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Market Concentrations and Risks | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Market Concentrations and Risks | Market Concentrations and Risks Concentrations of Credit We sell our products to many customers in several markets across multiple geographic areas. The ten largest customers, of which eight are distributors, constitute in aggregate approx imately 46%, 44%, and 45% of r evenues in 2024, 2023, and 2022, respectively. Unconditional Commodity Purchase Obligations At December 31, 2024, we were committed to purchase approximately 3.5 million pounds of copper at an aggregate fixed cost of $15.0 million. At December 31, 2024, this fixed cost was $1.1 million greater than the market cost that would be incurred on a spot purchase of the same amount of copper. The aggregate market cost was based on the current market price of copper obtained from the New York Mercantile Exchange. Labor Approximately 26% of our labor force is covered by collective bargaining agreements at various locations around the world, and we expect to renegotiate these agreements during 2025. Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt instruments. The carrying amounts of cash and cash equivalents, trade receivables, and trade payables at December 31, 2024 are considered representative of their respective fair values. The fair value of our senior subordinated notes at December 31, 2024 and 2023 was approximately $1,126.6 million and $1,141.8 million, respectively, based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,138.6 million and $1,215.0 million as of December 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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