Financial Instruments and Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Derivative Financial Instruments

Financial Instruments and Derivative Financial Instruments

Concentrations of Credit Risks: We sell our products primarily to gas producers, distributors, and end-users across energy, industrial, power, HVAC and refining applications in countries throughout the world. Approximately 56%, 51%, and 48% of sales were to customers in foreign countries in 2021, 2020 and 2019, respectively.

In 2021, 2020 and 2019, no single customer accounted for more than 10% of consolidated sales. Sales to our top ten customers accounted for 39%, 42% and 34% of consolidated sales in 2021, 2020 and 2019, respectively. Our sales to particular customers fluctuate from period to period, but our large industrial gas producer and distributor customers tend to be a consistently substantial source of revenue for us.

We are subject to concentrations of credit risk with respect to our cash and cash equivalents, restricted cash and restricted cash equivalents and forward foreign currency exchange contracts. To minimize credit risk from these financial instruments, we enter into arrangements with major banks and other quality financial institutions and invest only in high-quality instruments. We do not expect any counterparties to fail to meet their obligations.

The changes in fair value with respect to our foreign currency forward contracts generated a net gain of $1.1 for the year ended December 31, 2021, a net gain of $1.3 for the year ended December 31, 2020 and a net gain of $0.7 for the year ended December 31, 2019. Changes in the fair value of our foreign currency forward contracts are recorded in the consolidated statements of income as foreign currency gains or losses.