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Derivative Instruments and Hedges (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments | The fair values of foreign exchange contracts are summarized below:
| June 30, |  | December 31,
(Amounts in thousands) | 2021 |  | 2020
Current derivative assets | $ | 1,389 |  |  | $ | 2,857 |
Noncurrent derivative assets | 20 |  |  | 249 |
Current derivative liabilities | 914 |  |  | 682 |
Noncurrent derivative liabilities | 62 |  |  | — |
Impact of Net Changes in Fair Values of Forward Exchange Contracts Not Designated as Hedging Instruments | The impact of net changes in the fair values of foreign exchange contracts are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Amounts in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
(Losses) gains recognized in income | $ | (4,312) |  |  | $ | (3,520) |  |  | $ | 1,793 |  |  | $ | (61) |
The cumulative net investment hedge loss, net of deferred taxes, under cross-currency swaps recorded in accumulated other comprehensive loss ("AOCL") on our condensed consolidated balance sheet are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Amounts in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Loss (gain)-included component (1) | $ | 1,798 |  |  | $ | — |  |  | $ | 185 |  |  | $ | — |
(Gain) loss-excluded component (2) | (11,749) |  |  | — |  |  | 3,890 |  |  | — |
(Gain) loss recognized in AOCL | $ | (9,951) |  |  | $ | — |  |  | $ | 4,075 |  |  | $ | — |
_____________________________________________ (1) Change in the fair value of the swaps attributable to changes in spot rates. (2) Change in the fair value of the swaps due to changes other than those attributable to spot rates.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Prior to the dedesignation, the cumulative impact recorded in AOCL on our condensed consolidated balance sheet from the change in carrying value due to the remeasurement of the effective portion of the net investment hedge are summarized below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Amounts in thousands)
Loss recognized in AOCL | $ | — |  |  | $ | 3,990 |  |  | $ | 29,554 |  |  | $ | 12,510 |

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
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