Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the fair values of our derivative instruments included within the Condensed Consolidated Balance Sheets (in thousands):

	Derivatives Designated as Cash Flow Hedging Instruments
Condensed Consolidated Balance Sheet Location	Foreign Exchange Contracts		Interest Rate Swaps		Gross Derivatives
As of September 30, 2022
Prepaid expenses and other current assets	$	11,695	$	24,924	$	36,619
Other assets	—		33,386		33,386
Total assets	$	11,695	$	58,310	$	70,005
Accrued liabilities	$	1,752	$	—	$	1,752
Other long-term liabilities	—		—		—
Total liabilities	$	1,752	$	—	$	1,752
As of December 31, 2021
Prepaid expenses and other current assets	$	1,061	$	—	$	1,061
Other assets	—		—		—
Total assets	$	1,061	$	—	$	1,061
Accrued liabilities	$	—	$	—	$	—
Other long-term liabilities	—		1,480		1,480
Total liabilities	$	—	$	1,480	$	1,480

We recognized the following gains on our derivative instruments designated as cash flow hedges (in thousands):

	Gain (Loss) Recognized in Other Comprehensive Income
	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	$	3,383	$	(109)	$	11,720	$	(70)
Interest rate swaps	21,201		—		60,398		—
Total derivatives designated as cash flow hedging instruments	$	24,584	$	(109)	$	72,118	$	(70)

The following table presents the effects of our derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations (in thousands):

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Gain (Loss) Reclassified From Accumulated Other Comprehensive (Loss) Income into Income
		Three months ended September 30,				Nine months ended September 30,
	Location of Gain (Loss) Recognized in Income	2022		2021		2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts	Total revenues	$	(1,690)	$	—	$	2,666	$	—
Foreign exchange contracts	Cost of goods sold	3,090		968		4,140		2,713
Foreign exchange contracts	Interest expense(1)	462		—		717		—
Interest rate swaps	Interest expense	2,133		—		608		—
Total derivatives designated as cash flow hedging instruments		$	3,995	$	968	$	8,131	$	2,713

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(1)    Represents location of gain reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction being no longer probable of occurring.

As of September 30, 2022, we expect an estimated $9.9 million in deferred gains on the outstanding foreign exchange contracts and an estimated $25.6 million in deferred gains on the interest rate swaps will be reclassified from accumulated other comprehensive loss to net income during the next 12 months concurrent with the underlying hedged transactions also being reported in net income.