| Schedule of Interest Rate Derivatives |
The following table includes the key provisions of the Company’s interest rate swap agreements as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional | | Fixed Base Interest Rate Swap | | Effective Date | | Expiration Date | | Asset Fair Value as of December 31, 2025 | | Liability Fair Value as of December 31, 2025 | | | | | | | | | (In thousands) | $200 million | | 3.05% | | 12/29/2023 | | 7/30/2027 | | $ | 736 | | | $ | — | | $175 million | | 3.47% | | 11/30/2022 | | 7/30/2027 | | — | | | 493 | | $270 million | | 3.05% | | 11/01/2022 | | 12/31/2027 | | 1,170 | | | — | | C$250 million | | 3.59% | | 9/23/2022 | | 12/31/2027 | | — | | | 2,910 | | | | | | | | Total | | $ | 1,906 | | | $ | 3,403 | | | | | | | | | | | | | | Notional | | Fixed Base Interest Rate Swap | | Effective Date | | Expiration Date | | Asset Fair Value as of December 31, 2024 | | Liability Fair Value as of December 31, 2024 | | | | | | | | | (In thousands) | $200 million | | 3.05% | | 12/29/2023 | | 7/30/2027 | | $ | 4,651 | | | $ | — | | $175 million | | 3.47% | | 11/30/2022 | | 7/30/2027 | | 2,265 | | | — | | $270 million | | 3.05% | | 11/01/2022 | | 12/31/2027 | | 7,225 | | | — | | C$250 million | | 3.59% | | 9/23/2022 | | 12/31/2027 | | — | | | 3,021 | | | | | | | | Total | | $ | 14,141 | | | $ | 3,021 | |
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| Summary of Derivative Results |
The following table presents the fair value of the Company’s designated derivative financial instruments as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | December 31, 2025 | | December 31, 2024 | | December 31, 2025 | | December 31, 2024 | | Designated derivatives | (In thousands) | | Foreign exchange contracts | $ | — | | | $ | 15,727 | | | $ | — | | | $ | — | | | Interest rate contracts | 1,906 | | | 14,141 | | | 3,403 | | | 3,021 | | | Total fair value of derivatives | $ | 1,906 | | | $ | 29,868 | | | $ | 3,403 | | | $ | 3,021 | |
The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, including the impacts to Accumulated other comprehensive loss (“AOCI”): | | | | | | | | | | | | | | | | | | | Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | | | Years Ended December 31, | | 2025 | | 2024 | | 2023 | | (In thousands) | | Interest rate swaps | $ | (6,508) | | | $ | 17,431 | | | $ | 7,504 | | | Treasury locks | 1,292 | | | — | | | — | | Foreign currency exchange forwards | (1,493) | | | — | | | — | | | Cross-currency swap | (9,018) | | | 10,334 | | | 1,028 | | | Total designated derivative financial instruments | $ | (15,727) | | | $ | 27,765 | | | $ | 8,532 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Location of Gain or (Loss) Reclassified from AOCI into Earnings | Amount of Gain or (Loss) to Earnings from AOCI Reclassifications | | | Years Ended December 31, | | | 2025 | | 2024 | | 2023 | | | (In thousands) | | Interest rate swaps | Interest expense | | $ | 6,109 | | | $ | 15,574 | | | $ | 13,825 | | | Interest rate swaps | Loss on debt extinguishment and termination of derivative instruments(1) | | — | | | (973) | | | (2,513) | | | Treasury locks | Interest expense | | 137 | | | — | | | — | | Foreign currency exchange forwards | Foreign currency exchange loss, net | | (1,493) | | | — | | | — | | | Cross-currency swap | Foreign currency exchange (loss) gain, net | | (7,762) | | | 9,371 | | | 200 | | | Cross-currency swap | Interest expense | | 340 | | | 506 | | | 374 | | | Total designated derivative financial instruments | | $ | (2,669) | | | $ | 24,478 | | | $ | 11,886 | |
(1)In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in Accumulated other comprehensive loss that were reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the year ended December 31, 2024, the Company recorded an increase to “Loss on debt extinguishment and termination of derivative instruments” related to this transaction.
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