Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting.

The notional amounts of our derivative instruments are as follows:

(In thousands)	December 31, 2022		December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge	$	1,950,000	$	—
Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars	$	3,995	$	—
Foreign exchange contracts to sell U.S. dollars	26,255		—

Fair Value, by Balance Sheet Grouping

The fair values of our derivative instruments included in the consolidated balance sheets are as follows:

(In thousands)	Derivative Assets				Derivative Liabilities
Consolidated Balance Sheet Location	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets	$	32,481	$	—	$	—	$	—
Other assets - long-term	14,108		—		—		—
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets	$	726	$	—	$	—	$	—
Other accrued liabilities	—		—		193		—

Schedule of Other Operating Cost and Expense, by Component

The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:

(In thousands)
Derivatives not designated as hedging instruments:	Consolidated Statements of Operations Location	2022		2021		2020
Foreign exchange contracts	Other expense, net	$	(3,435)	$	—	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive Income for the years ended December 31, 2022, 2021 and 2020:

(In thousands)	2022		2021		2020
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge	$	36,069	$	—	$	—

We expect approximately $32.5 million to be reclassified from Accumulated other comprehensive income into Interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of December 31, 2022.