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Derivative Instruments and Hedges (Tables)

3 Months Ended

Mar. 31, 2022

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:

			March 31,						December 31,
(Amounts in thousands)			2022						2021
Current derivative assets			$	425					$	740
Noncurrent derivative assets			—						2
Current derivative liabilities			4,491						2,924
Noncurrent derivative liabilities			54						82

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 March 31,
(Amounts in thousands)			2022						2021
Gains (losses) recognized in income			$	(2,359)					$	6,105

The cumulative net investment hedge (gains) losses, net of deferred taxes, under cross-currency swaps recorded in AOCL on our condensed consolidated balance sheet are summarized below:

			March 31,
(Amounts in thousands)			2022						2021
(Gain) loss-included component (1)			$	(25,385)					$	(1,613)
(Gain) loss-excluded component (2)			(874)						15,639
(Gain) loss recognized in AOCL			$	(26,259)					$	14,026

_____________________________________________

(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 in Statement of Financial Position, Fair Value

The fair values of our cross-currency swaps are summarized below:

			March 31,						December 31,
(Amounts in thousands)			2022						2021
Other assets, net			$	34,335					$	23,129

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 is summarized below:

			Three Months Ended March 31,
(Amounts in thousands)			2022						2021
Loss recognized in AOCL			$	—					$	29,554

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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.

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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.

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-Topic 815
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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-Publisher FASB
-Name Accounting Standards Codification
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