•Level 3 – Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use.


December 31, 2025	Total		Level 1		Level 2		Level 3
Assets:
Foreign currency derivatives	$	217	$	—	$	217	$	—
Total assets at fair value	$	217	$	—	$	217	$	—
Liabilities:
Foreign currency derivatives	$	26	$	—	$	26	$	—
Total liabilities at fair value	$	26	$	—	$	26	$	—

December 31, 2024	Total		Level 1		Level 2		Level 3
Assets:
Foreign currency derivatives	$	296	$	—	$	296	$	—
Total assets at fair value	$	296	$	—	$	296	$	—
Liabilities:
Foreign currency derivatives	$	248	$	—	$	248	$	—
Total liabilities at fair value	$	248	$	—	$	248	$	—

The carrying amounts and fair values of financial instruments, other than cash and cash equivalents, short-term notes and accounts receivable, accounts payable and other current payables, are shown in the table above. The carrying value of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term nature of these instruments.

The fair value of our debt as of December 31, 2025 and 2024 was $946.6 million and $905.8 million, respectively. The fair values were determined using Level 1 quoted market prices for the same or similar debt instruments.

Additional fair value information related to our pension funds' assets can be found in Note 11, “Retirement Plans and Post-Employment Benefits.”

In the normal course of business, we are exposed to certain risks related to fluctuations in currency exchange rates. We use derivative financial instruments, primarily foreign currency derivatives, and have in the past used commodity derivative contracts and interest rate swaps as part of our overall strategy to manage risks from these market fluctuations.

Certain of our derivative contracts contain provisions that require us to provide collateral. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed to material counterparty credit risk. We do not anticipate nonperformance by any of the counterparties to our instruments.

We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, are used to hedge global currency exposures such as foreign currency denominated debt, receivables, payables, sales and purchases.

Foreign currency forward and swap contracts are used to mitigate the foreign exchange risk of balance sheet items. These derivatives are fair value hedges. Gains and losses from these derivatives are recorded in cost of goods sold and they are largely offset by the financial impact of translating foreign currency-denominated payables and receivables.

At various times throughout the last three years, we entered into foreign currency derivatives with maturities of one month to 12 months in order to protect against the risk that cash flows associated with certain sales and purchases denominated in a currency other than the U.S. dollar will be adversely affected by future changes in foreign exchange rates. These derivatives are designated as cash flow hedges. The resulting unrealized gains or losses from these derivatives are recorded in AOCL and subsequently, when realized, are reclassified to net sales or cost of goods sold in the Consolidated Statements of Operations when the hedged exposures affect earnings.

From time to time, we enter into commodity derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. The unrealized gains or losses related to commodity derivative contracts designated as cash flow hedges are recorded in AOCL and subsequently, when realized, are reclassified to the Consolidated Statement of Operations when the hedged item impacts earnings, which is when the finished product is sold. There were no commodity derivative contracts outstanding as of December 31, 2025.

We have utilized interest rate swaps in the past to limit exposure to market fluctuations on variable-rate debt. For each derivative agreement that is designated as a cash flow hedge, the unrealized gain or loss is recorded in AOCL and, when realized, is recorded in interest expense. Upon discontinuance of a designated cash flow hedging relationship, when interest payments are still probable of occurring, the fair value at the date of discontinuance is deferred into AOCL and amortized into interest expense based upon the term of the cash flow hedging relationship. There were no interest rate swaps outstanding as of December 31, 2025.

All derivatives are recorded on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in AOCL until the hedged item is recognized in earnings. The ineffective portion of a derivative's fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in its fair value are adjusted through earnings. The fair values of the outstanding derivatives are recorded on the balance sheet as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short-term or long-term depending upon their maturity dates.


(in thousands)	December 31, 2025		December 31, 2024
	Notional Amount		Notional Amount
Derivative instruments not designated as hedges:
Foreign currency derivatives	$	35,498	$	11,918

As of December 31, 2025, net realized pre-tax gains of $0.1 million related to our foreign currency derivatives were reported in AOCL and will be released to earnings within the next 12 months. No ineffectiveness expense was recorded in 2025, 2024 or 2023.

The realized losses (gains) on cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended December 31, 2025, 2024 and 2023:


		Amount of (Gain)/Loss Recognized
(in thousands)	Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations	2025		2024		2023
Derivatives designated as cash flow hedges:
Foreign currency derivatives	Cost of goods sold	$	(241)	$	121	$	5,541
Commodity derivative contracts	Cost of goods sold	—		(2,462)		(15,089)
Interest rate swaps	Interest expense	—		(7,384)		(10,617)


		Amount of (Gain)/Loss Recognized
(in thousands)	Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations	2025		2024		2023
Derivatives not designated as hedges:
Foreign currency derivatives	Cost of goods sold	$	(1,139)	$	492	$	(314)
Interest rate swaps	Interest expense	—		—		(2,957)

The following table summarizes the fair value of our outstanding derivatives not designated as hedges (on a gross basis) and balance sheet classification as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
(in thousands)	Fair Value		Fair Value
Prepaid and other current assets
Foreign currency derivatives	$	217	$	296

Other accrued liabilities
Foreign currency derivatives	(26)		(248)

Net asset	$	191	$	48