Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Investment Hedges and Income Statement Impact of Hedging Instruments

The following table presents the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives:

(in thousands)		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	367,545	$	335,035	$	1,095,549	$	1,019,345
Foreign exchange contracts
Amount of gain reclassified from accumulated other comprehensive income into net income		$	1,273	$	8,635	$	1,723	$	16,652
Financial statement line items in which effects of cash flow hedges are recorded	Interest expense	$	(8,647)	$	(10,998)	$	(32,316)	$	(26,311)
Interest rate swap contract
Amount of gain reclassified from accumulated other comprehensive income into net income		$	1,385	$	—	$	1,668	$	—

Schedule of Hedging Instruments

The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following derivative instruments, unless otherwise noted:

(in thousands)		Hedging Assets
		September 30, 2023		December 31, 2022
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	7,993	$	5,185
Cross currency swaps	Other current assets	—		8,135
Interest rate swap contract	Other long-term assets	5,223		—
Foreign currency exchange contracts	Other long-term assets	1,604		—
Cross currency swaps	Other long-term assets	1,880		1,127
Total derivative instruments presented as hedging instruments on the balance sheet		16,700		14,447
Gross amounts subject to master netting arrangements not offset on the balance sheet		(598)		(3,210)
Net amount		$	16,102	$	11,237

(in thousands)		Hedging Liabilities
		September 30, 2023		December 31, 2022
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	583	$	4,572
Cross currency swaps	Other long-term liabilities	393		—
Foreign currency exchange contracts	Other long-term liabilities	15		—
Total derivative instruments presented as hedging instruments on the balance sheet		991		4,572
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)	Long-term debt	94,135		94,775
Total hedging instruments presented on the balance sheet		95,126		99,347
Gross amounts subject to master netting arrangements not offset on the balance sheet		(598)		(3,210)
Net amount		$	94,528	$	96,137

(1) Amounts represent reported carrying amounts of our foreign currency-denominated debt. Refer to “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.