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Derivative Instruments and Hedges (Tables)

9 Months Ended

Sep. 30, 2023

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 forward contracts are summarized below:

			September 30,						December 31,
(Amounts in thousands)			2023						2022
Current derivative assets			$	3,449					$	2,207
Noncurrent derivative assets			—						66
Current derivative liabilities			4,699						4,422
Noncurrent derivative liabilities			66						63

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 forward contracts are summarized below:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Amounts in thousands)			2023						2022						2023						2022
Gains (losses) recognized in income			$	(2,035)					$	1,245					$	(3,760)					$	1,478

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:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Amounts in thousands)			2023						2022						2023						2022
(Gain) loss-included component (1)			$	—					$	(22,107)					$	—					$	(66,363)
(Gain) loss-excluded component (2)			—						839						—						(7,669)
(Gain) loss recognized in AOCL			$	—					$	(21,268)					$	—					$	(74,032)

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(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.

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- References

No definition available.

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

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