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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table includes the key provisions of the interest rate swaps outstanding as of December 31, 2024 and 2023:
NotionalFixed Base Interest Rate SwapEffective DateExpiration Date
Asset Fair Value as of December 31, 2024
Liability Fair Value as of December 31, 2024
(In thousands)
$200 million
3.05%12/29/20237/30/2027$4,651 $— 
$175 million
3.47%11/30/20227/30/20272,265 — 
$270 million
3.05%11/01/202212/31/20277,225 — 
C$250 million
3.59%9/23/202212/31/2027— 3,021 
Total$14,141 $3,021 
NotionalFixed Base Interest Rate SwapEffective DateExpiration Date
Asset Fair Value as of December 31, 2023
Liability Fair Value as of December 31, 2023
(In thousands)
$200 million
3.05%12/29/20237/30/2027$3,687 $— 
$175 million
3.47%11/30/20227/30/2027788 — 
$270 million
3.05%11/01/202212/31/20275,106 — 
C$250 million
3.59%9/23/202212/31/2027— 330 
Total$9,581 $330 
Summary of Derivative Results
The following table presents the fair value of the derivative financial instruments as of December 31, 2024 and December 31, 2023:
Derivative AssetsDerivative Liabilities
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Designated derivatives
(In thousands)
Foreign exchange contracts$15,727 $5,899 $— $— 
Interest rate contracts14,141 9,581 3,021 330 
Total fair value of derivatives$29,868 $15,480 $3,021 $330 
The following table presents the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, including the impacts to AOCI:
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on DerivativeLocation of Gain (Loss) Reclassified from AOCI into EarningsAmount of Gain (Loss) Reclassified from AOCI into Earnings
As of December 31,As of December 31,
202420232022202420232022
(In thousands)
(In thousands)
Interest rate contracts$17,431 $7,504 $15,572 Interest expense$15,574 $13,825 $721 
Loss on debt extinguishment, modifications and termination of derivative instruments(1)
(973)(2,513)(2,507)
Foreign exchange contracts10,334 1,028 5,933 
Foreign currency exchange gain (loss), net
9,371 200 7,602 
Interest expense506 374 371 
Total designated cash flow hedges$27,765 $8,532 $21,505 $24,478 $11,886 $6,187 
(1)In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in AOCI that were reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings through August 2024 within “Loss on debt extinguishment, modifications and termination of derivative instruments.”