Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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):

	March 31, 2020		December 31, 2019
Derivative instruments designated as cash flow hedges:
Interest Rate Swap	$	131,536	$	143,302
Derivative instruments designated as fair value hedges:
Currency Forward Contracts	311,667		340,000
Derivative instruments not formally designated as hedges:
Currency Forward Contracts	119,573		104,835

The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):

		March 31,		December 31,
	Classification	2020		2019
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Interest Rate Swap	Prepaid expense and other current assets	$	541	$	404
Derivative instruments in liability positions:
Interest Rate Swap	Other current liabilities	566		453
Interest Rate Swap	Other long-term liabilities	1,463		1,012
Derivative instruments designated as fair value hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	8,595		—
Currency forward contracts	Other assets	17,325		—
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	812		3,010
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	9,483		391

The following table presents the statement of income classification of derivative instruments (in thousands):

		Three Months Ended March 31,
	Classification	2020			2019
Derivative instruments designated as cash flow hedges:
Loss recognized in other comprehensive (income) loss, net of tax	Accumulated other comprehensive (income) loss	$	1,117		$	807
Loss reclassified from other comprehensive (income) loss to earnings for the effective portion	Interest expense	171			—
Derivative instruments designated as fair value hedges:
(Gain) loss recognized in earnings for effective portion	Other (income) expense, net	(22,766		)	—
(Gain) loss recognized in income for amount excluded from effectiveness testing	Other (income) expense, net	(1,139		)	—
(Gain) loss recognized in other comprehensive (income) loss, net of tax	Accumulated other comprehensive (income) loss	(3,870		)	—
Derivative instruments not formally designated as hedges:
(Gain) loss recognized in earnings	Other (income) expense, net	(12,890		)	291