Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company's Outstanding Derivatives

As of December 31, 2023, the Company had the following outstanding interest rate swap derivatives that were used to hedge its interest rate risk:

Product	Number of Instruments	Effective Date	Maturity Date	Current Notional(1)
Interest Rate Swaps	4	February 28, 2023	November 29, 2027	$300.0 million USD

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(1)The notional value steps down from $300.0 million to $150.0 million on February 27, 2026.

Schedule of Fair Value of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of the dates presented:

	Asset Derivatives
	December 31, 2023			December 31, 2022
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other current assets	$	1,187	Other current assets	$	—
Total derivatives designated as hedging instruments		$	1,187		$	—

	Liability Derivatives
	December 31, 2023			December 31, 2022
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other liabilities	$	5,357	Other liabilities	$	—
Total derivatives designated as hedging instruments		$	5,357		$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The tables below present the effect of cash flow hedge accounting on accumulated OCI for the periods presented:

	Year Ended December 31,							Year Ended December 31,
(in thousands)	2023		2022		2021			2023		2022		2021
Derivatives designated as hedging instruments:	Amount of Gain or (Loss) Recognized in OCI on Derivative						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts	$	—	$	—	$	(177)	Cost of revenues	$	—	$	—	$	146
Foreign exchange contracts	—		—		—		Selling general and administrative	—		—		102
Interest rate swaps	(1,939)		—		—		Interest expense	2,230		—		—
Total	$	(1,939)	$	—	$	(177)		$	2,230	$	—	$	248

Schedule of Consolidated Statements of Operations and Comprehensive (Loss) Income

The table below presents the effect of the Company’s cash flow hedge accounting on the consolidated statements of operations and comprehensive income (loss) for the periods presented:

	Year Ended December 31,
	2023		2022				2021
(in thousands)	Interest Expense		SG&A(1)		Cost of Revenues		SG&A(1)		Cost of Revenues
Total amounts of income and expense line items in which the effects of cash flow hedges are recorded	$	36,233	$	175,459	$	407,683	$	198,700	$	313,155
Gain or (loss) on cash flow hedging relationships
Interest rate swaps:
Amount of gain or (loss) reclassified from accumulated OCI into income	$	2,230	$	—	$	—	$	—	$	—
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated OCI into income	—		—		—		102		146
Amount excluded from effectiveness testing recognized in earnings	—		—		—		144		128

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(1)Selling, general and administrative (“SG&A”)

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments in the consolidated statements of operations and comprehensive income (loss) for the periods presented:

		Year Ended December 31,
(in thousands)		2023		2022		2021
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
Interest rate swaps	Gain (loss) on interest rate swaps	$	—	$	297	$	(31)
Foreign exchange contracts	Selling, general and administrative	—		—		24
Foreign exchange contracts	Cost of revenues	—		—		34
Total		$	—	$	297	$	27