. We believe the credit risks with respect to the counterparties, and the foreign currency risks that would not be hedged if the counterparties fail to fulfill their obligations under the contract, are not material in view of our understanding of the financial strength of the counterparties. Our derivative contracts are not exchange-traded instruments and their fair value is determined using the cash flows of the contracts, discount rates to account for the passage of time, implied volatility, current foreign exchange market data and credit risk, which are all based on inputs readily available in public markets and categorized as Level 2 fair value hierarchy measurements. The following table represents the fair value of our asset and liability derivatives:
| June 30, 2025
| Notional Amount |  | Fair Value Other Current Assets |  | Fair Value Other Assets |  | Fair Value Other Current Liabilities |  | Fair Value Other Long-Term Liabilities
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts (1) | $ | 547.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20.7 |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 556.5 |  |  | $ | 7.4 |  |  | $ | 0.1 |  |  | $ | 2.1 |  |  | $ | — |
| December 31, 2024
| Notional Amount |  | Fair Value Other Current Assets |  | Fair Value Other Assets |  | Fair Value Other Current Liabilities |  | Fair Value Other Long-Term Liabilities
Derivatives designated as net investment hedge |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts (1) | $ | 307.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.4 |
Derivatives not designated as hedges |  |  |  |  |  |  |  |  |
Foreign Currency Contracts | $ | 603.3 |  |  | $ | 3.2 |  |  | $ | 0.2 |  |  | $ | 9.7 |  |  | $ | 0.1 |
_________ (1)Represents foreign exchange swaps and foreign exchange options. The effect of derivative instruments, both designated and not designated in hedging relationships, on the condensed consolidated statements of income and comprehensive income (loss) was not material for the periods ended June 30, 2025 and December 31, 2024.

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