Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Results

The following table presents the fair value of the derivative financial instruments within “Other assets” and “Accounts payable and accrued expenses” as of December 31, 2020 and 2019 (in thousands):

	Derivative Assets				Derivative Liabilities
	As of December 31,				As of December 31,
	2020		2019		2020		2019
Designated derivatives
Foreign exchange contracts	$	—	$	1,376	$	9,611	$	—
Interest rate contracts	—		2,933		—		3,505
Undesignated derivatives
Foreign exchange forwards	—		2,546		—		2,589
Total fair value of derivatives	$	—	$	6,855	$	9,611	$	6,094

The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, 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
	As of December 31,							As of December 31,
	2020		2019		2018			2020		2019		2018
Interest rate contracts	$	(11,465)	$	(571)	$	(1,422)	Interest expense	$	(3,368)	$	248	$	(1,191)
Interest rate contracts	(7,688)		—		—		Loss on debt extinguishment, modifications and termination of derivative instruments(1)	(7,688)		—		—
Foreign exchange contracts	(11,015)		(879)		2,283		Foreign currency exchange (loss) gain, net	(12,158)		(264)		3,449
Foreign exchange contracts	—		—		—		Interest expense	(74)		58		—
Foreign exchange forwards	5,250		—		—			—		—		—
Total designated cash flow hedges	$	(24,918)	$	(1,450)	$	861		$	(23,288)	$	42	$	2,258

(1) The Company accelerated the reclassification in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming not probable to occur resulting in a charge to “Loss on debt extinguishment, modification, and termination of derivative instruments” on the accompanying Consolidated Statement of Operations for the year ended December 31, 2020.

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 December 31, 2020 and 2019, respectively. 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 Consolidated Balance Sheets (in thousands):

December 31, 2020
Offsetting of Derivative Assets
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—
Offsetting of Derivative Liabilities
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Liabilities Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Derivatives	$	9,611	$	—	$	9,611	$	—	$	—	$	9,611

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