DERIVATIVE INSTRUMENTS |
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Interest rate swap agreements In January 2023, the Company entered into two interest rate swap agreements, each with a notional value of $250 million. Each of these swap agreements requires the Company to pay a fixed interest rate of 3.435% in exchange for receiving one-month LIBOR for six months and one-month Term Secured Overnight Financing Rate (“SOFR”) afterwards. The interest rate swap agreements settle monthly commencing in February 2023 through their termination dates on February 28, 2028. In May 2026, the Company entered into an additional interest rate swap agreement to replace two interest rate swap agreements that matured on April 30, 2026. The new interest rate swap agreement has a notional value of $500 million. Under the agreement the Company pays a fixed interest rate of 3.709% in exchange for receiving one-month Term SOFR. The new interest rate swap agreement settles monthly commencing in May 2026 through its termination date on February 28, 2027. The estimated fair value of the Company’s interest rate swap agreements is derived from a discounted cash flow analysis. The aggregate fair value of the Company’s interest rate swap agreements was a net asset of $5.0 million as of June 30, 2026, and was recorded in the accompanying consolidated balance sheets based upon the timing of the underlying expected cash flows in amounts detailed in Note 7, Fair Value Measurements. Foreign currency hedge agreements At June 30, 2026, the Company had outstanding derivative contracts to purchase certain foreign currencies, including EUR, ILS, RON, and PLN at future dates. The amount of future salary expenses the Company had hedged was approximately $253.3 million, and all contracts are expected to mature during the upcoming 12 months. The aggregate fair value of the Company’s derivative contracts was a net asset of $5.7 million as of June 30, 2026 and was recorded in the accompanying consolidated balance sheets in amounts detailed in Note 7, Fair Value Measurements. The following table summarizes the volume of derivative instrument activity (in millions):
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