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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are commodity price risk, currency exchange risk, and interest rate risk. Forward contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company's manufacturing process. Forward contracts on certain currencies are entered into to manage forecasted cash flows in certain foreign currencies. Interest rate swaps have been utilized to manage interest rate risk associated with the Company's floating rate borrowings. There are no outstanding interest rate swaps as of December 31, 2025.

The Company is exposed to credit losses in the event of non-performance by the counterparties to various financial agreements, including its commodity hedging transactions and foreign currency exchange contracts. Exposure to counterparty credit risk is managed by limiting counterparties to major international banks and financial institutions meeting established credit guidelines and continually monitoring their compliance with the credit guidelines. The Company does not obtain collateral or other
security to support financial instruments subject to credit risk. The Company does not anticipate non-performance by its counterparties but cannot provide assurances.
The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. The Company designates commodity forward contracts as cash flow hedges of forecasted purchases of commodities, currency forward contracts as cash flow hedges of forecasted foreign currency cash flows and interest rate swaps as cash flow hedges of forecasted SOFR-based interest payments. There were no significant collateral deposits on derivative financial instruments as of December 31, 2025 or December 31, 2024.

Cash flow hedges

The effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or changes in market value of derivatives not designated as hedges are recognized in current earnings.

As of December 31, 2025 and December 31, 2024, the Company had $3.8 million and $(0.8) million, net of tax, of derivative gains and losses, respectively, on closed hedge instruments in AOCI that will be realized in earnings when the hedged items impact earnings.
The Company has commodity forward contracts to hedge forecasted purchases of commodities with maturities extending through June 2027. The notional amounts expressed in terms of the dollar value of the hedged item were as follows:
December 31, 2025December 31, 2024
Copper$78.3 $41.7 

The Company has currency forward contracts with maturities extending through June 2027. The notional amounts expressed in terms of the dollar value of the hedged currency were as follows:
December 31, 2025December 31, 2024
Euro$753.9 $1,221.5 
Mexican Peso375.4 233.2 
Chinese Renminbi586.4 359.5 
Indian Rupee44.8 23.0 
Canadian Dollar147.3 52.2 
Australian Dollar6.1 — 
British Pound16.9 6.1 

The Company entered into two receive variable/pay-fixed forward starting non-amortizing interest rate swaps in June 2020, with a total notional amount of $250.0 million, which were terminated in March 2022. The cash proceeds of $16.2 million received to settle the terminated swaps were recognized as a reduction of interest expense via the effective interest rate method through June 2025 when the balances under the related Term Facility were repaid. The Company entered into two additional receive variable/pay-fixed forward starting non-amortizing interest rate swaps in May 2022, with a total notional amount of $250.0 million and scheduled expiration in March 2027. These swaps were terminated on June 30, 2025 in connection with the repayment of the related Term Facility, resulting in cash proceeds and a recognized gain of $3.1 million, which is recorded in Interest Expense on the Consolidated Statements of Income (Loss).
Fair values of derivative instruments as of December 31, 2025 and December 31, 2024 were:
December 31, 2025
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Currency Contracts$6.0 $0.5 $0.3 
   Commodity Contracts9.5 1.1 0.4 
Not Designated as Hedging Instruments:
   Currency Contracts5.2 — 2.6 
Total Derivatives$20.7 $1.6 $3.3 
December 31, 2024
Prepaid Expenses and Other Current AssetsOther Noncurrent AssetsOther Accrued Expenses
Designated as Hedging Instruments:
   Interest Rate Swap Contracts$— $5.5 $— 
   Currency Contracts0.1 — 8.0 
   Commodity Contracts0.1 — 4.4 
Not Designated as Hedging Instruments:
   Currency Contracts0.9 — 5.6 
Total Derivatives$1.1 $5.5 $18.0 

Derivatives Designated as Cash Flow Hedging Instruments

The effect of derivative instruments designated as cash flow hedges on the Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income for 2025, 2024 and 2023 were:
2025
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
Gain (Loss) Recognized in Other Comprehensive Income (Loss)$16.5 $14.8 $(2.4)$28.9 
Amounts Reclassified from Other Comprehensive Income (Loss) Gain:
Loss Recognized in Cost of Sales(0.6)(5.3)— (5.9)
Gain Recognized in Interest Expense— — 6.1 6.1 
2024
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain Recognized in Other Comprehensive Loss$(4.5)$(14.3)$0.2 $(18.6)
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(1.3)22.3 — 21.0 
Gain Recognized in Interest Expense— — 5.6 5.6 
2023
Interest
CommodityCurrencyRate
ForwardsForwardsSwapsTotal
(Loss) Gain Recognized in Other Comprehensive Loss$(0.5)$31.2 $(2.5)$28.2 
Amounts Reclassified from Other Comprehensive Income (Loss):
(Loss) Gain Recognized in Cost of Sales(13.6)20.8 — 7.2 
Gain Recognized in Interest Expense— — 5.9 5.9 

The ineffective portion of hedging instruments recognized was immaterial for all periods presented.

Derivatives Not Designated as Cash Flow Hedging Instruments

The effect of derivative instruments not designated as cash flow hedges on the Consolidated Statements of Income (Loss) for 2025, 2024 and 2023 were:
2025
Commodity ForwardsCurrency ForwardsTotal
Gain (Loss) recognized in Operating Expenses$— $10.8 $10.8 
2024
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Operating Expenses$— $4.6 $4.6 

2023
Commodity ForwardsCurrency ForwardsTotal
Gain recognized in Cost of Sales$0.3 $— $0.3 
Loss recognized in Operating Expenses— (17.8)(17.8)

The AOCI balance related to hedging activities consists of a $16.3 million gain net of tax as of December 31, 2025 which includes $15.2 million of net current deferred gain expected to be reclassified to the Consolidated Statements of Income (Loss) in the next twelve months. There were no gains or losses reclassified from AOCI to earnings based on the probability that the forecasted transaction would not occur, except for the recognized gain related to the termination of the interest rate swaps on June 30, 2025.
The Company's commodity and currency derivative contracts are subject to master netting agreements with the respective counterparties which allow the Company to net settle transactions with a single net amount payable by one party to another party. The Company has elected to present the derivative assets and derivative liabilities on the Consolidated Balance Sheets on a gross basis for the periods ended December 31, 2025 and December 31, 2024.

The following table presents on a net basis the derivative assets and liabilities that are subject to right of offset under enforceable master netting agreements:
December 31, 2025
Gross Amounts as Presented in the Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$22.3 $(2.2)$20.1 
Liabilities3.3 (2.2)1.1 
December 31, 2024
Gross Amounts as Presented in the Consolidated Balance SheetDerivative Contract Amounts Subject to Right of OffsetDerivative Contracts as Presented on a Net Basis
Assets$6.6 $(1.1)$5.5 
Liabilities18.0 (1.1)16.9