Derivatives and Hedging Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives

The following table summarizes the gross fair value of the Company’s outstanding derivatives and the lines in which they are presented on the condensed consolidated balance sheet.

	Derivative Assets				Derivative Liabilities
	December 31,				December 31,
(in thousands)	2021		2020		2021		2020
Prepaid expenses and other current assets	$	4,081	$	4,576	$	—	$	—
Accrued expenses and other current liabilities	—		—		3,773		6,561
	$	4,081	$	4,576	$	3,773	$	6,561

The following table summarizes the notional values of the Company’s outstanding derivatives:

	December 31,
(in thousands)	2021		2020
Notional value of foreign currency forward contracts	$	704,190	$	483,377

Schedule of Gain (Loss) on Derivative Instruments

The loss of all derivative instruments recognized is summarized below:

	Years Ended December 31,
(in thousands)	2021		2020
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	3,717	$	171
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	3,589		692
Total loss of derivative instruments	$	7,306	$	863