Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024				December 31, 2023
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	3,543,472	$	3,350,906	$	4,186,532	$	4,021,693

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 March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments
Other current assets	$	—	$	—	$	3,489	$	—
Other assets	—		—		11,704		—
Accrued expenses	—		3,954		—		446
Other noncurrent liabilities	—		6,291		—		—
Total designated as hedging instruments	—		10,245		15,193		446
Not designated as hedging instruments
Other current assets	2,239		—		2,636		—
Accrued expenses	—		6,935		—		5,306
Total not designated as hedging instruments	2,239		6,935		2,636		5,306
Total	$	2,239	$	17,180	$	17,829	$	5,752

Derivative Instruments, Losses

The following table summarizes the net (losses) gains recognized for our foreign currency forward contracts during the three-month periods ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
		2024		2023
Designated as hedging instruments
(Loss) income recognized in Other comprehensive (loss) income		$	(21,342)	$	1,101
Loss recognized in Other income, net		$	(2,682)	$	—
Not designated as hedging instruments
Income recognized in Other income, net(a)		$	14,822	$	35,233

(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.