Derivative Instruments |
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| Derivative Instruments | 14. Derivative Instruments Derivatives Designated as Hedging Instruments Net Investment Hedges In September 2022 and November 2024, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of September 30, 2026 and December 31, 2025, we had cross-currency interest rate swaps outstanding with notional amounts of $2.2 billion and maturity dates ranging through 2029. The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):
Cash Flow Hedges Amounts reported in Accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of September 30, 2026, we estimate that an additional $0.1 million will be reclassified as a decrease to interest expense during the twelve months ended September 30, 2027, when the hedged forecasted transactions impact earnings. The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):
Fair Value of Derivative Instruments The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025 (in thousands):
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