Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Measurements, Recurring

The following information is presented for assets and liabilities that are recorded on the condensed consolidated balance sheets at fair value measured on a recurring basis. There were no transfers of assets and liabilities that were recorded at fair value between the three-level fair value hierarchy during the periods reported.


In millions	Level 1(1)		Level 2(2)		Level 3(3)		Total
June 30, 2025
Assets:

Deferred compensation plan investments (4)	$	3.8	$	—	$	—	$	3.8
Total assets	$	3.8	$	—	$	—	$	3.8
Liabilities:
Deferred compensation arrangement (4)	$	16.5	$	—	$	—	$	16.5


Total liabilities	$	16.5	$	—	$	—	$	16.5

In millions	Level 1(1)		Level 2(2)		Level 3(3)		Total
December 31, 2024
Assets:

Deferred compensation plan investments (4)	$	3.7	$	—	$	—	$	3.7
Total assets	$	3.7	$	—	$	—	$	3.7
Liabilities:
Deferred compensation arrangement (4)	$	15.9	$	—	$	—	$	15.9


Total liabilities	$	15.9	$	—	$	—	$	15.9

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(1) Quoted prices in active markets for identical assets.

(2) Quoted prices for similar assets and liabilities in active markets.

(3) Significant unobservable inputs.

(4) Consists of a deferred compensation arrangement through which we hold various investment securities recognized on our condensed consolidated balance sheets. Both the asset and liability related to investment securities are recorded at fair value and are included within "Other assets" and "Other liabilities" on the condensed consolidated balance sheets, respectively. In addition to the investment securities, we also had company-owned life insurance related to the deferred compensation arrangement recorded at cash surrender value in "Other assets" of $17.3 million and $16.5 million at June 30, 2025 and December 31, 2024, respectively.

Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table shows the total amortized cost of our HTM debt securities by credit rating, excluding the allowance for credit losses and cash. The primary factor in our expected credit loss calculation is the composite bond rating. As the rating decreases, the risk present in holding the bond is inherently increased, leading to an increase in expected credit losses.


	HTM Debt Securities
In millions	AA+		AA-	A	A-	BBB+	Total
June 30, 2025	$	13.2	10.5	13.1	6.6	10.0	$	53.4
December 31, 2024	$	13.2	10.3	23.3	6.8	10.0	$	63.6

Schedule of Debt

Debt and Finance Lease Obligations


In millions	June 30, 2025		December 31, 2024



Variable interest rate debt (1)	$	484.5	$	555.2


Fixed rate debt (2)	750.0		750.0
Finance lease obligations (3)	99.5		100.0
Total debt including finance lease obligations	$	1,334.0	$	1,405.2

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(1) For both periods presented, the carrying value of our variable interest rate debt, including the impact of a $200.0 million floating-to-fixed interest rate swap, and excluding debt issuance fees is considered a reasonable estimate of the fair value.

(2) The carrying value of our fixed interest rate debt, for both periods presented, included the impact of a $200.0 million floating-to-fixed interest rate swap. As of June 30, 2025 and December 31, 2024, the fair value of our fixed rate debt was $725.5 million and $703.2 million, respectively, based on Level 2 inputs.

(3) At June 30, 2025 and December 31, 2024, the fair value of our $80.0 million finance lease obligation associated with our Performance Materials' Wickliffe, Kentucky manufacturing site was $82.1 million and $82.2 million, respectively, based on Level 2 inputs. The fair value of all other finance lease obligations approximates their carrying values.