Financial Instruments Measured at Fair Value

Schedule of effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income


(thousands)		Income Statement Line		2025			2024			2023
Gain (Loss) Recognized in Income (Loss)
Foreign exchange contracts, net investment hedge (a)		Interest Expense		$	3,429		$	6,747		$	7,460
Interest rate swaps, cash flow hedge (b)		Interest Expense			2,246			593			(2,889)
Interest rate swap, fair value hedge (c)		Interest Expense			—			454			(454)
				$	5,675		$	7,794		$	4,117
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (d)				$	(9,123)		$	12,996		$	(2,276)
Interest rate swaps, cash flow hedge					—			(685)			585
				$	(9,123)		$	12,311		$	(1,691)

(a)	Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expense, net.”

(b)	Includes amortization of $56.7 million gain recognized in 2023 resulting from the termination of an interest rate swap

(c)	The cumulative amount of fair value hedging adjustments to the carrying value of hedged debt instruments totaled a loss of $0.4 million during 2024, and a loss of $5.8 thousand during 2023, respectively. During the first quarter of 2024, the fair value hedge was terminated.

(d)

Includes derivative losses excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax, of $9.2 million, $4.0 million, and $1.8 million for 2025, 2024, and 2023, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.

Financial Instruments Measured at Fair Value