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Fair Value Measurement

3 Months Ended

Mar. 31, 2025

The carrying value of our assets and liabilities, other than term debt and derivative instruments, approximate their fair values due to the short-term nature of these instruments as of March 31, 2025 and December 31, 2024.

Our derivative instruments, which at March 31, 2025 were comprised of cross currency swaps and are valued utilizing forward and spot prices for currencies and SOFR forward curves, as applicable, which are considered Level 2 inputs.

We estimate the fair value of our strategic investments in unconsolidated affiliates when there is an observable price change. The estimated fair value of our strategic investments were calculated using valuation techniques that included both observable (Level 2) and unobservable (Level 3) inputs.

The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of March 31, 2025 and December 31, 2024:


			Fair Value Measurements
	Carrying Amount		Level 1		Level 2		Level 3
March 31, 2025
Money market fund	$	39.0	$	39.0	$	—	$	—
Current and long-term Term debt	$	409.0	$	—	$	403.4	$	—
Cross currency swap agreement - Fair value hedge	2.3		—		2.3		—
Cross-currency swap agreements - Net investment hedges	$	10.3	$	—	$	10.3	$	—

December 31, 2024
Money market fund	$	40.9	$	40.9	$	—	$	—
Current and long-term Term debt	$	410.0	$	—	$	410.5	$	—
Cross-currency swap agreement	$	1.3	$	—	$	1.3	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details