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Derivatives and Hedging | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company enters into a limited number of derivative contracts to mitigate the cash flow risk associated with changes in interest rates on variable-rate debt and changes in foreign exchange rates on forecasted foreign currency transactions. The Company accounts for its outstanding derivative contracts in accordance with FASB ASC Topic 815, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts).
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Derivative Contract Type |  | Number of Contracts |  | Notional Amounts |  | Fair Value Asset (Liability), Net (3) |  | Balance Sheet Line Item |  | Unrealized Loss Recorded in AOCL, net of tax
Interest rate swap (1) |  | 1 |  |  | $ | 350,000 |  |  | $ | 2,917 |  |  | Other current assets |  | $ | (13,341) |
Foreign currency forwards (2) |  | 27 |  |  | 96,449 |  |  | (210) |  |  | Accrued liabilities |  | — |
Total |  | 28 |  |  | $ | 446,449 |  |  | $ | 2,707 |  |  |  |  | $ | (13,341) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Derivative Contract Type |  | Number of Contracts |  | Notional Amounts |  | Fair Value Asset (Liability), Net (3) |  | Balance Sheet Line Item |  | Unrealized Loss Recorded in AOCL, net of tax
Interest rate swap (1) |  | 1 |  |  | $ | 350,000 |  |  | $ | 1,097 |  |  | Other assets |  | $ | (24,162) |
|  |  |  |  |  | 5,962 |  |  | Other current assets |  |
Foreign currency forwards (2) |  | 111 |  |  | 525,719 |  |  | 180 |  |  | Other current assets |  | — |
Total |  | 112 |  |  | $ | 875,719 |  |  | $ | 7,239 |  |  |  |  | $ | (24,162) |
(1)Effective June 30, 2020, the Company de-designated all of its interest rate swaps and discontinued hedge accounting. Accordingly, subsequent changes to fair value of the interest rate swap are recorded in Other (expense) income, net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense, net over the terms of the hedged forecasted interest payments. See Note 8 — Debt for additional information regarding the Company’s interest rate swap contract. (2)The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other (expense) income, net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at September 30, 2024 matured before October 31, 2024. (3)See Note 12 — Fair Value Disclosures for the determination of the fair values of these instruments. At September 30, 2024, all of the Company’s derivative counterparties were investment grade financial institutions. The Company did not have any collateral arrangements with its derivative counterparties and none of the derivative contracts contained credit-risk related contingent features. The table below provides information regarding amounts recognized in the accompanying Condensed Consolidated Statements of Operations for derivative contracts for the periods indicated (in thousands).
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Amount recorded in: |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense, net (1) |  | $ | 4,766 |  |  | $ | 4,948 |  |  | $ | 14,442 |  |  | $ | 15,159 |
Other (income) expense, net (2) |  | 721 |  |  | (2,567) |  |  | (5,348) |  |  | (8,367) |
Total (income) expense, net |  | $ | 5,487 |  |  | $ | 2,381 |  |  | $ | 9,094 |  |  | $ | 6,792 |
(1)Consists of interest expense from interest rate swap contracts. (2)Consists of net realized and unrealized gains and losses on foreign currency forward contracts and gains and losses on de-designated interest rate swaps.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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