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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
The following table presents the gross notional amounts of outstanding derivative instruments (in thousands):
 
December 31, 2019
 
December 31, 2018
Derivative instruments designated as cash flow hedges:
 
 
 
Interest Rate Swap
$
143,302

 
$
—

Derivative instruments designated as fair value hedges:
 
 
 
Currency Forward Contracts
340,000

 
—

Derivative instruments not formally designated as hedges:
 
 
 
Currency Forward Contracts
104,835

 
95,896

 
 
 
 

The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):
 
 
 
 
December 31,
 
 
Classification
 
2019
 
2018
Derivative instruments designated as cash flow hedges:
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
Interest Rate Swap
 
Prepaid expense and other current assets
 
$
404

 
$
—

Derivative instruments in liability positions:
 
 
 
 
 
 
Interest Rate Swap
 
Other current liabilities
 
453

 
—

Interest Rate Swap
 
Other long-term liabilities
 
1,012

 
—

 
 
 
 
 
 
 
Derivative instruments designated as fair value hedges:
 
 
 
 
Derivative instruments in liability positions:
 
 
 
 
 
 
Currency forward contracts
 
Other current liabilities
 
454

 
—

Currency forward contracts
 
Other long-term liabilities
 
1,189

 
—

 
 
 
 
 
 
 
Derivative instruments not formally designated as hedges:
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
 
Currency forward contracts
 
Prepaid expenses and other current assets
 
3,010

 
431

Derivative instruments in liability positions:
 
 
 
 
 
 
Currency forward contracts
 
Other current liabilities
 
391

 
951


The following table presents the statement of income classification of derivative instruments (in thousands):
 
 
 
 
December 31,
 
 
Classification
 
2019
 
2018
 
2017
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
Loss recognized in other comprehensive income, net of tax
 
Accumulated other comprehensive loss
 
$
796

 
$
—

 
$
—

Loss reclassified from other comprehensive income to earnings for the effective portion
 
Interest expense
 
656

 
—

 
—

 
 
 
 
 
 
 
 
 
Derivative instruments designated as fair value hedges:
 
 
 
 
 
 
Loss recognized in earnings for effective portion
 
Other expense, net
 
927

 
—

 
—

Loss recognized in other comprehensive income, net of tax
 
Accumulated other comprehensive loss
 
716

 
—

 
—

 
 
 
 
 
 
 
 
 
Derivative instruments not formally designated as hedges:
 
 
 
 
 
 
Gain (loss) recognized in earnings
 
Other expense (income), net
 
1,309

 
(9,111
)
 
(9,376
)

Notional amounts of outstanding foreign currency forward contracts by currency
The carrying amounts of the foreign exchange contracts included in the Consolidated Balance Sheets are as follows (in thousands):
 
December 31, 2019
 
December 31, 2018
 
Prepaid Expenses and Other Current Assets
 
Other Current Liabilities
 
Prepaid Expenses and Other Current Assets
 
Other Current Liabilities
Foreign exchange contracts
$
3,010

 
$
391

 
$
431

 
$
951