Derivative Instruments, Hedging Activities and Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

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
September 30, 2023
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	483	$	9,817	$	10,300
Interest rate swaps	Other current assets	3,326		—		3,326
Interest rate swaps	Other assets	638		—		638
Total		$	4,447	$	9,817	$	14,264
Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	4	$	754	$	758
Total		$	4	$	754	$	758
December 31, 2022
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	1,042	$	2,154	$	3,196
Total		$	1,042	$	2,154	$	3,196
Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	577	$	4,796	$	5,373
Total		$	577	$	4,796	$	5,373

Schedule of effect of derivative instruments

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

Derivatives Designated as Hedging Instruments

	Gain (Loss) Recognized in OCI on Derivatives				Gain (Loss) Reclassified from AOCI into Income - Effective Portion or Equity
	Three Months Ended				Three Months Ended
	September 30				September 30
(In thousands)	2023		2022		2023		2022
Foreign currency exchange forward contracts	$	373	$	1,517	$	(270)	$	(1,101)
Interest rate swaps	2,390		—		(825)		1,073
	$	2,763	$	1,517	$	(1,095)	$	(28)

	Gain (Loss) Recognized in OCI on Derivatives				Gain (Loss) Reclassified from AOCI into Income - Effective Portion or Equity
	Nine Months Ended				Nine Months Ended
	September 30				September 30
(In thousands)	2023		2022		2023		2022
Foreign currency exchange forward contracts	$	(748)	$	3,483	$	1,007	$	(2,687)
Interest rate swaps	5,655		—		(1,690)		3,184
	$	4,907	$	3,483	$	(683)	$	497

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

	Three Months Ended
	September 30
	2023				2022
(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	$	(26,739)	$	(3,317)	$	(19,751)	$	1,993
Interest rate swaps:
Gain or (loss) reclassified from AOCI into income	825		—		(1,073)		—
Amount recognized in earnings due to ineffectiveness	—		—		238		—
Foreign exchange contracts:
Gain or (loss) reclassified from AOCI into income	—		270		—		1,101

	Nine Months Ended
	September 30
	2023				2022
(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	$	(76,791)	$	4,858	$	(51,535)	$	(35,225)
Interest rate swaps:
Gain or (loss) reclassified from AOCI into income	1,690		—		(3,184)		—
Amount recognized in earnings due to ineffectiveness	—		—		1,850		—
Foreign exchange contracts:
Gain or (loss) reclassified from AOCI into income	—		(1,007)		—		2,687

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				Nine Months Ended
		September 30				September 30
(In thousands)		2023		2022		2023		2022
Foreign currency exchange forward contracts	Cost of sales	$	12,174	$	18,764	$	13,739	$	40,836

(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.