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Derivative Instruments and Hedges | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedges | DERIVATIVES AND HEDGING ACTIVITIES Our risk management and foreign currency derivatives and hedging policy specifies the conditions under which we may enter into derivative contracts. See Note 9, "Fair Value of Financial Instruments," for additional information on our derivatives. We enter into foreign exchange forward contracts to hedge our cash flow risks associated with transactions denominated in currencies other than the local currency of the operation engaging in the transaction. We have not elected hedge accounting for our foreign exchange forward contracts and the changes in the fair values are recognized immediately in our condensed consolidated statements of income. Forei gn exchange forward contr acts with third parties had a notional value of $199.3 million and $695.9 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, the length of foreign exchange forward contracts currently in place ranged from 14 days to 19 months. We are exposed to risk from credit-related losses resulting from non performance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under foreign exchange forward contracts agreements and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. The fair values of foreign exchange contracts are summarized below:
| September 30, |  | December 31, |  |
(Amounts in thousands) | 2025 |  | 2024 |  |
Current derivative assets | $ | 3,470 |  |  | $ | 4,633 |  |  |
Noncurrent derivative assets | 156 |  |  | 13 |  |  |
Current derivative liabilities | 365 |  |  | 4,926 |  |  |
Noncurrent derivative liabilities | — |  |  | 374 |  |  |
Current and noncurrent derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other and other assets, net, respectively. Current and noncurrent derivative liabilities are reported in our condensed consolidated balance sheets in accrued liabilities and retirement obligations and other liabilities, respectively. The impact of net changes in the fair values of foreign exchange contracts are summarized below:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(Amounts in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
(Losses) gains recognized in income | $ | (3,308) |  |  | $ | (24) |  |  | $ | (5,339) |  |  | $ | 4,501 |  |  |
Gains and losses recognized in our condensed consolidated statements of income for foreign exchange forward contracts are classified as other income (expense), net.

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