Derivatives and Hedging Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives

The following table summarizes the gross fair value of the Company’s outstanding derivatives and the lines in which they are presented on the condensed consolidated balance sheet.

	Derivative Assets				Derivative Liabilities
(in thousands)	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Prepaid expenses and other current assets	$	3,815	$	4,081	$	—	$	—
Accrued expenses and other current liabilities	—		—		4,300		3,773
Other long-term liabilities	—		—		3,535		—
	$	3,815	$	4,081	$	7,835	$	3,773

The following table summarizes the notional values of the Company’s outstanding derivatives:

(in thousands)	June 30, 2022		December 31, 2021
Notional value of foreign currency forward contracts and interest rate swaps	$	912,688	$	704,190

Schedule of Derivative Instruments

The loss of all derivative instruments recognized is summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(118)	$	1,018	$	(47)	$	1,772
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	1,251		795		5,411		1,462
Total loss of derivative instruments	$	1,133	$	1,813	$	5,364	$	3,234