v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments:
In assessing the fair value of financial instruments, the Company uses methods and assumptions that are based on market conditions and other risk factors existing at the time of assessment. Fair value information for the Company’s financial instruments is as follows:
Long-Term Debt—the fair values of the Company’s 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 the Company’s 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.
June 30, 2026December 31, 2025
Recorded
Amount		Fair ValueRecorded
Amount		Fair Value
(In thousands)
Long-term debt$1,883,644 $1,820,107 $3,207,210 $3,112,590 
Foreign Currency Forward Contracts—In connection with our risk management strategies, we enter into 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 June 30, 2026 and December 31, 2025, we had outstanding non-designated derivative financial instruments with notional values totaling $1.4 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 June 30, 2026, these foreign currency forward contracts hedge our exposure to various currencies including the Chinese Renminbi, Euro and Australian Dollar.
Net Investment Hedge—In June 2026, the Company entered into cross currency swaps with an aggregate notional amount of €1 billion to minimize the financial impact of changes in foreign currency exchange rates between the U.S. Dollar and Euro. These derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. These cross currency swaps qualify and have been designated as an effective net investment hedge of the Company's foreign currency exchange rate exposure of the net investments in foreign subsidiaries where the Euro serves as the functional currency. The Company will account for the net investment hedge using the spot method. Gains or losses on the revaluation of these cross currency swaps to our reporting currency are recorded in Accumulated other comprehensive loss. Excluded components are amortized as interest income, within Other income (expenses), net on the consolidated statements of income, as that interest is accrued.
The following table summarizes the fair value of our derivative financial instruments included in the consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Designated as hedging instruments
Other assets$3,909 $— $— $— 
Other noncurrent liabilities— 778 — — 
Total designated as hedging instruments$3,909 $778 $— $— 
Not designated as hedging instruments
Other current assets$— $— $2,163 $— 
Accrued expenses— 4,061 — 4,781 
Total not designated as hedging instruments$— $4,061 $2,163 $4,781 
Total$3,909 $4,839 $2,163 $4,781 
The following table summarizes the net gains (losses) recognized for our derivative financial instruments during the three-month and six-month periods ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Designated as hedging instruments
Gain (loss) recognized in Other comprehensive income
$3,177 $165 $3,067 $(66)
Not designated as hedging instruments
(Loss) gain recognized in Other income (expenses), net(a)
$(4,432)$112,344 $(20,216)$164,422 
(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 (expenses), net.
In addition, for the six-month periods ended June 30, 2026 and 2025, we recorded net cash (settlements) receipts of ($18.8) million and $161.9 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.