XML 48 R24.htm IDEA: XBRL DOCUMENT v3.25.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table includes the key provisions of the Company’s interest rate swap agreements as of September 30, 2025 and December 31, 2024:
NotionalFixed Base Interest Rate SwapEffective DateExpiration Date
Asset Fair Value as of September 30, 2025
Liability Fair Value as of September 30, 2025
(In thousands)
$200 million
3.05%12/29/20237/30/2027$1,128 $— 
$175 million
3.47%11/30/20227/30/2027— 323 
$270 million
3.05%11/01/202212/31/20271,623 — 
C$250 million
3.59%9/23/202212/31/2027— 3,750 
Total$2,751 $4,073 
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 
Summary of Derivative Results
The following table presents the fair value of the Company’s designated derivative financial instruments as of September 30, 2025 and December 31, 2024:
Derivative AssetsDerivative Liabilities
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
(In thousands)
Designated derivatives
Foreign exchange contracts$9,292 $15,727 $— $— 
Interest rate contracts2,751 14,141 4,073 3,021 
Total fair value of derivatives$12,043 $29,868 $4,073 $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 and nine months ended September 30, 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
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Interest rate swaps
$515 $(19,429)$(7,312)$2,078 
Treasury locks
— — 1,292 — 
Foreign currency exchange forwards
105 — (1,493)— 
Cross-currency swap
(78)(2,799)(7,884)(664)
Total designated derivative financial instruments
$542 $(22,228)$(15,397)$1,414 
Location of Gain or (Loss) Reclassified from AOCI into Earnings
Amount of Gain or (Loss) to Earnings from AOCI Reclassifications
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Interest rate swaps
Interest expense$1,679 $4,108 $5,131 $12,771 
Interest rate swaps
Loss on debt extinguishment and termination of derivative instruments(1)
— (218)— (973)
Treasury locks
Interest expense
46 — 91 — 
Foreign currency exchange forwards
Foreign currency exchange loss, net(1,493)— (1,493)— 
Cross-currency swap
Foreign currency exchange loss, net(477)(3,651)(6,498)(1,759)
Cross-currency swap
Interest expense119 13 332 219 
Total designated derivative financial instruments
$(126)$252 $(2,437)$10,258 
(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 and nine months ended September 30, 2024, the Company recorded an increase to “Loss on debt extinguishment and termination of derivative instruments” related to this transaction.