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Derivatives and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 31, 2023, the notional values of these foreign currency forward contracts were as follows:
Notional Values of Foreign Currency Derivatives
USD/CNH | $ | 25,900,000 |
KRW/USD | ₩ | 1,291,700,000 |
EUR/USD | € | 12,600,000 |
JPY/EUR | ¥ | 250,000,000 |
As of December 31, 2023, the volume of our copper contracts outstanding were as follows:
Volume of Copper Derivatives
January 2024 - March 2024 | 69 metric tons per month
April 2024 - June 2024 | 69 metric tons per month
July 2024 - September 2024 | 69 metric tons per month
October 2024 - December 2024 | 69 metric tons per month
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents the impact from these instruments on the consolidated statements of operations and consolidated statements of comprehensive income:
|  | Years Ended December 31,
(Dollars in millions) | Financial Statement Line Item | 2023 |  | 2022 |  | 2021
Foreign Currency Contracts |  |  |  |  |  |
Contracts not designated as hedging instruments | Other income (expense), net | $ | 1.0 |  |  | $ | (0.3) |  |  | $ | (2.9) |
Copper Derivatives Contracts |  |  |  |  |  |
Contracts not designated as hedging instruments | Other income (expense), net | $ | (0.6) |  |  | $ | 0.8 |  |  | $ | 3.9 |
Schedule of Derivative Instruments Measured at Fair Value on a Recurring Basis | The fair values of derivative instruments measured at fair value on a recurring basis, categorized by contract type and level of inputs used in the valuation, were as follows:
| Derivative Instruments at Fair Value as of December 31, 2023 |  |
(Dollars in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total(1) |  |
Foreign currency contracts | $ | — |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | (0.2) |  |  |
Copper derivative contracts | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  |
| Derivative Instruments at Fair Value as of December 31, 2022
(Dollars in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total(1)
Foreign currency contracts | $ | — |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | (0.1) |
Copper derivative contracts | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
(1) All balances were recorded in the “Other current assets” or the “Other accrued liabilities” line items in the consolidated statements of financial position.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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