Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019 (in thousands):

	Derivative Assets				Derivative Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Designated derivatives
Foreign exchange contracts	$	2,572	$	1,376	$	—	$	—
Interest rate contracts	—		2,933		17,466		3,505
Undesignated derivatives
Foreign exchange forwards	—		2,546		—		2,589
Total derivatives	$	2,572	$	6,855	$	17,466	$	6,094

The following table presents the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 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 September 30,					Three Months Ended September 30,
	2020		2019			2020		2019
Interest rate contracts	$	1,099	$	5	Interest expense	$	(1,243)	$	102
Foreign exchange contracts	(7,196)		6,082		Foreign currency exchange gain, net	(3,807)		5,512
Foreign exchange contracts	—		—		Interest expense	(43)		110
Total designated cash flow hedges	$	(6,097)	$	6,087		$	(5,093)	$	5,724

	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
	Nine Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Interest rate contracts	$	(16,895)	$	(3,633)	Interest expense	$	(2,181)	$	102
Foreign exchange contracts	1,168		5,736		Foreign currency exchange loss, net	77		6,005
Foreign exchange contracts					Interest expense	164		110
Foreign exchange forwards	5,250		—			—		—
Total designated cash flow hedges	$	(10,477)	$	2,103		$	(1,940)	$	6,217

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 September 30, 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):

September 30, 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	$	2,572	$	—	$	2,572	$	(2,572)	$	—	$	—
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	$	(17,466)	$	—	$	(17,466)	$	2,572	$	—	$	(14,894)

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)