Derivative Instruments, Hedging Activities and Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of outstanding derivative contracts

The fair value of outstanding derivative contracts recorded as assets and liabilities on the Company's Condensed Consolidated Balance Sheets was as follows:

(In thousands)	Balance Sheet Location	Fair Value of Derivatives Designated as Hedging Instruments		Fair Value of Derivatives Not Designated as Hedging Instruments		Total Fair Value
June 30, 2022
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	1,710	$	16,075	$	17,785
Total		$	1,710	$	16,075	$	17,785
Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	465	$	502	$	967
Interest rate swaps	Other current liabilities	423		—		423
Total		$	888	$	502	$	1,390
December 31, 2021
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	719	$	1,405	$	2,124
Total		$	719	$	1,405	$	2,124
Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	560	$	2,905	$	3,465
Interest rate swaps	Other current liabilities	4,157		—		4,157
Total		$	4,717	$	2,905	$	7,622

Schedule of effect of derivative instruments

The effect of derivative instruments on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss) was as follows:

Derivatives Designated as Hedging Instruments

	Amount Recognized in OCI on Derivatives				Location of Amount Reclassified from  AOCI into Income	Amount Reclassified from AOCI into Income - Effective Portion or Equity
	Three Months Ended					Three Months Ended
	June 30					June 30
(In thousands)	2022		2021			2022		2021
Foreign currency exchange forward contracts	$	957	$	(440)	Income (loss) from discontinued businesses	$	(998)	$	3
Interest rate swaps	—		(33)		Interest expense	1,061		862
	$	957	$	(473)		$	63	$	865

	Amount Recognized in OCI on Derivatives				Location of Amount Reclassified from AOCI into Income	Amount Reclassified from AOCI into Income - Effective Portion or Equity
	Six Months Ended					Six Months Ended
	June 30					June 30
(In thousands)	2022		2021			2022		2021
Foreign currency exchange forward contracts	$	1,966	$	(441)	Income (loss) from discontinued businesses	$	(1,586)	$	(47)
Interest rate swaps	—		(14)		Interest expense	2,111		1,727
	$	1,966	$	(455)		$	525	$	1,680

The location and amount of gain (loss) recognized on the Company's Condensed Consolidated Statements of Operations was as follows:

	Three Months Ended
	June 30
	2022				2021
(in thousands)	Interest Expense		Income (loss) from Discontinued Businesses		Interest Expense		Income (loss) from Discontinued Businesses
Total amounts in the Condensed Consolidated Statement of Operations in which the effects of derivatives designated as hedging instruments are recorded	$	(16,692)	$	1,109	$	(15,643)	$	4,848
Interest rate swaps:
Gain or (loss) reclassified from AOCI into income	(1,061)		—		(862)		—
Amount recognized in earnings due to ineffectiveness	720		—		—		—
Foreign exchange contracts:
Gain or (loss) reclassified from AOCI into income			998		—		(3)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value			(23)		—		9
Amount excluded from the effectiveness testing recognized in earnings based on an amortization approach			(3)		—		1

	Six Months Ended
	June 30
	2022				2021
(in thousands)	Interest Expense		Loss from Discontinued Businesses			Interest Expense		Income From Discontinued Operations
Total amounts in the Condensed Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	$	(31,784)	$	(31,397)		$	(31,899)	$	6,548
Interest rate swaps:
Gain or (loss) reclassified from AOCI into income	(2,111)		—			(1,727)		—
Amount recognized in earnings due to ineffectiveness	1,611		—			—		—
Foreign exchange contracts:
Gain or (loss) reclassified from AOCI into income	—		1,586			—		47
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		(64)			—		38
Amount excluded from the effectiveness testing recognized in earnings based on an amortization approach	—		(5)			—		—

Derivatives Not Designated as Hedging Instruments

	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives (a)
		Three Months Ended				Six Months Ended
		June 30				June 30
(In thousands)		2022		2021		2022		2021
Foreign currency exchange forward contracts	Cost of services and products sold	$	18,234	$	(740)	$	22,072	$	4,004

(a)      These gains (losses) offset amounts recognized in cost of services and products sold principally as a result of intercompany or third party foreign currency         

exposures.