Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments and the balance sheet lines in which they are recorded

The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2020 and December 31, 2019 and the balance sheet lines in which they are recorded:

	Fair Value Asset (Liability)
	September 30, 2020		December 31, 2019		Balance Sheet Caption
Foreign currency forward	$	1,155	$	2,892	Prepaid and other current assets
Foreign currency forward	(1,830)		(476)		Other accrued expenses

Schedule of net investment hedges in accumulated other comprehensive income (loss)

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
(Loss) gain on euro-denominated debt	$	(45,379)	$	37,783	$	(58,659)	$	36,630
Tax benefit (expense)	9,872		(7,934)		12,761		(7,692)
Net (loss) gain on net investment hedges, net of tax	$	(35,507)	$	29,849	$	(45,898)	$	28,938

Assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
	Level 2		Level 2
Assets:
Foreign currency cash flow hedges	$	1,155	$	2,892
Liabilities:
Foreign currency cash flow hedges	1,830		476