The Company is exposed to market risk from changes in interest rates and the impact of fluctuations in foreign currencies on the Company's foreign investments and operations. The Company manages its exposure to these market risks through the monitoring of its available financing alternatives, including in certain circumstances, the use of derivative financial instruments. We are also subject to risk from changes in debt and equity prices from our non-qualified retirement savings plan investments in debt securities and common stock, which have a carrying value of $56.9 million and $52.0 million as of June 30, 2026 and December 31, 2025, respectively, and are accounted for as trading securities. The Company will continue to monitor the exposure in these areas and make the appropriate adjustments as market conditions dictate. As of June 30, 2026, the Company had $567.2 million of variable interest rate debt instruments outstanding at an effective interest rate of 4.92%. A hypothetical change of 10% in the Company’s effective interest rate from the June 30, 2026 levels would increase or decrease annual interest expense by $2.8 million. The Company generally expects to refinance its fixed and variable long-term debt obligations prior to their scheduled maturities. The Company does not presently have any material derivative financial instruments.