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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value of financial instruments | Fair value of financial instruments Recurring Fair Value Measurements Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of significance for a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels. The following table presents the Company’s financial assets and liabilities by level within the fair value hierarchy that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | Level 2 | $ | 19,567 |  |  | $ | 19,567 |  |  | $ | 13,605 |  |  | $ | 13,605 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | Level 2 |  | (18,781 | ) |  |  | (18,781 | ) |  |  | (11,268 | ) |  |  | (11,268 | )
2030 Notes | Level 2 |  | (800,000 | ) |  |  | (851,792 | ) |  |  | — |  |  |  | — |
As of September 30, 2025 and December 31, 2024, all derivatives were determined to be classified as Level 2 fair value instruments. No cash collateral has been posted or held as of September 30, 2025 or December 31, 2024. The values of the Level 2 interest rate swaps and foreign currency derivatives were determined using expected cash flow models based on observable market inputs, including published and quoted interest rate and exchange rate data from public data sources. Specifically, the fair values of the interest rate swaps were derived from the implied forward Secured Overnight Financing Rate (“SOFR”) yield curve for the same period as the future interest rate swap settlements. The fair values of the foreign currency derivatives were derived from the Euro/United States (“U.S.”) dollar forward curves for the same period as the related payment settlements. We have consistently applied these valuation techniques in all periods presented. As of September 30, 2025, the 2030 Notes (as defined herein) were determined to be classified as Level 2 fair value instruments. The values of the 2030 Notes are based on quoted market prices. The carrying value of the rest of the Company’s long-term debt approximates fair value due to the variable rate nature of these financial instruments. The 2030 Notes were not outstanding as of December 31, 2024. The determination of the fair values above incorporates factors including not only the credit standing of the counterparties involved, but also the impact of the Company’s nonperformance risk on its liabilities. This table excludes cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. The carrying amounts of other financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to their short maturities. Non-Recurring Fair Value Measures Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments in certain circumstances, such as equity investments or long-lived assets subject to impairment. For assets and liabilities measured on a non-recurring basis during the year, separate quantitative disclosures about the fair value measurements would be required for each major category. The Company did no t record any material impairments on the equity investments or long-lived assets during the three and nine months ended September 30, 2025 and 2024.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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