Derivative Instruments and Hedges (Tables)

3 Months Ended

Mar. 31, 2023

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 forward contracts are summarized below:

	March 31,		December 31,
(Amounts in thousands)	2023		2022
Current derivative assets	$	3,297	$	2,207
Noncurrent derivative assets	53		66
Current derivative liabilities	5,633		4,422
Noncurrent derivative liabilities	73		63

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 forward contracts are summarized below:

	Three Months Ended March 31,
(Amounts in thousands)	2023		2022
Gains (losses) recognized in income	$	(1,983)	$	(2,359)

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

	Three Months Ended March 31,
(Amounts in thousands)	2023		2022
(Gain) loss-included component (1)	$	—	$	(25,385)
(Gain) loss-excluded component (2)	—		(874)
(Gain) loss recognized in AOCL	$	—	$	(26,259)

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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.