Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the fair values of our derivative instruments included within the Condensed Consolidated Balance Sheets (in thousands):

	Derivatives Designated as Cash Flow Hedging Instruments
Condensed Consolidated Balance Sheet Location	Foreign Exchange Contracts		Interest Rate Swaps		Gross Derivatives
As of September 30, 2023
Prepaid expenses and other current assets	$	8,630	$	30,447	$	39,077
Other assets	542		22,167		22,709
Total assets	$	9,172	$	52,614	$	61,786
Accrued liabilities	$	1,890	$	—	$	1,890
Other long-term liabilities	91		—		91
Total liabilities	$	1,981	$	—	$	1,981
As of December 31, 2022
Prepaid expenses and other current assets	$	4,860	$	28,431	$	33,291
Other assets	94		26,753		26,847
Total assets	$	4,954	$	55,184	$	60,138
Accrued liabilities	$	1,847	$	—	$	1,847
Other long-term liabilities	167		—		167
Total liabilities	$	2,014	$	—	$	2,014

We recognized the following gains on our derivative instruments designated as cash flow hedges in other comprehensive income before reclassifications to net loss (in thousands):

	Gain Recognized in Other Comprehensive Income
	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	1,757	$	3,383	$	10,260	$	11,720
Interest rate swaps	12,496		21,201		21,236		60,398
Total derivatives designated as cash flow hedging instruments	$	14,253	$	24,584	$	31,496	$	72,118

The following table presents the effects of our derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations (in thousands):

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss into Income
			Three months ended September 30,				Nine months ended September 30,
	Location of Gain (Loss) Recognized in Income		2023		2022		2023		2022
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	Total revenues		$	1,019	$	(1,690)	$	(429)	$	2,666
Foreign exchange contracts	Cost of goods sold		2,247		3,090		6,063		4,140
Foreign exchange contracts	Other expense, net	(1)	—		—		229		—
Foreign exchange contracts	Interest expense	(2)	—		462		13		717
Interest rate swaps	Interest expense		8,813		2,133		23,807		608
Total derivatives designated as cash flow hedging instruments			$	12,079	$	3,995	$	29,683	$	8,131

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(1)    Represents location of gain reclassified from accumulated other comprehensive loss into income as a result of ineffectiveness.

(2)    Represents location of gain reclassified from accumulated other comprehensive loss into income as a result of forecasted transactions no longer probable of occurring.

As of September 30, 2023, we expect an estimated $6.7 million in deferred gains on the outstanding foreign exchange contracts and an estimated $31.6 million in deferred gains on the interest rate swaps will be reclassified from accumulated other comprehensive loss to net income during the next 12 months concurrent with the underlying hedged transactions also being reported in net income.