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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair values of hedge instruments on the unaudited condensed consolidated balance sheets
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)
 
 
 
March 31,
 
December 31,
Balance Sheet Location
 
Hedge Instrument Type
 
2020
 
2019
Prepaid and other assets (1)
 
Foreign exchange forward
 
$
11,772

 
$
4,549

Other assets
 
Foreign exchange forward
 
3,443

 
1,109

Accrued expenses and other liabilities (2)
 
Foreign exchange forward
 
2,670

 
2,561

 
 
Interest rate swap
 
3,630

 
1,862

Other noncurrent liabilities
 
Foreign exchange forward
 
406

 
115

 
 
Interest rate swap
 
611

 
789


                                                                    
(1) Excludes $0.7 million related to hedges deemed ineffective as of March 31, 2020.
(2) Excludes $0.1 million related to hedges deemed ineffective as of March 31, 2020.
Effect of hedge instruments on accumulated other comprehensive loss, net of tax
The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:
 
 
Three months ended
 
 
March 31,
(in thousands)
 
2020
 
2019
Type of hedge
 
 
 
 
Foreign exchange forward
 
$
9,467

 
$
2,087

Interest rate swap
 
(2,065
)
 
(728
)
 Total

$
7,402

 
$
1,359
Effect of hedge instrument in the unaudited condensed consolidated statement of operations
The hedge instrument gain (loss) recognized on the unaudited condensed consolidated statements of operations was as follows:
 
 
Three months ended
 
 
March 31,
(in thousands)
 
2020
 
2019
Location of gain (loss) in statement of operations
 
 
 
 
Foreign exchange forward:
 
 
 
 
Cost of goods sold
 
$
1,542

 
$
1,606

Selling, general and administrative (1)(2)
 
1,534

 
(314
)
Total
 
$
3,076

 
$
1,292

 
 
 
 
 
Interest Rate Swap:
 
 
 
 
Interest expense, net
 
$
(478
)
 
$
(157
)
Total

$
(478
)
 
$
(157
)

_______________________________________________________________________________
(1)
Relates to net gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.
(2)
Excludes net gains of $0.7 million reclassified out of accumulated other comprehensive loss, net of tax related to hedges deemed ineffective during the three months ended March 31, 2020.