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DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
11. DERIVATIVE INSTRUMENTS
The Company is exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments.
Cash Flow Hedges - Interest Rate Swap Contract
In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under the Term Loan Facility. The interest rate swap was designated specifically to the Term Loan Facility, was highly effective and qualified as a cash flow hedge. The notional amount was scheduled to decrease quarterly and expired on December 30, 2025. As cash flow hedges, unrealized gains are recognized as assets and unrealized losses are recognized as liabilities. Unrealized gains and losses
are designated as effective or ineffective based on a comparison of the changes in fair value of the interest rate swaps and changes in fair value of the underlying exposures being hedged. The effective portion is recorded as a component of Accumulated other comprehensive loss and will be reflected in earnings during the period the hedged transaction effects earnings, while the ineffective portion is recorded as a component of Interest expense.
Foreign Currency Contracts Not Designated as Hedges
The Company may enter into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the consolidated statement of operations.
The notional amounts of our derivative instruments are as follows:
(In thousands)
Derivatives designated as hedging instruments:December 31, 2025December 31, 2024
Interest rate swap contract - cash flow hedge$— $750.0 
The fair values of our derivative instruments included in the consolidated balance sheets are as follows:
(In thousands)
Consolidated Balance Sheet LocationDerivative Assets
Derivatives designated as hedging instruments: Interest rate swap contract - cash flow hedgeDecember 31, 2025December 31, 2024
Other current assets$— $7.1 
The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023:
(In thousands)
Consolidated Statements of Operations Location
Gain recognized in Consolidated Statements of Income
Derivatives designated as hedging instruments:202520242023
Interest rate swap contract - cash flow hedgeInterest expense$(7.9)$(27.0)$(37.2)
Derivatives not designated as hedging instruments:202520242023
Foreign exchange contractsOther expense, net$— $— $(0.4)
The following table summarizes the effects of our derivative instruments on Accumulated other comprehensive loss for the years ended December 31, 2025, 2024 and 2023:
Loss recognized in Accumulated other comprehensive loss
(In thousands)202520242023
Derivatives designated as hedging instruments:
Interest rate swap contract - cash flow hedge$(5.5)$(13.1)$(17.4)