Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments

The fair values of foreign exchange contracts are summarized below:

	Year Ended December 31,
	2021		2020
	(Amounts in thousands)
Current derivative assets	$	740	$	2,857
Noncurrent derivative assets	2		249
Current derivative liabilities	2,924		682
Noncurrent derivative liabilities	82		—

Impact of Net Changes in Fair Values of Forward Exchange Contracts Not Designated as Hedging Instruments

The impact of net changes in the fair values of foreign exchange contracts are summarized below:

	Year Ended December 31,
	2021		2020		2019
	(Amounts in thousands)
Gains (losses) recognized in income	$	3,295	$	(10,294)	$	(6,495)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of our cross-currency swaps are summarized below:

	Year Ended December 31,
	2021		2020
	(Amounts in thousands)
Other assets, net	$	23,129	$	—
Retirement obligations and other liabilities	—		18,091

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The cumulative net investment hedge (gain) loss, net of deferred taxes, under cross-currency swaps recorded in AOCL on our consolidated balance sheets are summarized below:

	Year Ended December 31,
	2021		2020		2019
	(Amounts in thousands)
(Gain) loss-included component (1)	$	(15,578)	$	6,067	$	—
(Gain) loss-excluded component (2)	(2,111)		7,769		—
(Gain) loss recognized in AOCL	$	(17,689)	$	13,836	$	—

_____________________________________________

(1) Change in the fair value of the swaps attributable to changes in spot rates.

(2) Change in the fair value of the swaps due to changes other than those attributable to spot rates.

Prior to the dedesignation, the cumulative impact recorded in AOCL on our consolidated balance sheets from the change in carrying value due to the remeasurement of the effective portion of the net investment hedge are summarized below:

	Year Ended December 31,
	2021		2020		2019
	(Amounts in thousands)
Loss recorded in AOCL	$	(29,554)	$	(34,973)	$	(12,084)