Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Derivatives

The following table sets forth the Company’s outstanding foreign currency derivative that is not designated as a cash flow hedge of foreign exchange risk as of June 30, 2020:

(in thousands)	Number of Instruments	Pay Fixed Notional	Receive Fixed Notional	Weighted-average Maturity Date (Years)
Foreign Currency Derivative
Cross-currency swap	1	€35,058	$38,750	2.16
		(amortizing to €34,154 as of June 30, 2020)	(amortizing to $37,750 as of June 30, 2020)

The following table sets forth the Company’s outstanding interest rate derivatives that were not designated as hedging instruments of interest rate risk as of June 30, 2020:

(in thousands)	Number of Instruments	At Inception Notional	As of June 30, 2020 Notional	Weighted-average Maturity Date (Years)
Interest Rate Derivatives
Interest rate swaps	2	$57,185	$21,685	1.82
Interest rate cap	1	$15,000	$10,690	0.22

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The following tables set forth the effect of the Company’s cash flow hedge accounting on its other comprehensive income for the three and six months ended June 30, 2020 and 2019:

(in thousands)	Amount of Loss (Gain) Reclassified from Other Comprehensive Income into Income or Loss
Location of Loss (Gain) Reclassified from Other Comprehensive Income into Income or Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Interest expense	$	467		$	(31	)	$	481		$	(83	)
Interest expense on foreign currency transactions	(233		)	(200		)	(355		)	(403		)
Foreign currency transactions	806			569			44			(298		)
Total loss (gain) reclassified	$	1,040		$	338		$	170		$	(784	)

(in thousands)	Amount of (Loss) Gain Recognized in Other Comprehensive Income from Derivatives
Derivatives in Cash Flow Hedging Relationships	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Interest rate products	$	—		$	(70	)	$	(583	)	$	(130	)
Cross-currency swap	(584		)	(111		)	1,276			1,163
Total unrealized (loss) gain	$	(584	)	$	(181	)	$	693		$	1,033

Effect of Derivatives on Income Statement

The following tables set forth the effects of the Company’s derivatives on its consolidated statements of operations for the three and six months ended June 30, 2020 and 2019:

	Interest Expense
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Total amounts of interest expense presented in the consolidated statements of operations	$	(554	)	$	(328	)	$	(950	)	$	(731	)
Loss on derivatives not designated as a hedging instrument:
Amount of loss related to changes in fair values of interest rate derivatives not designated as a hedging instrument	$	(94	)	$	—		$	(263	)	$	—
Gain (loss) on cash flow hedging relationships:
Amount of gain reclassified from accumulated other comprehensive loss into income or loss	$	118		$	231		$	243		$	486
Amount of loss reclassified from accumulated other comprehensive loss into income or loss as a result of a forecasted transaction being no longer probable of occurring	$	(352	)	$	—		$	(369	)	$	—

	Foreign Currency Transactions
	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2020			2019			2020			2019
Total amounts of gain (loss) on foreign currency transactions presented in the consolidated statements of operations	$	3		$	(2	)	$	(4	)	$	(68	)
(Loss) gain on cash flow hedging relationships:
Amount of (loss) gain reclassified from accumulated other comprehensive loss into income or loss	$	(806	)	$	(569	)	$	(44	)	$	298

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth the fair values of the Company’s derivatives, as well as their classification on the consolidated balance sheets, as of June 30, 2020 and December 31, 2019:

		Fair Value of Derivatives
		Asset Derivatives				Liability Derivatives
		June 30, 2020		December 31, 2019		June 30, 2020			December 31, 2019
(in thousands)	Balance Sheet Location	Fair Value		Fair Value		Fair Value			Fair Value
Derivatives not designated as hedging instruments:
Interest rate products	Accrued liabilities	$	—	$	—	$	(401	)	$	—
Interest rate products	Long-term derivative liabilities	—		—		(438		)	—
Cross-currency swap	Prepaid expenses and other current assets	566		—		—			—
Cross-currency swap	Long-term derivative liabilities	—		—		(475		)	—
Derivatives designated as hedging instruments:
Interest rate products	Prepaid expenses and other current assets	—		15		—			—
Interest rate products	Accrued liabilities	—		—		—			(12		)
Interest rate products	Long-term derivative liabilities	—		—		—			(9		)
Cross-currency swap	Prepaid expenses and other current assets	—		568		—			—
Cross-currency swap	Long-term derivative liabilities	—		—		—			(1,442		)
Total derivatives		$	566	$	583	$	(1,314	)	$	(1,463	)