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Derivatives and Hedging
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
Net Investment Hedges
We have designated certain derivative instruments and a portion of our foreign currency denominated debt, a non-derivative financial instrument, as hedges of the foreign currency exchange rate exposure of our Euro-denominated net investment in a European subsidiary. We also designated certain derivative instruments as hedges of our CAD-denominated net investment in a Canadian subsidiary. We apply the spot method to assess the hedge effectiveness of the derivative instruments and this assessment for each instrument excludes the initial value related to the difference at contract inception between the foreign exchange spot rate and the forward rate (i.e., the forward points). The initial value of this excluded component is recognized as a reduction to interest expense in a systematic and rational manner over the term of the derivative instrument. All other changes in value for the net investment hedges are included in AOCL within foreign currency translation and would only be reclassified to earnings if the European or Canadian subsidiary were liquidated, or otherwise disposed. Upon settlement, the cash paid or received generally is reflected in investing activities in the statement of cash flows.
The following table summarizes the location and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands):
December 31, 2025December 31, 2024
InstrumentBalance sheet locationNotionalBalanceNotionalBalance
Net investment hedges:
Forward contractPrepaid expenses and other current assets$245,960 $7,146 $1,867,966 $85,834 
Forward contractsOther current liabilities$1,633,396 $66,516 $— $— 
Foreign currency debt Current portion of debt and long-term debt€475,000 $558,030 €475,000 $494,285 
The table below presents pre-tax gains and losses related to net investment hedges for the year ended December 31:
(Loss) Gain Recognized in AOCL Before ReclassificationsGain Recognized in Interest Expense For Excluded Components
(in thousands)202520242023202520242023
Net Investment Hedges:
Forward contracts$(145,262)$49,625 $(22,946)$23,392 $18,905 $12,634 
Foreign currency debt (63,745)34,948 (23,380)— — — 
Total$(209,007)$84,573 $(46,326)$23,392 $18,905 $12,634