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Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure DERIVATIVE INSTRUMENTS
The Company is exposed to various market risks, including risks associated with interest rates and foreign currency exchange rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments.
Cash Flow Hedges - Interest Rate Swap Contract
In July 2022, the Company entered into a floating-to-fixed swap agreement on its variable rate debt under the Term Loan Facility. For further information on the Term Loan Facility, see Note 10 Debt. The interest rate swap was designated specifically to the Term Loan Facility, is highly effective and qualifies as a cash flow hedge. The notional amount is scheduled to decrease quarterly and will expire on December 30, 2025.
Foreign Currency Contracts Not Designated as Hedges
The Company enters into foreign exchange contracts in an effort to mitigate the risks associated with currency fluctuations on certain foreign currency balance sheet exposures. These foreign exchange contracts do not qualify for hedge accounting.
The notional amounts of our derivative instruments are as follows:
(In thousands)December 31, 2022December 31, 2021
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge$1,950,000 $— 
Derivatives not designated as hedging instruments:
Foreign exchange contracts to purchase U.S. dollars$3,995 $— 
Foreign exchange contracts to sell U.S. dollars26,255 — 
The fair values of our derivative instruments included in the consolidated balance sheets are as follows:
(In thousands)Derivative AssetsDerivative Liabilities
Consolidated Balance Sheet LocationDecember 31, 2022December 31, 2021December 31, 2022December 31, 2021
Derivatives designated as hedging instruments - Interest rate swap contract -cash flow hedge
Other current assets$32,481 $— $— $— 
Other assets - long-term 14,108 — — — 
Derivatives not designated as hedging instruments -Foreign exchange contracts
Other current assets$726 $— $— $— 
Other accrued liabilities— — 193 — 
The following table summarizes the effects of our derivative instruments on our consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020:
(In thousands)
Derivatives not designated as hedging instruments:
Consolidated Statements of Operations Location
202220212020
Foreign exchange contractsOther expense, net$(3,435)$— $— 
The following table summarizes the effects of our derivative instruments on Accumulated Other Comprehensive Income for the years ended December 31, 2022, 2021 and 2020:
(In thousands)202220212020
Derivatives designated as hedging instruments:
Interest rate swap contract - Cash flow hedge$36,069 $— $— 
We expect approximately $32.5 million to be reclassified from Accumulated other comprehensive income into Interest expense, net during the next twelve months related to our interest rate swap based on projected rates of the SOFR forward curve as of December 31, 2022.