v3.23.3

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Interest Rate and Foreign Currency Instruments

A summary of the fair value of interest rate and foreign currency instruments is as follows:

(In thousands)												September 30, 2023						December 31, 2022
Asset derivatives						Location
Interest rate swap contracts (1)						Other assets, net						$	44,126					$	48,539
Liability derivatives						Location
Foreign currency contracts (2)						Accrued expenses						$	—					$	423

(1) The fair values of interest rate swap contracts are measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2).

(2) The fair values of foreign currency contracts are measured at each reporting period by comparison to available market information on similar contracts (Level 2).

Schedule of Gains and Losses Related to Interest Rate and Foreign Currency Instruments in the Consolidated Statement of Operations

A summary of the gains and losses related to interest rate and foreign currency instruments on the condensed consolidated statements of operations is as follows:

												Three Months Ended												Nine Months Ended
(In thousands)												September 30, 2023						September 30, 2022						September 30, 2023						September 30, 2022
(Gain) Loss on derivative contracts designated as cash flow hedges						Location
Interest rate swap contracts						Interest expense, net						$	(6,098)					$	(1,325)					$	(16,399)					$	560
Foreign currency contracts						Cost of goods sold						132						137						494						137
												$	(5,966)					$	(1,188)					$	(15,905)					$	697

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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