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Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value
Note 19 - Fair Value
Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy:
Level 1 -Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 -Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
Level 3 -Unobservable inputs for the asset or liability.
The following tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
June 30, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$368.0 $364.1 $3.9 $— 
Cash and cash equivalents measured at net asset value31.1 
Restricted cash1.4 1.4 — — 
Short-term investments15.7 — 15.7 — 
Foreign currency forward contracts7.0 — 7.0 — 
     Total assets$423.2 $365.5 $26.6 $— 
Liabilities:
Foreign currency forward contracts$2.7 $— $2.7 $— 
     Total liabilities$2.7 $— $2.7 $— 
December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$348.8 $347.6 $1.2 $— 
Cash and cash equivalents measured at net asset value15.6 
Restricted cash1.0 1.0 — — 
Short-term investments21.1 — 21.1 — 
Foreign currency forward contracts2.5 — 2.5 — 
     Total assets$389.0 $348.6 $24.8 $— 
Liabilities:
Foreign currency forward contracts$1.8 $— $1.8 $— 
     Total liabilities$1.8 $— $1.8 $— 
Cash and cash equivalents include highly liquid investments with maturities of 90 days or less when purchased that are valued at redemption value. Short-term investments are investments with maturities between 91 days and one year, and generally are valued at amortized cost, which approximates fair value. A portion of the cash and cash equivalents and short-term investments are valued based on net asset value. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts.
Note 19 - Fair Value (continued)
In addition, the Company remeasures certain assets at fair value, using Level 3 inputs, as a result of the occurrence of triggering events such as purchase accounting for acquisitions.
During the three months ended June 30, 2026, certain assets of the Company's belts business were reclassified to assets held for sale. In conjunction with this reclassification, the belts business, with a carrying value of $88.4 million, was written down to its estimated fair value less cost to sell of $24.0 million, resulting in an impairment charge of $64.4 million. The fair value for these assets was determined based on an estimate of the value expected to be received upon the sale of this business. Refer to Note 3 - Acquisitions and Divestitures for more information on the expected sale of the belts business.
In addition, the Company announced the closure of its belts manufacturing facility in Springfield, Missouri during the three months ended June 30, 2026. As a result, property, plant and equipment, with a carrying value of $15.6 million, was written down to its estimated fair value less cost to sell of $1.0 million, resulting in an impairment of $14.6 million. The fair value for these assets was determined based on an estimate of the value to be received upon the sale of these assets given the age and condition of the assets.
No other material assets were measured at fair value on a nonrecurring basis during the six months ended June 30, 2026 and 2025.

Financial Instruments:
The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable and short-term borrowings are a reasonable estimate of their fair value. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company's long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the Company’s long-term fixed-rate debt, based on Level 2 inputs (quoted market prices), was $1,766.2 million and $1,796.6 million at June 30, 2026 and December 31, 2025, respectively. The carrying value of this debt was $1,760.3 million and $1,784.0 million at June 30, 2026 and December 31, 2025, respectively. The difference between fair value and carrying value primarily reflects the net impact of changes in prevailing interest rates and credit spreads since the fixed-rate debt was issued.
The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments.