Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities recorded at fair value are measured and classified in

accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:

•Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 — Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activities.

The carrying values of cash and cash equivalents (primarily consisting of bank deposits and a money market fund), accounts receivable and accounts payable approximate their fair values due to the short-term nature of these instruments as of June 30, 2024 and December 31, 2023.

The cross-currency swap is 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 based on Level 3 inputs when there is an observable price change. The fair values of these investments are determined based upon valuation techniques using the Option Pricing Method and market comparables.

The following table provides the carrying amounts, estimated fair values and the respective fair value measurements of our financial instruments as of June 30, 2024 and December 31, 2023:

			Fair Value Measurements
	Carrying Amount		Level 1		Level 2		Level 3
June 30, 2024
Money market fund	$	23.1	$	23.1	$	—	$	—
Current and long-term debt	$	401.7	$	—	$	402.2	$	—
Cross-currency swap agreement	$	4.3	$	—	$	4.3	$	—
December 31, 2023
Money market fund	$	17.6	$	17.6	$	—	$	—
Current and long-term debt	$	407.4	$	—	$	398.2	$	—
Interest rate swap agreements	$	3.2	$	—	$	3.2	$	—
Cross-currency swap agreement	$	6.3	$	—	$	6.3	$	—