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DERIVATIVES AND HEDGING INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING INSTRUMENTS DERIVATIVES AND HEDGING INSTRUMENTS
Net Investment Hedge

We have designated our aggregate €800 million Euro-denominated 4.875% senior notes due March 2031 as a hedge of our net investment in our Euro-denominated operations. The purpose of the net investment hedge is to reduce the volatility of our net investment in our Euro-denominated operations due to changes in foreign currency exchange rates.

Investments in foreign operations with functional currencies other than the reporting currency are subject to foreign currency risk as the assets and liabilities of these subsidiaries are translated into the reporting currency at the period-end rate of exchange with the resulting foreign currency translation adjustment presented as a component of other comprehensive income (loss) and included in accumulated other comprehensive loss within equity in our consolidated balance sheets. Under net investment hedge accounting, the foreign currency remeasurement gains and losses associated with our Euro-denominated senior notes are presented within the same components of other comprehensive income (loss) and accumulated other comprehensive loss, partially offsetting the foreign currency translation adjustment for our foreign subsidiaries.

We recognized a gain (loss) on the net investment hedge of $(81.3) million and $6.1 million within foreign currency translation adjustments in other comprehensive income (loss) in our consolidated statements of comprehensive income during the three months ended June 30, 2025 and 2024, respectively, and $(90.7) million and $(0.9) million during the six months ended June 30, 2025 and 2024, respectively.

Interest Rate Swaps

We have interest rate swap agreements with financial institutions to hedge changes in cash flows attributable to interest rate risk on a portion of our variable-rate debt instruments. Net amounts to be received or paid under the swap agreements are reflected as adjustments to interest expense. Since we have designated the interest rate swap agreements as cash flow hedges, unrealized gains or losses resulting from adjusting the swaps to fair value are recognized as components of other comprehensive income (loss). The fair values of our interest rate swaps are determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments are classified within Level 2 of the fair value hierarchy.
The table below presents information about our interest rate swaps, designated as cash flow hedges, included in our consolidated balance sheets:
Fair Values
Derivative Financial InstrumentsBalance Sheet LocationWeighted-Average Fixed Rate of Interest at
June 30, 2025		Range of Maturity Dates at June 30, 2025June 30, 2025December 31, 2024
(in thousands)
Interest rate swaps (Notional of $1.5 billion at June 30, 2025 and December 31, 2024)
Other noncurrent liabilities4.26%April 17, 2027 - August 17, 2027$20,844 $7,768 

The table below presents the effects of our interest rate swaps on our consolidated statements of income and statements of comprehensive income for the three and six months ended June 30, 2025 and 2024:
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
(in thousands)
Net unrealized gains (losses) recognized in other comprehensive income (loss)$(3,204)$8,929 $(12,575)$38,045 
Net unrealized gains (losses) reclassified out of other comprehensive income (loss) to interest expense$(841)$2,619 $(1,693)$5,281 

As of June 30, 2025, the amount of net unrealized losses in accumulated other comprehensive loss related to our interest rate swaps that is expected to be reclassified into interest expense during the next 12 months was $10.7 million.

Treasury Locks

In June 2025, we entered into $1.5 billion in notional treasury lock derivative instruments to hedge interest rate risk in anticipation of our future issuance of fixed rate notes. Each of these treasury locks was designated as a cash flow hedge of a forecasted transaction, and unrealized gains or losses resulting from adjusting the treasury locks to fair value are recognized as a component of other comprehensive income (loss). The fair value of the treasury locks is determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments are classified within Level 2 of the fair value hierarchy.

The table below presents information about the treasury locks included in our consolidated balance sheets:

Fair Value
Derivative Financial InstrumentsBalance Sheet LocationWeighted-Average Fixed Rate of Interest at
June 30, 2025		Maturity Date at June 30, 2025June 30, 2025
(in thousands)
Treasury locks (Notional of $1.5 billion at June 30, 2025)
Other noncurrent liabilities4.53%March 31, 2026$34,344 
The table below presents the effects of our treasury locks on our consolidated statements of comprehensive income:

Three Months EndedSix Months Ended
June 30, 2025June 30, 2025
(in thousands)
Net unrealized losses recognized in other comprehensive income (loss)$(34,344)$(34,344)