v3.25.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Exchange Rate Risk
We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than one of our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts).
To manage foreign currency exchange rate risk, the Company may enter into foreign currency contracts from time to time with financial institutions to limit the exposure to fluctuations in foreign currency exchange rates. The Company does not enter into foreign currency contracts for speculative or trading purposes.
In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element and changes in their fair values are included in miscellaneous, net in the consolidated statements of income (loss).
The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows:
(In thousands)December 31,
Balance Sheet Location20252024
Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives Prepaid expenses and other current assets$2,736 $944 
Foreign currency derivatives Other assets6,795 3,945 
Liabilities:
Foreign currency derivatives Accrued liabilities$1,993 $945 
Foreign currency derivatives Other liabilities4,408 1,385 
The amount of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
(In thousands)Location of Gain (Loss) Recognized in Earnings on Derivatives
Amount of Gain (Loss) Recognized in Earnings
on Derivatives
Years Ended December 31,
 202520242023
Foreign currency derivativesMiscellaneous, net$101 $(3,228)$11,711