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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative financial instruments | Derivative financial instruments The number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company. Instead, they indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements. The following table summarizes the notional values related to the Company’s derivative instruments outstanding at September 30, 2025 (in thousands):
| September 30, 2025 |
Interest rate swaps | $ | 44,832 |
Foreign currency hedges | € | 6,376 |
The following table presents the fair value of each classification of the Company’s derivative instruments as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
Derivatives designated as hedging instruments |  |  |  |  |
Cash flow hedges |  |  |  |  |
Current assets | $ | 550 |  |  | $ | 1,070 |
Non-current assets |  | 236 |  |  |  | 1,267 |
Total designated as hedging instruments | $ | 786 |  |  | $ | 2,337 |
Derivatives not designated as hedging instruments |  |  |  |  |
Current assets | $ | 4,206 |  |  | $ | 4,063 |
Non-current assets |  | 14,575 |  |  |  | 7,205 |
Current liabilities |  | (4,206 | ) |  |  | (4,063 | )
Non-current liabilities |  | (14,575 | ) |  |  | (7,205 | )
Total not designated as hedging instruments | $ | — |  |  | $ | — |
Total current position | $ | 550 |  |  | $ | 1,070 |
Total non-current position |  | 236 |  |  |  | 1,267 |
Total derivatives | $ | 786 |  |  | $ | 2,337 |
The current and non-current portions of derivative assets are included within other current assets and other assets, respectively, on the consolidated balance sheets. The current and non-current portions of derivative liabilities are included within accrued liabilities and other liabilities and other long-term liabilities, respectively, on the consolidated balance sheets. Derivatives Accounted for as Cash Flow Hedges The Company’s cash flow hedges include interest rate swaps that are hedges of variability in forecasted interest payments due to changes in the interest rate on SOFR-based borrowings, and foreign currency swaps that are hedges in the exchange rate between the euro and the U.S. dollar. A summary of these hedges is below: • In 2018, the Company entered into two long-term interest rate swap agreements with a major financial institution. The swaps, which became effective in October 2018 and expire in April 2030, are used to hedge approximately 70% of the variability in interest payments/interest risk on the 2017 Bank Loans (as defined herein). • In 2023, the Company entered into long-term interest rate swap agreements with multiple major financial institutions. This arrangement was used to hedge the variability of the interest payments/interest risk on the Term Loan Facility (as defined herein) and was set to expire in March 2027. In the second quarter of 2025, the Company paid off the remaining balance on the Term Loan Facility and settled the remaining interest rate swaps. • In 2025, the Company entered into euro to U.S. dollar hedges. This arrangement will hedge the Company’s expected exchange rate exposure related to operational and salary expenses incurred in euros. The hedges will expire in December 2025 and are used to cover approximately 80% of the expected related expenses. The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Derivatives Designated in |  |  |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives |
Cash Flow Hedging |  |  |  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
Relationship |  |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest rate swaps |  |  |  | $ | (253 | ) |  | $ | (4,168 | ) |  | $ | (783 | ) |  | $ | 1,085 |
Derivatives Designated in |  | Location of Gain (Loss) Reclassified from |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income |
Cash Flow Hedging |  | Accumulated Other Comprehensive |  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
Relationship |  | Income into Income |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest rate swaps |  | Interest expense |  | $ | 156 |  |  | $ | 1,059 |  |  | $ | 768 |  |  | $ | 3,149 |
The amount of gain (loss) recognized in other comprehensive income as of September 30, 2025 and expected to be reclassified within the next 12 months is $0.6 million.

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