Note 13 - Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

(13) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Beginning in the second quarter of 2025, we entered into foreign currency contracts to sell Euros at future defined dates and at fixed exchange rates, to limit our exposure to losses related to the revaluation of non-USD cash balances held in certain African currencies that are marked to the Euro. We did not designate these contracts as hedges for accounting purposes.

Derivative instruments are classified as either assets or liabilities based on their individual fair values. The fair value of our derivative instruments was as follows:

(In Thousands)	Year Ended December 31,
	2025			2024
Euro forward exchange contracts Asset (Liability)
Other current assets	$	114		$	—
Other current liabilities	$	(1,379	)	$	—

We recognized net realized and unrealized losses on derivative instruments not designated as hedging instruments of $2.5 million for the twelve months ended  December 31, 2025. We held no derivative instruments during 2024 and 2023.