Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024
Prepaid expenses and other current assets	$	3,623	$	21,006	$	24,629
Other assets	99		9,584		9,683
Total assets	$	3,722	$	30,590	$	34,312
Accrued liabilities	$	1,473	$	—	$	1,473
Other long-term liabilities	314		—		314
Total liabilities	$	1,787	$	—	$	1,787
As of December 31, 2023
Prepaid expenses and other current assets	$	6,785	$	23,065	$	29,850
Other assets	673		4,876		5,549
Total assets	$	7,458	$	27,941	$	35,399
Accrued liabilities	$	2,590	$	—	$	2,590
Other long-term liabilities	240		—		240
Total liabilities	$	2,830	$	—	$	2,830

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

	Gain (Losses) Recognized in Other Comprehensive Income
	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Derivatives designated as cash flow hedging instruments:
Foreign exchange forward contracts	$	(3,965)	$	6,051	$	975	$	8,503
Interest rate swaps	4,512		11,324		17,905		8,740
Total derivatives designated as cash flow hedging instruments	$	547	$	17,375	$	18,880	$	17,243

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]

	Gains (Losses) Reclassified From Accumulated Other Comprehensive (Loss) Income into Net Loss
			Three months ended June 30,				Six months ended June 30,
	Location of Gains (Losses) Recognized in Net Loss		2024		2023		2024		2023
Derivatives designated as cash flow hedging instruments:
Foreign exchange forward contracts	Total revenues		$	633	$	473	$	1,333	$	(1,448)
Foreign exchange forward contracts	Cost of goods sold		1,059		2,316		2,339		3,816
Foreign exchange forward contracts	Other expense, net	(1)	—		—		—		229
Foreign exchange forward contracts	Interest expense	(2)	—		—		—		13
Interest rate swaps	Interest expense		7,291		7,625		15,255		14,993
Total derivatives designated as cash flow hedging instruments			$	8,983	$	10,414	$	18,927	$	17,603

_______________________________

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

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

As of June 30, 2024, we expect an estimated $2.1 million in deferred gains on the outstanding foreign exchange contracts and an estimated $21.9 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.