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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table reflects the fair value amounts for designated and non-designated hedging instruments at December 31, 2022 and 2021 (in thousands):

			December 31, 2022												December 31, 2021
			Fair Value Derivative Assets(i)						Fair Value Derivative Liabilities(ii)						Fair Value Derivative Assets(i)						Fair Value Derivative Liabilities(ii)
Designated hedging instruments
Foreign currency forward contracts			$	88					$	2,827					$	1,405					$	52
Interest Rate Swaps			—						—						—						1,992
Non-designated hedging instruments
Foreign currency forward contracts			—						516						204						—
Interest Rate Swaps			—						—						—						5,733
Total fair value of hedging instruments			$	88					$	3,343					$	1,609					$	7,777

(i)Included in prepaid expenses and other current assets, and other assets on the consolidated balance sheets.

(ii)Included in accrued liabilities on the consolidated balance sheets.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The before-tax effects of derivative instruments designated as cash flow hedges on the accumulated other comprehensive income and consolidated statements of operations for the periods indicated below are as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Amount of gain (loss) recognized in other comprehensive income (loss)(i)			$	4,492					$	4,938					$	(31,184)
Amount of gain (loss) related to foreign exchange forward contracts reclassified from accumulated other comprehensive income (loss) into income(ii)			$	(1,421)					$	3,307					$	(687)
Amount of gain (loss) related to interest rate swaps reclassified from accumulated other comprehensive loss into income as interest expense			$	4,558					$	(21,323)					$	(20,564)

(i)The before-tax gain (loss) of $(5,513), $2,482 and $1,183 related to foreign exchange forward contracts were recognized in other comprehensive income (loss) during the years ended December 31, 2022, 2021 and 2020, respectively. The before-tax gain (loss) of $10,005, $2,456 and $(32,367) related to interest rate swaps were recognized in other comprehensive income (loss) during the years ended December 31, 2022, 2021 and 2020 respectively.

(ii)The before-tax gain (loss) of $(316), $629 and $(147) were included in cost of service revenues on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, respectively. The before tax gain (loss) of $(1,105), $2,678 and $(540) were included in operating expenses, primarily research and development expense on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, respectively.

Schedule of Derivative Instruments, Gain (Loss)

The before-tax gain (loss) recognized in other income (expense), net for non-designated foreign currency forward contracts and interest rate swaps for the periods indicated below are as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Gain (loss) recognized in other income (expense), net(i)			$	5,493					$	(183)					$	(206)

_____________

(i)Gain (loss) recognized in other income (expense), net includes the debt component of restructured interest rate swap treated as a hybrid instrument. Both of the restructured and non-designated interest rate swaps matured in December 2022.

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- References

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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