v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments:
In assessing the fair value of financial instruments, we use methods and assumptions that are based on market conditions and other risk factors existing at the time of assessment. Fair value information for our financial instruments is as follows:
Long-Term Debt—the fair values of our notes are estimated using Level 1 inputs and account for the difference between the recorded amount and fair value of our long-term debt. The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.
March 31, 2026December 31, 2025
Recorded
Amount		Fair ValueRecorded
Amount		Fair Value
(In thousands)
Long-term debt$1,888,986 $1,818,749 $3,207,210 $3,112,590 
In connection with our risk management strategies, we also enter into other derivative financial instruments that have not been designated as hedging instruments under ASC 815, Derivatives and Hedging. These derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. At March 31, 2026 and December 31, 2025, we had outstanding non-designated derivative financial instruments with notional values totaling $1.6 billion and $2.4 billion, respectively. The non-designated derivative financial instruments are primarily comprised of foreign currency forward contracts that attempt to minimize the financial impact of changes in foreign currency exchange rates. The fair values of our non-designated foreign currency forward contracts are estimated based on current settlement values. At March 31, 2026, these foreign currency forward contracts hedge our exposure to various currencies including the Chinese Renminbi, Euro and Australian Dollar.
The following table summarizes the fair value of our derivative financial instruments included in the consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Not designated as hedging instruments
Other current assets$— $— $2,163 $— 
Accrued expenses— 7,888 — 4,781 
Total not designated as hedging instruments$— $7,888 $2,163 $4,781 
The following table summarizes the net (losses) gains recognized for our derivative financial instruments during the three-month periods ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
March 31,
20262025
Not designated as hedging instruments
(Loss) gain recognized in Other income, net(a)
$(15,784)$52,078 
(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other income, net.
In addition, for the three-month periods ended March 31, 2026 and 2025, we recorded net cash (settlements) receipts of ($10.5) million and $50.3 million, respectively, in (Payments) proceeds from settlement of foreign currency forward contracts, net, in our condensed consolidated statements of cash flows.
The counterparties to our foreign currency forward contracts are major financial institutions with which we generally have other financial relationships. We are exposed to credit loss in the event of nonperformance by these counterparties. However, we do not anticipate nonperformance by the counterparties.