Derivative Instruments and Hedging Activities - (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gains (Losses) on Derivative Instruments

The impact on accumulated other comprehensive loss and earnings from derivative instruments that qualified as cash flow hedges for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Interest Rate Contracts:	2020		2019		2020		2019
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	$	9	$	(322)	$	(4,515)	$	(4,361)
Loss (gain) reclassified from accumulated other comprehensive loss to interest expense, net of tax	1,160		(236)		2,228		(1,019)

Schedule of Foreign Exchange Gain (Loss) of Outstanding Derivatives

The foreign exchange loss in our condensed consolidated statements of income included the following gains and losses associated with foreign exchange contracts not designated as hedging instruments (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Foreign Exchange Forward Contracts:	2020		2019		2020		2019
Gain (loss) recognized in foreign exchange loss	$	9,549	$	(7,430)	$	6,943	$	(10,718)

Schedule of the Fair Value of Outstanding Derivatives

The following tables summarize the fair value of outstanding derivatives (in thousands):

	September 30, 2020
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate contracts	Other current assets	$	—	Accrued liabilities	$	4,143
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets	4,079		Accrued liabilities	4,221
Total fair value of derivative instruments		$	4,079		$	8,364

	December 31, 2019
	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate contracts	Other current assets	$	—	Accrued liabilities	$	855
				Other non-current liabilities	660
Derivatives not designated as hedging instruments:
Foreign exchange forward contracts	Other current assets	2,508		Accrued liabilities	182
Total fair value of derivative instruments		$	2,508		$	1,697

Schedule of Offsetting Assets

The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our interest rate contracts and foreign exchange forward contracts subject to such provisions (in thousands):

	September 30, 2020
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	4,079	$	—	$	4,079	$	(2,255)	$	—	$	1,824
Derivative liabilities	(8,364)		—		(8,364)		2,255		—		(6,109)

	December 31, 2019
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	2,508	$	—	$	2,508	$	(596)	$	—	$	1,912
Derivative liabilities	(1,697)		—		(1,697)		596		—		(1,101)

Schedule of Offsetting Liabilities

The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our interest rate contracts and foreign exchange forward contracts subject to such provisions (in thousands):

	September 30, 2020
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	4,079	$	—	$	4,079	$	(2,255)	$	—	$	1,824
Derivative liabilities	(8,364)		—		(8,364)		2,255		—		(6,109)

	December 31, 2019
	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet
Description							Derivative Financial Instruments		Cash Collateral Received (Pledged)		Net Amount
Derivative assets	$	2,508	$	—	$	2,508	$	(596)	$	—	$	1,912
Derivative liabilities	(1,697)		—		(1,697)		596		—		(1,101)