Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Results

The following table illustrates the disclosure in tabular format of fair value amounts of derivative instruments at September 30, 2022 and December 31, 2021 (in thousands):

	Derivative Assets				Derivative Liabilities
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Designated derivatives
Foreign exchange contracts	$	17,099	$	2,015	$	—	$	—
Interest rate contracts	10,829		—		—		—
Total derivatives	$	27,928	$	2,015	$	—	$	—

The following table presents the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021, including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative				Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended September 30,					Three Months Ended September 30,
	2022		2021			2022		2021
Interest rate contracts	$	10,829	$	—	Interest expense	$	—	$	—
Interest rate contracts	—		—		Loss on debt extinguishment, modifications and termination of derivative instruments(1)	(627)		(627)
Foreign exchange contracts	6,946		5,094		Other, net	9,932		5,477
Foreign exchange contracts	—		—		Interest expense	196		(3)
Total designated cash flow hedges	$	17,775	$	5,094		$	9,501	$	4,847

(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2022, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.

	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative				Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	Nine Months Ended September 30,					Nine Months Ended September 30,
	2022		2021			2022		2021
Interest rate contracts	$	10,829	$	—	Interest expense	$	—	$	—
Interest rate contracts	—		—		Loss on debt extinguishment, modifications and termination of derivative instruments(1)	(1,880)		(2,055)
Foreign exchange contracts	15,084		10,116		Other, net	17,410		9,436
Foreign exchange contracts	—		—		Interest expense	399		(142)
Total designated cash flow hedges	$	25,913	$	10,116		$	15,929	$	7,239

(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the nine months ended September 30, 2022, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.