Financial Instruments Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments Measured at Fair Value

Schedule of assets (liabilities) measured at fair value on a recurring basis

(thousands)	Balance Sheet Location		Level 1		Level 2		Level 3		Total
Cash equivalents (a)		Cash and cash equivalents	$	8,729	$	—	$	—	$	8,729
Equity investments (b)		Other assets		57,625		—		—		57,625
Interest rate swap designated as fair value hedge		Other liabilities		—		(454)		—		(454)
Foreign exchange contracts designated as net investment hedges		Other assets / other current assets		—		47,245		—		47,245
			$	66,354	$	46,791	$	—	$	113,145

(thousands)	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Cash equivalents (a)	Cash and cash equivalents / other current assets	$	6,596	$	—	$	—	$	6,596
Equity investments (b)	Other assets		50,614		—		—		50,614
Interest rate swaps designated as cash flow hedges	Other assets		—		55,942		—		55,942
Foreign exchange contracts designated as net investment hedges	Other assets / other current assets		—		60,962		—		60,962
		$	57,210	$	116,904	$	—	$	174,114

(a) Cash equivalents include highly liquid investments with an original maturity of less than three months.

(b) The company has an 8.4% equity ownership interest in Marubun Corporation and a portfolio of mutual funds with quoted market prices. During 2023, 2022, and 2021 the company recorded unrealized gains (losses) of $9.7 million, $(5.8) million, and $7.8 million, respectively, on equity securities held at the end of each year.

Schedule of effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income

(thousands)	Income Statement Line	2023		2022		2021
Gain (Loss) Recognized in Income (Loss)
Foreign exchange contracts, net investment hedge (a)	Interest Expense	$	7,460	$	8,805	$	8,805
Interest rate swaps, cash flow hedge	Interest Expense		(2,889)		(3,586)		(3,087)
Interest rate swap, fair value hedge	Interest Expense		(454)		—		—
Total		$	4,117	$	5,219	$	5,718
Gain (Loss) Recognized in Other Comprehensive Income (Loss) before reclassifications, net of tax
Foreign exchange contracts, net investment hedge (b)		$	(2,276)	$	15,474	$	21,133
Interest rate swaps, cash flow hedge			585		25,937		19,232
Total		$	(1,691)	$	41,411	$	40,365

(a) Represents derivative amounts excluded from the assessment of effectiveness for the net investment hedges reclassified from CTA to “Interest and other financing expenses, net”.

(b) Includes derivative (losses) gains excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income, net of tax, of $(1.8) million, $1.8 million, and $(0.6) million for 2023, 2022, and 2021, respectively, which were excluded from the assessment of effectiveness for the net investment hedges and recognized in other comprehensive income (loss), net of tax.

Interest rate swap | Designated as hedging instrument

Financial Instruments Measured at Fair Value

Description of types of hedging instruments used

		Notional Amount		Weighted-Average	Date Range of
Trade Date	Maturity Date	(thousands)		Interest Rate	Forecasted Transaction
April 2020	December 2024	$	300,000	0.97%	Jan 2023 - Dec 2025

		Notional Amount		Interest Rate due	Interest Rate due to
Trade Date	Maturity Date	(thousands)		from Counterparty	Counterparty
February 2023	March 2026	$	500,000	6.125%	SOFR+0.508%

Foreign exchange contract | Designated as hedging instrument

Financial Instruments Measured at Fair Value

Description of types of hedging instruments used

	Notional Amount (thousands)
Maturity Date	2023		2022
March 2023	EUR	-	EUR	50,000
September 2024	EUR	50,000	EUR	50,000
April 2025	EUR	100,000	EUR	100,000
January 2028	EUR	100,000	EUR	100,000
Total	EUR	250,000	EUR	300,000