v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The notional values of our cross-currency swaps, by hedged currency, as of June 30, 2026 and December 31, 2025, are as follows:
JUNE 30, 2026DECEMBER 31, 2025
Euro$504,559 $509,187 
Canadian dollar350,000 350,000 

$854,559 $859,187 
Schedule of Derivative Instruments
The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, by derivative instrument, are as follows:
JUNE 30, 2026
DECEMBER 31, 2025
DERIVATIVE INSTRUMENTS(1)
ASSETSLIABILITIESASSETSLIABILITIES
Cash Flow Hedges(2)
Interest rate swap agreements$— $(2,945)$— $(9,752)
Net Investment Hedges(3)
Cross-currency swap agreements3,380 (51,772)— (62,117)
(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Condensed Consolidated Balance Sheets. As of June 30, 2026, $3,380 is included within Prepaid expenses and other, $2,416 is included within Accrued expenses and other current liabilities and $52,301 is included within Other long-term liabilities. As of December 31, 2025, $63,634 is included within Accrued expenses and other current liabilities and $8,235 is included within Other long-term liabilities.
(2)As of June 30, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $2,945.
(3)As of June 30, 2026, cumulative net losses recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $48,392. In addition, we have cumulative net gains of $56,800 related to the excluded component of our cross-currency swap agreements recorded within Accumulated other comprehensive items, net.
Schedule of Gains (Losses) for Derivative Instruments
Unrealized gains (losses) recognized in Accumulated other comprehensive items, net during the three and six months ended June 30, 2026 and 2025, by derivative instrument, are as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS2026202520262025
Cash Flow Hedges
Interest rate swap agreements$2,371 $(1,025)$6,807 $(8,018)
Net Investment Hedges
Cross-currency swap agreements3,584 (65,960)13,725 (91,079)
Cross-currency swap agreements (excluded component)(5,911)4,177 (6,807)8,353 
(Losses) gains recognized in Net income (loss) during the three and six months ended June 30, 2026 and 2025, by derivative instrument, are as follows:
LOCATION OF (LOSS) GAINTHREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS2026202520262025
Cash Flow Hedges
Interest rate swap agreementsInterest expense$— $— $(1,207)$— 
Net Investment Hedges
Cross-currency swap agreements (excluded component)Interest expense5,911 (4,177)6,807 (8,353)