Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table includes the key provisions of the Company’s interest rate swap agreements as of March 31, 2025 and December 31, 2024:


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

Summary of Derivative Results

The following table presents the fair value of the Company’s designated derivative financial instruments as of March 31, 2025 and December 31, 2024:


	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

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.