Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 15) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of the periods presented (in millions):


	Fair Value		Level 2
March 31, 2024
Foreign currency forward contracts—asset position	$	11.9	$	11.9
Foreign currency forward contracts—liability position	(0.5)		(0.5)
Interest rate hedge agreements—asset position	9.9		9.9

	$	21.3	$	21.3
December 31, 2023
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(4.5)		(4.5)
Interest rate hedge agreements—asset position	5.2		5.2
Interest rate hedge agreements—liability position	(2.6)		(2.6)
	$	(1.7)	$	(1.7)

Fair Value Relating to Financial Assets and Liabilities

The table below presents information about the fair value of our financial assets and liabilities, and is provided for comparative purposes only relative to the carrying values recognized in the condensed consolidated balance sheets as of the periods presented (in millions):


		March 31, 2024				December 31, 2023
	Measurement Level	Carrying Value		Fair Value		Carrying Value		Fair Value

2023 U.S. ABL Credit Facility	Level 2	$	25.8	$	25.8	$	26.3	$	26.3
2022 Japan ABL Credit Facility	Level 2	$	26.4	$	26.4	$	28.4	$	28.4
2023 Term Loan B	Level 2	$	1,237.5	$	1,245.2	$	1,240.6	$	1,242.2
Convertible Notes	Level 2	$	258.3	$	296.3	$	258.3	$	277.0
Equipment Notes	Level 2	$	17.1	$	15.4	$	19.2	$	17.0
Mortgage Loans	Level 2	$	45.2	$	57.1	$	45.4	$	54.8