Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments and the balance sheet lines in which they are recorded

The following table sets forth the fair values of derivative instruments held by the Company as of March 31, 2022 and December 31, 2021 and the balance sheet lines in which they are recorded:

	Fair Value Asset (Liability)
	March 31, 2022		December 31, 2021		Balance Sheet Caption
Foreign currency forward	$	3,822	$	2,825	Prepaid and other current assets
Foreign currency forward	(229)		(433)		Other accrued expenses

Schedule of net investment hedges in accumulated other comprehensive income (loss)

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:

	Three Months Ended March 31,
	2022		2021
Gain on euro-denominated debt	$	37,748	$	46,433
Tax expense	(8,431)		(10,492)
Net gain on net investment hedges, net of tax	$	29,317	$	35,941

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:

	March 31, 2022		December 31, 2021
	Level 2		Level 2
Assets:
Foreign currency cash flow hedges	$	3,822	$	2,825
Liabilities:
Foreign currency cash flow hedges	229		433