Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

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

	September 30, 2020				December 31, 2019
	Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	1,974	$	1,974	$	—	$	4,122	$	4,122
Interest rate contracts	7		7		—		—		—
Included in other assets	$	1,981	$	1,981	$	—	$	4,122	$	4,122
Derivative Liabilities
Foreign exchange contracts	$	—	$	—	$	(2,128)	$	(29)	$	(2,157)
Interest rate contracts	(37)		(37)		—		(16,976)		(16,976)
Included in accrued and other liabilities	$	(37)	$	(37)	$	(2,128)	$	(17,005)	$	(19,133)

Schedule of Derivative Liabilities at Fair Value

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

	September 30, 2020				December 31, 2019
	Non-Designated Hedges		Total		Designated Hedges		Non-Designated Hedges		Total
Derivative Assets
Foreign exchange contracts	$	1,974	$	1,974	$	—	$	4,122	$	4,122
Interest rate contracts	7		7		—		—		—
Included in other assets	$	1,981	$	1,981	$	—	$	4,122	$	4,122
Derivative Liabilities
Foreign exchange contracts	$	—	$	—	$	(2,128)	$	(29)	$	(2,157)
Interest rate contracts	(37)		(37)		—		(16,976)		(16,976)
Included in accrued and other liabilities	$	(37)	$	(37)	$	(2,128)	$	(17,005)	$	(19,133)

Schedule of Derivative Instruments

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

Type of Derivatives	Notional Currency	Notional Amount (in thousands)				Range of Maturity Dates
		Designated		Non-Designated
Put Option	NOK	—		928,000		July 2021
Interest Rate Swap	USD	$	—	$	109,526	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 nine months ended September 30, 2020 and 2019 (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Other gain (loss), net
Non-designated foreign exchange contracts	$	99	$	2,016	$	4,573	$	2,394
Non-designated interest rate contracts	7		(4,688)		(17,084)		(14,949)
	$	106	$	(2,672)	$	(12,511)	$	(12,555)
Other income
Non-designated foreign exchange contracts	$	—	$	—	$	178	$	—
Non-designated interest rate contracts	—		—		—		—
	$	—	$	—	$	178	$	—
Accumulated other comprehensive income (loss)
Designated foreign exchange contracts	$	—	$	12,791	$	21,764	$	21,124
	$	—	$	12,791	$	21,764	$	21,124

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 September 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
September 30, 2020
Derivative Assets
Foreign exchange contracts	$	1,974	$	—	$	—	$	1,974
Interest rate contracts	7		(7)		—		—
	$	1,981	$	(7)	$	—	$	1,974
Derivative Liabilities
Interest rate contracts	$	(37)	$	7	$	30	$	—
	$	(37)	$	7	$	30	$	—
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

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of September 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
September 30, 2020
Derivative Assets
Foreign exchange contracts	$	1,974	$	—	$	—	$	1,974
Interest rate contracts	7		(7)		—		—
	$	1,981	$	(7)	$	—	$	1,974
Derivative Liabilities
Interest rate contracts	$	(37)	$	7	$	30	$	—
	$	(37)	$	7	$	30	$	—
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	$	—