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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | NOTE 16. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use interest rate derivatives to manage our exposure to interest rates. At inception, interest rate swap derivatives that we designate as hedging instruments are formally documented as a hedge of a forecasted transaction or cash flow hedge. We also formally assess, both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting, and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We enter into derivative transactions with only established financial institution counterparties having an investment-grade credit rating. We monitor counterparty credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit-contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled and we consider the risk of counterparty default to be negligible. Interest Rate Risk We use interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. These swaps are designated as cash flow hedges against changes in Secured Overnight Financing Rate (“SOFR”) for a portion of our variable rate debt. The following table summarizes our interest rate swaps as of June 30, 2026:
Coverage Period |  | Notional Amount |  | Risk Coverage |  | Trade Date
March 2025 to September 2026 |  | $ | 25.0 |  | USD-SOFR |  | March 27, 2025
November 2023 to December 2026 |  | $ | 50.0 |  | USD-SOFR |  | October 10, 2023
March 2024 to June 2027 |  | $ | 50.0 |  | USD-SOFR |  | March 27, 2024
November 2023 to November 2027 |  | $ | 50.0 |  | USD-SOFR |  | September 29, 2023
June 2024 to June 2028 |  | $ | 50.0 |  | USD-SOFR |  | June 26, 2024
March 2026 to December 2028 |  | $ | 50.0 |  | USD-SOFR |  | March 19, 2026
June 2026 to June 2029 |  | $ | 50.0 |  | USD-SOFR |  | June 22, 2026
Under the terms of the interest rate swaps above, we pay a fixed rate monthly and receive a floating rate based on SOFR. Financial Statement Impacts The following tables detail amounts related to our derivatives as of June 30, 2026 and December 31, 2025. We did not have any derivative assets or liabilities not designated as hedging instruments as of June 30, 2026 or December 31, 2025. The derivative asset and liability amounts below are shown gross and have not been netted.
|  | Derivative Assets |  |  | Derivative Liabilities |
|  |  |  | Fair Value |  |  |  |  | Fair Value |
|  | Balance Sheet Location |  | June 30, 2026 |  |  | December 31, 2025 |  |  | Balance Sheet Location |  | June 30, 2026 |  |  | December 31, 2025 |
Interest rate swap contracts |  | Other non-current assets |  | $ | 0.4 |  |  | $ | - |  |  | Accounts payable and accrued expenses |  | $ | 0.3 |  |  | $ | 0.8 |
|  |  |  |  |  |  |  |  |  | Other long-term liabilities |  |  | 0.6 |  |  |  | 2.6 |
|  | Amount of Gain (Loss) Recognized in AOCL |  |  | Location of (Loss) Gain |  | (Loss) Gain Reclassified from AOCL into Net Earnings |
|  | Six Months Ended |  |  | Reclassified from |  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | AOCL into |  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |  |  | Net Earnings |  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 2.1 |  |  | $ | (1.9 | ) |  | Interest expense |  | $ | (0.5 | ) |  | $ | - |  |  | $ | (0.9 | ) |  | $ | 0.4 |
As of June 30, 2026, the amount of existing losses in Accumulated Other Comprehensive Loss (“AOCL”) expected to be recognized in net earnings over the next twelve months was $0.4 million.

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