XML 85 R57.htm IDEA: XBRL DOCUMENT v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table contains information on the outstanding interest rate swaps as of December 31, 2025:
Outstanding Interest Rate Swaps (a)
Date Entered IntoTermNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on DebtTotal Effective Interest Rate (b)
April 201610 years$100,000 2016 Incremental Term Loan1.50%1.75%3.25%
April 201610 years100,000 2016 Incremental Term Loan1.51%1.75%3.26%
February 20227 years200,000 2021 Incremental Term Loan0.67%1.92%2.59%
August 20244 years100,000 2015 Term Loan0.78%1.60%2.38%
August 20244 years50,000 2015 Term Loan0.64%1.60%2.24%
August 20244 years50,000 2015 Term Loan3.29%1.60%4.89%
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
(b)Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023:
Location on Statement of Income and Comprehensive Income (Loss)202520242023
Derivatives designated as cash flow hedges:
 Interest rate productsOther comprehensive income (loss), relating to continuing operations($3,830)$21,795 $10,265 
Interest expense, net(17,773)(28,406)(26,311)
The following table provides details of the amounts expected to be reclassified into earnings:
Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges:
Interest rate products (a)$9,884 
Total estimated gain on derivatives contracts$9,884 
(a)    These reclassified amounts are expected to perfectly offset variable interest rate payments to debt holders, resulting in no net impact on our earnings or cash flows.
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2025 and 2024:
Notional Amount
20252024
Derivatives designated as cash flow hedges:
Interest rate swaps$600,000 $600,000 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2025 and 2024. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows:
Fair Value Assets (Liabilities) (a)
Location on Balance Sheet20252024
Derivatives designated as cash flow hedges:
Interest rate swaps
Other current assets$1,404 — 
Other assets25,438 49,353 
Total derivative assets$26,842 $49,353 
Other non-current liabilities($23)— 
Total derivative liabilities($23)— 
(a)See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.