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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
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, 2023December 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 AssetsDerivative Liabilities
Consolidated Balance Sheet LocationDecember 31, 2023December 31, 2022December 31, 2023December 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 $— $— 
Other accrued liabilities— — — 193 
Schedule of Other Operating Cost and Expense, by Component
The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:
(In thousands)
Consolidated Statements of Operations Location
(Gain) Loss Recognized in Condensed Consolidated Statements of Income
Derivatives designated as hedging instruments:202320222021
Interest rate swap contract-cash flow hedgeInterest expense, net$(37,220)$— $— 
Derivatives not designated as hedging instruments:202320222021
Foreign exchange contractsOther expense, net$(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)202320222021
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.