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Derivatives and Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The gross notional amounts of open derivative contracts designated as cash flow hedges as of December 31, 2021 and 2020, were as follows (in thousands):

Description of Derivative Contract						2021						2020
FX derivative contracts to be exchanged for British Pounds						$	11,160					$	9,545
FX derivative contracts to be exchanged for Japanese Yen						6,648						18,637
FX derivative contracts to be exchanged for Euros						58,224						47,444
						$	76,032					$	75,626

Schedule of Cash Flow Hedges Included in AOCI

After-tax net gain associated with derivatives designated as cash flow hedges recorded in the ending balance of AOCI and the amount expected to be reclassified to earnings in the next 12 months are as follows (in thousands):

Description of Derivative Contract						After-tax Net Loss in AOCI as of December 31, 2021						After-tax Net Loss Expected to be Reclassified to Earnings in Next 12 Months
FX derivative contracts						$	(945)					$	(945)

Pre-tax gains (losses) for derivative contracts designated as cash flow hedges recognized in OCI and the amount reclassified to earnings from AOCI were as follows (in thousands):

												Year Ended December 31, 2021
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Losses Recognized in OCI						(Losses) Gains Reclassified from AOCI to Earnings:
FX derivative contracts						Foreign exchange and other gains/(losses)						$	(3,922)					$	(2,333)
FX derivative contracts						SG&A						—						2,408
												$	(3,922)					$	75

												Year Ended December 31, 2020
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Gains Recognized in OCI						(Losses) Gains Reclassified from AOCI to Earnings:
FX derivative contracts						Foreign exchange and other gains/(losses)						$	1,724					$	(1,522)
FX derivative contracts						SG&A						—						980
Interest rate swap contracts						Interest expense						—						(113)
												$	1,724					$	(655)

												Year Ended December 31, 2019
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Gains Recognized in OCI						Gains (Losses) Reclassified from AOCI to Earnings:
FX derivative contracts						Foreign exchange and other gains/(losses)						$	2,757					$	3,003
FX derivative contracts						SG&A						—						(2,071)
Interest rate swap contracts						Interest expense						—						(92)
												$	2,757					$	840

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

The following tables present the fair value and the location of derivative contracts reported on the consolidated balance sheets (in thousands):

December 31, 2021						Asset Derivatives												Liability Derivatives
Derivatives Designated as Hedging Instruments						Balance Sheet Location						Fair Value (1)						Balance Sheet Location						Fair Value (1)
FX derivative contracts						Accrued liabilities						$	243					Accrued liabilities						$	1,286
Total derivatives designated as hedging instruments												243												1,286
Derivatives Not Designated as Hedging Instruments
FX derivative contracts						Accrued liabilities						61						Accrued liabilities						427
Capped call derivatives						Current derivative assets						106,629
Embedded exchange feature																		Current derivative liabilities						181,700
Total derivatives not designated as hedging instruments												106,690												182,127
Total derivatives												$	106,933											$	183,413

December 31, 2020						Asset Derivatives												Liability Derivatives
Derivatives Designated as Hedging Instruments						Balance Sheet Location						Fair Value (1)						Balance Sheet Location						Fair Value (1)
FX derivative contracts						Prepaid expenses and other current assets						$	1,998					Accrued liabilities						$	14
FX derivative contracts						Accrued liabilities						895
Total derivatives designated as hedging instruments												2,893												14
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts																		Accrued liabilities						74
FX derivative contracts						Prepaid expenses and other current assets						55						Accrued liabilities						4,073
Capped call derivatives						Long-term derivative assets						72,302
Embedded exchange feature																		Long-term derivative liability						121,756
Other derivatives																		Accrued liabilities						4,106
Other derivatives																		Long-term derivative liability						184
Total derivatives not designated as hedging instruments												72,357												130,193
Total derivatives												$	75,250											$	130,207

(1)For the classification of inputs used to evaluate the fair value of our derivatives, refer to “Note 9. Fair Value Measurements.”

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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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 the notional amounts of outstanding derivative positions.

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