XML 60 R41.htm IDEA: XBRL DOCUMENT

Derivatives (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

As of June 30, 2020 and December 31, 2019, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	June 30, 2020						December 31, 2019
	Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	—	$	—	$	—	$	4,122	$	4,122
Interest rate contracts	7		7		—		—		—
Included in other assets	$	7	$	7	$	—	$	4,122	$	4,122
Derivative Liabilities
Foreign exchange contracts	$	—	$	—	$	(2,128)	$	(29)	$	(2,157)
Interest rate contracts	(44)		(44)		—		(16,976)		(16,976)
Included in accrued and other liabilities	$	(44)	$	(44)	$	(2,128)	$	(17,005)	$	(19,133)

Schedule of Derivative Liabilities at Fair Value

As of June 30, 2020 and December 31, 2019, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):


	June 30, 2020						December 31, 2019
	Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	—	$	—	$	—	$	4,122	$	4,122
Interest rate contracts	7		7		—		—		—
Included in other assets	$	7	$	7	$	—	$	4,122	$	4,122
Derivative Liabilities
Foreign exchange contracts	$	—	$	—	$	(2,128)	$	(29)	$	(2,157)
Interest rate contracts	(44)		(44)		—		(16,976)		(16,976)
Included in accrued and other liabilities	$	(44)	$	(44)	$	(2,128)	$	(17,005)	$	(19,133)

Schedule of Derivative Instruments

The following table summarizes the Company’s interest rate contracts as of June 30, 2020:

Type of Derivatives

Notional Currency

Notional Amount (in thousands)

Range of Maturity Dates

Designated

Non-Designated

Interest Rate Swap

USD

—

109,637

April 2021 - July 2023

The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Other gain (loss), net
Non-designated foreign exchange contracts	$	8,556	$	141	$	4,474	$	378
Non-designated interest rate contracts	(721)		(6,178)		(17,091)		(10,261)
	$	7,835	$	(6,037)	$	(12,617)	$	(9,883)
Other income
Non-designated foreign exchange contracts	$	(8,560)	$	—	$	178	$	—
Non-designated interest rate contracts	—		—		—		—
	$	(8,560)	$	—	$	178	$	—
Accumulated other comprehensive income (loss)
Designated foreign exchange contracts	$	—	$	938	$	21,764	$	8,333
	$	—	$	938	$	21,764	$	8,333

Offsetting Derivative Assets

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of June 30, 2020 and December 31, 2019 (dollars in thousands):


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Gross Amounts Not Offset on Consolidated Balance Sheets						Net Amounts of Assets (Liabilities)
							(Assets) Liabilities			Cash Collateral Pledged
June 30, 2020
Derivative Assets

Interest rate contracts	$	7	$	(7)	$	—	$	—
	$	7	$	(7)	$	—	$	—
Derivative Liabilities

Interest rate contracts	$	(44)	$	7	$	37	$	—
	$	(44)	$	7	$	37	$	—

December 31, 2019
Derivative Assets
Foreign exchange contracts	$	4,122	$	(2,157)	$	—	$	1,965

	$	4,122	$	(2,157)	$	—	$	1,965
Derivative Liabilities
Foreign exchange contracts	$	(2,157)	$	2,157	$	—	$	—
Interest rate contracts	(16,976)		—		16,976		—
	$	(19,133)	$	2,157	$	16,976	$	—

Offsetting Derivative Liabilities


	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Gross Amounts Not Offset on Consolidated Balance Sheets						Net Amounts of Assets (Liabilities)
							(Assets) Liabilities			Cash Collateral Pledged
June 30, 2020
Derivative Assets

Interest rate contracts	$	7	$	(7)	$	—	$	—
	$	7	$	(7)	$	—	$	—
Derivative Liabilities

Interest rate contracts	$	(44)	$	7	$	37	$	—
	$	(44)	$	7	$	37	$	—

December 31, 2019
Derivative Assets
Foreign exchange contracts	$	4,122	$	(2,157)	$	—	$	1,965

	$	4,122	$	(2,157)	$	—	$	1,965
Derivative Liabilities
Foreign exchange contracts	$	(2,157)	$	2,157	$	—	$	—
Interest rate contracts	(16,976)		—		16,976		—
	$	(19,133)	$	2,157	$	16,976	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details