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Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 contracts are summarized below:

			Year Ended December 31,
			2023						2022
			(Amounts in thousands)
Current derivative assets			$	1,915					$	2,207
Noncurrent derivative assets			17						66
Current derivative liabilities			3,855						4,422
Noncurrent derivative liabilities			5						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 contracts are summarized below:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in thousands)
Gains (losses) recognized in income			$	(12,914)					$	(6,173)					$	3,295

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The cumulative net investment hedge (gain) loss, net of deferred taxes, under cross-currency swaps recorded in AOCL on our consolidated balance sheets are summarized below:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in thousands)
(Gain) loss-included component (1)			$	—					$	(37,135)					$	(15,578)
(Gain) loss-excluded component (2)			—						(11,875)						(2,111)
(Gain) loss recognized in AOCL			$	—					$	(49,010)					$	(17,689)

_____________________________________________

(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.

Prior to the dedesignation, the cumulative impact recorded in AOCL on our consolidated balance sheets from the change in carrying value due to the remeasurement of the effective portion of the net investment hedge are summarized below:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in thousands)
Loss recorded in AOCL			$	—					$	—					$	(29,554)

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

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

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-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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