Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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)		September 30,		December 31,
Balance Sheet Location	Hedge Instrument Type	2020		2019
Prepaid and other assets	Foreign exchange forward	$	2,217	$	4,549
Other assets	Foreign exchange forward	184		1,109
Accrued expenses and other liabilities	Foreign exchange forward	2,107		2,561
	Interest rate swap	2,530		1,862
Other noncurrent liabilities	Foreign exchange forward	606		115
	Interest rate swap	—		789

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				Nine months ended
	September 30,				September 30,
(in thousands)	2020		2019		2020		2019
Type of hedge
Foreign exchange forward	$	(2,711)	$	2,440	$	1,119	$	4,634
Interest rate swap	3		(147)		(2,219)		(2,388)
Total	$	(2,708)	$	2,293	$	(1,100)	$	2,246

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				Nine months ended
	September 30,				September 30,
(in thousands)	2020		2019		2020		2019
Location of gain (loss) in statement of operations
Foreign exchange forward:
Cost of goods sold	$	2,216	$	1,677	$	3,990	$	6,276
Selling, general and administrative (1)(2)	(551)		625		(1,080)		442
Total	$	1,665	$	2,302	$	2,910	$	6,718
Interest Rate Swap:
Interest expense, net	$	(966)	$	(250)	$	(2,346)	$	(573)
Total	$	(966)	$	(250)	$	(2,346)	$	(573)

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(1)    Relates to net gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.

(2)    Selling, general and administrative expense for the nine months ended September 30, 2020, excludes net gains of $0.5 million reclassified out of accumulated other comprehensive loss, net of tax related to hedges deemed ineffective.