Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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

Notional Values of Foreign Currency Derivatives
USD/CNH	$	26,337,770
EUR/USD	€	6,000,000
KRW/USD	₩	5,549,120,000
HUF/EUR	Ft	1,100,000,000
JPY/EUR	¥	250,000,000

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

Volume of Copper Derivatives
July 2024 - September 2024	69 metric tons per month
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

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				Six Months Ended
(Dollars in millions)	Financial Statement Line Item	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Foreign Currency Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	(0.3)	$	0.8	$	(0.4)	$	0.8
Copper Derivative Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	0.4	$	(0.4)	$	0.4	$	(0.4)

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 June 30, 2024
(Dollars in millions)	Level 1		Level 2		Level 3		Total(1)
Foreign currency contracts	$	—	$	—	$	—	$	—
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.