Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Results

The following table illustrates the disclosure in tabular format of fair value amounts of derivative instruments at March 31, 2020 and December 31, 2019 (in thousands):

	Derivative Assets				Derivative Liabilities
	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Designated derivatives
Foreign exchange contracts	$	24,656	$	1,376	$	—	$	—
Interest rate contracts	—		2,933		16,831		3,505
Undesignated derivatives
Foreign exchange forwards	—		2,546		—		2,589
Total derivatives formally designated as hedging instruments	$	24,656	$	6,855	$	16,831	$	6,094

The following table presents the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019, including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative						Location of Gain or (Loss) Reclassified from AOCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended March 31,							Three Months Ended March 31,
	2020			2019				2020		2019
Interest rate contracts	$	(16,265	)	$	(1,406	)	Interest expense	$	10	$	—
Foreign exchange contracts	23,461			(2,576		)	Foreign currency exchange loss, net	16,194		1,268
Foreign exchange contracts	—			—			Interest expense	281		—
Foreign exchange forwards	5,250			—				—		—
Total designated cash flow hedges	$	12,446		$	(3,982	)		$	16,485	$	1,268

Schedule of Gross Presentation, Effects of Offsetting and a Net Presentation of Derivatives

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2020 and December 31, 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):

March 31, 2020
Offsetting of Derivative Assets
									Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Assets presented in the Condensed Consolidated Balance Sheet			Financial Instruments			Cash Collateral Received		Net Amount
Derivatives	$	24,656		$	—	$	24,656		$	(7,679	)	$	—	$	16,977
Offsetting of Derivative Liabilities
									Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheet			Financial Instruments			Cash Collateral Received		Net Amount
Derivatives	$	(16,831	)	$	—	$	(16,831	)	$	7,679		$	—	$	(9,152	)

December 31, 2019
Offsetting of Derivative Assets
									Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Assets presented in the Condensed Consolidated Balance Sheet			Financial Instruments			Cash Collateral Received		Net Amount
Derivatives	$	6,855		$	—	$	6,855		$	(3,966	)	$	—	$	2,889
Offsetting of Derivative Liabilities
									Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheet			Financial Instruments			Cash Collateral Received		Net Amount
Derivatives	$	(6,094	)	$	—	$	(6,094	)	$	3,966		$	—	$	(2,128	)