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Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate ("SOFR"), in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
As of December 31, 2025 and 2024, we have approximately $1,349,000 and $1,482,000, respectively, in notional value outstanding on our interest rate swap agreements. As of December 31, 2025, our interest rate swap agreements have maturity dates ranging from February 2026 through May 2027.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT
We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of December 31, 2025, our cross-currency interest rate swap agreements have maturity dates ranging from February 2026 through November 2026.
The notional values of our cross-currency interest rate swaps, by currency, as of December 31, 2025 and 2024 are as follows:
 YEAR ENDED DECEMBER 31,
 20252024
Euro$509,187 $509,187 
Canadian dollar350,000 350,000 

$859,187 $859,187 
We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
The fair value of derivative instruments recognized in our Consolidated Balance Sheets as of December 31, 2025 and 2024, by derivative instrument, are as follows:
DERIVATIVE INSTRUMENTS(1)
DECEMBER 31, 2025DECEMBER 31, 2024
AssetsLiabilitiesAssetsLiabilities
Cash Flow Hedges(2)
  
Interest rate swap agreements$— $(9,752)$1,887 $(5,326)
Net Investment Hedges(3)
Cross-currency swap agreements— (62,117)26,205 — 
(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2025, $63,634 is included within Accrued expenses and other current liabilities and $8,235 is included within Other long-term liabilities. As of December 31, 2024, $8,891 is included within Prepaid expenses and other, $19,201 is included within Other assets and $5,326 is included within Other long-term liabilities.
(2)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $10,959.
(3)As of December 31, 2025, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $1,490, which include $63,607 related to the excluded component of our cross-currency swap agreements.
Unrealized (losses) gains recognized in Accumulated other comprehensive items, net during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:
YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS202520242023
Cash Flow Hedges
Interest rate swap agreements$(7,518)$(1,767)$(2,454)
Net Investment Hedges
Cross-currency swap agreements$(88,322)$23,943 $(41,382)
Cross-currency swap agreements (excluded component)16,705 16,705 21,097 
Gains (losses) recognized in Net income during the years ending December 31, 2025, 2024 and 2023, by derivative instrument, are as follows:
YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTSLOCATION OF GAIN (LOSS)202520242023
Cash Flow Hedges
Interest rate swap agreementsInterest expense$1,618 $2,528 $7,580 
Net Investment Hedges
Cross-currency swap agreements (excluded component)Interest expense$(16,705)$(16,705)$(21,097)