Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Foreign Exchange Gain (Loss) Associated with Foreign Exchange Contracts Not Designated as Hedging Instruments

The foreign exchange loss in our condensed consolidated statements of income included the following gains (losses) associated with foreign exchange contracts not designated as hedging instruments (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Foreign Exchange Forward Contracts:	2024		2023		2024		2023
Gain (loss) recognized in foreign exchange loss	$	14,396	$	(13,549)	$	9,485	$	(8,921)

Schedule of Impact on Accumulated Other Comprehensive [Loss] and Earnings from Derivative Instruments that Qualified as Cash Flow Hedges

The impact on accumulated other comprehensive loss and earnings from derivative instruments that qualified as cash flow hedges for the three and nine months ended September 30, 2024 was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Interest Rate Contracts:	2024		2023		2024		2023
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	$	(5,197)	$	3,539	$	1,572	$	9,218
Gain reclassified from accumulated other comprehensive loss to interest expense, net of tax	(1,340)		(1,289)		(4,040)		(2,060)

Schedule of Fair Value of Outstanding Derivatives

The following tables summarize the fair value of outstanding derivatives (in thousands):

	Classification	September 30, 2024		December 31, 2023
Assets
Derivatives designated as hedging instruments:
Interest rate contracts	Other current assets	$	13	$	3,784
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets	8,364		18,035
Total fair value of derivative asset instruments		$	8,377	$	21,819
Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts	Accrued liabilities	$	572	$	—
Interest rate contracts	Other non-current liabilities	2,404		3,410
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Accrued liabilities	—		681
Total fair value of derivative liability instruments		$	2,976	$	4,091

Schedule of Offsetting Assets

The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our interest rate and foreign exchange forward contracts subject to such provisions (in thousands):

	September 30, 2024
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	8,377	$	—	$	8,377	$	(1,830)	$	—	$	6,547
Derivative liabilities	(2,976)		—		(2,976)		1,830		—		(1,146)

	December 31, 2023
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	21,819	$	—	$	21,819	$	(4,091)	$	—	$	17,728
Derivative liabilities	(4,091)		—		(4,091)		4,091		—		—

Schedule of Offsetting Liabilities

The following table summarizes the potential effect on our condensed consolidated balance sheets of offsetting our interest rate and foreign exchange forward contracts subject to such provisions (in thousands):

	September 30, 2024
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	8,377	$	—	$	8,377	$	(1,830)	$	—	$	6,547
Derivative liabilities	(2,976)		—		(2,976)		1,830		—		(1,146)

	December 31, 2023
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	21,819	$	—	$	21,819	$	(4,091)	$	—	$	17,728
Derivative liabilities	(4,091)		—		(4,091)		4,091		—		—