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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The

Company recognizes the change in fair value of its foreign currency forward contracts in the consolidated statement

of operations.

The notional amounts of our derivative instruments are as follows:

(In thousands)			December 31, 2024						December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge			$	750,000					$	1,350,000

Fair Value, by Balance Sheet Grouping

The fair values of our derivative instruments included in the consolidated balance sheets are as follows:

(In thousands)			Derivative Assets
Consolidated Balance Sheet Location			December 31, 2024						December 31, 2023
Derivatives designated as hedging instruments: Interest rate swap contract - cash flow hedge
Other current assets			$	7,135					$	21,451
Other assets			—						2,618

Schedule of Other Operating Cost and Expense, by Component

The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022:

(In thousands)			Consolidated Statements of Operations Location									Gain recognized in Consolidated Statements of Income
Derivatives designated as hedging instruments:												2024						2023						2022
Interest rate swap contract - cash flow hedge			Interest expense									$	(26,969)					$	(37,220)					$	—
Derivatives not designated as hedging instruments:												2024						2023						2022
Foreign exchange contracts			Other expense, net									$	—					$	(374)					$	(3,435)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss for the years ended December 31, 2024, 2023 and 2022:

						(Loss) gain recognized in Accumulated other comprehensive loss
(In thousands)						2024						2023						2022
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge						$	(13,111)					$	(17,435)					$	36,069

We expect approximately $7.1 million to be reclassified from Accumulated other comprehensive loss into Interest expense during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of December 31, 2024.

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Tabular disclosure of contract for foreign currency transaction at fixed rate at future date.

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