Derivative Instruments and Hedges (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Forward Exchange Contracts not Designated as Hedging Instruments

The fair values of foreign exchange contracts are summarized below:

	June 30,		December 31,
(Amounts in thousands)	2021		2020
Current derivative assets	$	1,389	$	2,857
Noncurrent derivative assets	20		249
Current derivative liabilities	914		682
Noncurrent derivative liabilities	62		—

Impact of Net Changes in Fair Values of Forward Exchange Contracts Not Designated as Hedging Instruments

The impact of net changes in the fair values of foreign exchange contracts are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2021		2020		2021		2020
(Losses) gains recognized in income	$	(4,312)	$	(3,520)	$	1,793	$	(61)

The cumulative net investment hedge loss, net of deferred taxes, under cross-currency swaps recorded in accumulated other comprehensive loss ("AOCL") on our condensed consolidated balance sheet are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
(Amounts in thousands)	2021		2020		2021		2020
Loss (gain)-included component (1)	$	1,798	$	—	$	185	$	—
(Gain) loss-excluded component (2)	(11,749)		—		3,890		—
(Gain) loss recognized in AOCL	$	(9,951)	$	—	$	4,075	$	—

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(1) Change in the fair value of the swaps attributable to changes in spot rates.

(2) Change in the fair value of the swaps due to changes other than those attributable to spot rates.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

Prior to the dedesignation, the cumulative impact recorded in AOCL on our condensed consolidated balance sheet from the change in carrying value due to the remeasurement of the effective portion of the net investment hedge are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(Amounts in thousands)
Loss recognized in AOCL	$	—	$	3,990	$	29,554	$	12,510