Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020 (in thousands):

	Derivative Assets				Derivative Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Designated derivatives
Foreign exchange contracts	$	605	$	—	$	100	$	9,611
Total derivatives	$	605	$	—	$	100	$	9,611

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, 2021 and 2020, 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,
	2021		2020			2021		2020
Interest rate contracts	$	—	$	1,099	Interest expense	$	—	$	(1,243)
Interest rate contracts	—		—		Loss on debt extinguishment, modifications and termination of derivative instruments(1)	(627)		—
Foreign exchange contracts	5,094		(7,196)		Other, net	5,477		(3,807)
Foreign exchange contracts	—		—		Interest expense	(3)		(43)
Total designated cash flow hedges	$	5,094	$	(6,097)		$	4,847	$	(5,093)

(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2021, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.

	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,
	2021		2020			2021		2020
Interest rate contracts	$	—	$	(16,895)	Interest expense	$	—	$	(2,181)
Interest rate contracts	—		—		Loss on debt extinguishment, modifications and termination of derivative instruments(1)	(2,055)		—
Foreign exchange contracts	10,116		1,168		Other, net	9,436		77
Foreign exchange contracts	—		—		Interest expense	(142)		164
Foreign exchange forwards	—		5,250
Total designated cash flow hedges	$	10,116	$	(10,477)		$	7,239	$	(1,940)

(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2021, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.

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, 2021 and December 31, 2020. 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, 2021
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	$	605	$	—	$	605	$	(100)	$	—	$	505
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	$	(100)	$	—	$	(100)	$	100	$	—	$	—

December 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	$	—	$	—	$	—	$	—	$	—	$	—
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	$	9,611	$	—	$	9,611	$	—	$	—	$	9,611