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Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2024, the notional values of the remaining foreign currency forward contracts were as follows:

Notional Values of Foreign Currency Derivatives
USD/CNH			$	33,000,189
EUR/USD			€	6,249,973
KRW/USD			₩	3,979,800,000
JPY/EUR			¥	250,000,000
HUF/EUR			Ft	600,000,000

As of September 30, 2024, the volume of our copper contracts outstanding was as follows:

Volume of Copper Derivatives
October 2024 - December 2024			69 metric tons per month
January 2025 - March 2025			69 metric tons per month
April 2025 - June 2025			69 metric tons per month
July 2025 - September 2025			69 metric tons per month

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The impacts from our derivative instruments on the statements of operations and statements of comprehensive income were as follows:

									Three Months Ended												Nine Months Ended
(Dollars in millions)			Financial Statement Line Item						September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Foreign Currency Contracts
Contracts not designated as hedging instruments			Other income (expense), net						$	(0.8)					$	0.3					$	(1.2)					$	1.1
Copper Derivative Contracts
Contracts not designated as hedging instruments			Other income (expense), net						$	(0.1)					$	(0.2)					$	0.3					$	(0.6)

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 September 30, 2024
(Dollars in millions)			Level 1						Level 2						Level 3						Total(1)
Foreign currency contracts			$	—					$	0.2					$	—					$	0.2
Copper derivative contracts			$	—					$	0.9					$	—					$	0.9

			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

(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position.

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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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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