Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Long-Term Debt

The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.

	September 30, 2023				December 31, 2022
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	3,678,744	$	3,348,090	$	3,239,853	$	2,993,027

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

The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments
Accrued expenses	$	—	$	9,694	$	—	$	3,159
Other noncurrent liabilities	—		25,660		—		—
Total designated as hedging instruments	—		35,354		—		3,159
Not designated as hedging instruments
Other current assets	785		—		6,016		—
Accrued expenses	—		6,830		—		85
Total not designated as hedging instruments	785		6,830		6,016		85
Total	$	785	$	42,184	$	6,016	$	3,244

Derivative Instruments, Losses

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month and nine-month periods ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Designated as hedging instruments
Loss recognized in Other comprehensive income	$	(39,020)	$	(9,653)	$	(36,893)	$	(8,144)
Not designated as hedging instruments
(Loss) income recognized in Other income, net(a)	$	(59,241)	$	(9,056)	$	184,166	$	(36,326)

(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other income, net.