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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting. The Company recognizes the change in fair value of its foreign currency forward contracts in the consolidated statement of operations. The notional amounts of our derivative instruments are as follows:
(In thousands) | December 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments: |  |  |
Interest rate swap contract - Cash flow hedge | $ | 1,350,000 |  |  | $ | 1,950,000 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange contracts to purchase U.S. dollars | $ | — |  |  | $ | 3,995 |
Foreign exchange contracts to sell U.S. dollars | — |  |  | 26,255 |
Fair Value, by Balance Sheet Grouping | The fair values of our derivative instruments included in the consolidated balance sheets are as follows:
(In thousands) | Derivative Assets |  | Derivative Liabilities
Consolidated Balance Sheet Location | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge |  |  |  |  |  |  |
Other current assets | $ | 21,451 |  |  | $ | 32,481 |  |  | $ | — |  |  | $ | — |
Other assets - long-term | 2,618 |  |  | 14,108 |  |  | — |  |  | — |
Derivatives not designated as hedging instruments -Foreign exchange contracts |  |  |  |  |  |  |
Other current assets | $ | — |  |  | 726 |  |  | $ | — |  |  | $ | — |
Other accrued liabilities | — |  |  | — |  |  | — |  |  | 193 |
Schedule of Other Operating Cost and Expense, by Component | The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:
(In thousands) | Consolidated Statements of Operations Location |  |  | (Gain) Loss Recognized in Condensed Consolidated Statements of Income
Derivatives designated as hedging instruments: |  |  |  | 2023 |  | 2022 |  | 2021
Interest rate swap contract-cash flow hedge | Interest expense, net |  |  | $ | (37,220) |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  | 2023 |  | 2022 |  | 2021
Foreign exchange contracts | Other expense, net |  |  | $ | (374) |  |  | $ | (3,435) |  |  | $ | — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive (Loss) Income for the years ended December 31, 2023, 2022 and 2021:
|  | Gain (Loss) recognized in Other Comprehensive Income (Loss)
(In thousands) |  | 2023 |  | 2022 |  | 2021
Derivatives designated as hedging instruments: |  |  |  |  |  |
Interest rate swap contract - Cash flow hedge |  | $ | (17,435) |  |  | $ | 36,069 |  |  | $ | — |
We expect approximately $21.5 million to be reclassified from Accumulated other comprehensive (loss) income into Interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of December 31, 2023.

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