Financial Instruments Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments Measured at Fair Value

Schedule of assets (liabilities) measured at fair value on a recurring basis

(thousands)	Balance Sheet Location		Level 1		Level 2		Level 3		Total
Cash equivalents (a)		Cash and cash equivalents	$	10,751	$	—	$	—	$	10,751
Equity investments (b)		Other assets		42,907		—		—		42,907
Foreign exchange contracts designated as net investment hedges		Other assets / other current assets		—		53,679		—		53,679
			$	53,658	$	53,679	$	—	$	107,337

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents	$	8,729	$	—	$	—	$	8,729
Equity investments (b)	Other assets		57,625		—		—		57,625
Interest rate swaps designated as fair value hedge	Other liabilities		—		(454)		—		(454)
Foreign exchange contracts designated as net investment hedges	Other assets / other current assets		—		47,245		—		47,245
		$	66,354	$	46,791	$	—	$	113,145

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an approximately 9.0% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2024, 2023, and 2022, the company recorded unrealized gains (losses) of $(12.0) million, $9.7 million, and $(5.8) million, respectively, on equity securities held at the end of each year.

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

(thousands)	Income Statement Line	2024		2023		2022
Gain (Loss) Recognized in Income (Loss)
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	6,747	$	7,460	$	8,805
Interest rate swaps, cash flow hedge	Interest Expense		593		(2,889)		(3,586)
Interest rate swap, fair value hedge (b)	Interest Expense		454		(454)		—
Total		$	7,794	$	4,117	$	5,219
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (c)		$	12,996	$	(2,276)	$	15,474
Interest rate swaps, cash flow hedge			(685)		585		25,937
Total		$	12,311	$	(1,691)	$	41,411

(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) 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.

(c) Includes derivative gains (losses) excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax, of $(4.0) million, $(1.8) million, and $1.8 million for 2024, 2023, and 2022, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.

Interest rate swap | Designated as hedging instrument

Financial Instruments Measured at Fair Value

Description of types of hedging instruments used

		Notional Amount		Weighted-Average	Interest Rate due to
Trade Date	Maturity Date	(thousands)		Interest Rate	Counterparty
February 2023	March 2026	$	500,000	6.125%	SOFR+0.508%

Foreign exchange contract | Designated as hedging instrument

Financial Instruments Measured at Fair Value

Description of types of hedging instruments used

	Notional Amount (thousands)
Maturity Date	2024		2023
September 2024	EUR	-	EUR	50,000
April 2025	EUR	100,000	EUR	100,000
January 2028	EUR	100,000	EUR	100,000
Total	EUR	200,000	EUR	250,000