As of March 31, 2025, the Company designated A$202.0 million and €820.5 million of debt and accrued interest as a hedge of its net investment in the respective international subsidiaries. As of December 31, 2024, the Company designated A$197.0 million and €820.5 million of debt and accrued interest as a hedge of its net investment in the respective international subsidiaries. The remeasurement of these instruments is recorded in “Unrealized net loss on foreign currency” on the accompanying Condensed Consolidated Statements of Comprehensive (Loss) Income.

The Company is subject to volatility in interest rates due to its variable-rate debt. To manage this risk, the Company periodically enters into interest rate swap agreements. These agreements involve the receipt of variable-rate amounts in exchange for fixed-rate interest payments over the life of the respective swap agreement without an exchange of the underlying notional amount. The Company’s objective for utilizing these derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in interest rates.


Notional	Fixed Base Interest Rate Swap	Effective Date	Expiration Date	Asset Fair Value as of March 31, 2025		Liability Fair Value as of March 31, 2025
				(In thousands)
$200 million	3.05%	12/29/2023	7/30/2027	$	2,624	$	—
$175 million	3.47%	11/30/2022	7/30/2027	649		—
$270 million	3.05%	11/01/2022	12/31/2027	3,993		—
C$250 million	3.59%	9/23/2022	12/31/2027	—		4,465
			Total	$	7,266	$	4,465


Notional	Fixed Base Interest Rate Swap	Effective Date	Expiration Date	Asset Fair Value as of December 31, 2024		Liability Fair Value as of December 31, 2024
				(In thousands)
$200 million	3.05%	12/29/2023	7/30/2027	$	4,651	$	—
$175 million	3.47%	11/30/2022	7/30/2027	2,265		—
$270 million	3.05%	11/01/2022	12/31/2027	7,225		—
C$250 million	3.59%	9/23/2022	12/31/2027	—		3,021
			Total	$	14,141	$	3,021

The Company is also subject to volatility in foreign exchange rates due to its foreign-currency denominated intercompany loans to certain international subsidiaries. To manage this risk, the Company periodically enters into cross-currency swap agreements. These agreements involve the receipt of fixed USD amounts in exchange for payment of fixed foreign currency amounts over the life of the intercompany loan. The Company’s objective for utilizing these derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in foreign exchange rates. At March 31, 2025 and December 31, 2024, the Company’s outstanding intercompany loan balance with its Australian subsidiary of A$153.5 million was hedged under a cross-currency swap agreement.

There have been no significant changes to our policy or strategy related to derivative financial instruments from that disclosed in our 2024 Annual Report on Form 10-K.

The Company determines the fair value of its derivative instruments using a present value calculation with significant observable inputs classified as Level 2 of the fair value hierarchy. Derivative asset balances are recorded on the accompanying Condensed Consolidated Balance Sheets within “Other assets” and derivative liability balances are recorded on the accompanying Condensed Consolidated Balance Sheets within “Accounts payable and accrued expenses”.


	Derivative Assets				Derivative Liabilities
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
	(In thousands)
Designated derivatives
Foreign exchange contracts	$	14,806	$	15,727	$	—	$	—
Interest rate contracts	7,266		14,141		4,465		3,021
Total fair value of derivatives	$	22,072	$	29,868	$	4,465	$	3,021

In connection with the issuance of the Public 5.600% Notes in April 2025, the Company executed three treasury lock hedge transactions (“treasury locks”) in March 2025 to hedge the risk-free treasury yield component of the overall rate ultimately assigned to the $400.0 million issuance. Further details of both the public debt offering and related treasury locks are described in Note 13 - Subsequent Events to these Condensed Consolidated Financial Statements.

For derivatives designated and that qualify as cash flow hedges, the gain or loss on the derivative instrument is recorded as “Unrealized net (loss) gain on cash flow hedges” on the accompanying Condensed Consolidated Statements of Comprehensive (Loss) Income and subsequently reclassified in the period(s) during which the hedged transaction affects earnings within the same income statement and related cash flow line items as the earnings effect of the hedged transaction. During the next twelve months, the Company estimates that an additional $3.9 million (inclusive of the treasury locks) will be reclassified as a decrease to “Interest expense”.

The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, including the impacts to Accumulated other comprehensive loss (“AOCI”):


	Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives				Location of Gain or (Loss) Reclassified from AOCI into Earnings	Amount of Gain or (Loss) to Earnings from AOCI Reclassifications

	Three Months Ended March 31,					Three Months Ended March 31,
	2025		2024			2025		2024
	(In thousands)					(In thousands)
Interest rate contracts	$	(6,521)	$	17,206	Interest expense	$	1,799	$	4,375
Treasury lock hedge transactions	1,292		—		Loss on debt extinguishment and termination of derivative instruments(1)	—		(424)
Foreign exchange contracts	(2,540)		3,832		Foreign currency exchange (loss) gain, net	(895)		4,242
					Interest expense	163		145
Total designated cash flow hedges	$	(7,769)	$	21,038		$	1,067	$	8,338

(1)In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in Accumulated other comprehensive loss that were reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the three months ended March 31, 2024, the Company recorded an increase to “Loss on debt extinguishment and termination of derivative instruments” related to this transaction.

In 2020, the Company terminated the two interest rate swaps related to the 2020 Senior Unsecured Credit Facility for a fee of $16.4 million, of which $8.7 million was recorded in “Accumulated other comprehensive loss” and was amortized to “Loss on debt extinguishment and termination of derivative instruments” through August 2024.

The Company’s derivatives are subject to master netting agreements, but there were no impacts from offsetting as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company has not posted any collateral related to these agreements. The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default of its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.