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