Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2020		December 31, 2019
Derivative instruments designated as cash flow hedges:
Interest Rate Swap	$	139,971	$	143,302
Derivative instruments designated as fair value hedges:
Currency Forward Contracts	283,333		340,000
Derivative instruments not formally designated as hedges:
Currency Forward Contracts	188,968		104,835

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

		June 30,		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	$	740	$	404
Derivative instruments in liability positions:
Interest Rate Swap	Other current liabilities	818		453
Interest Rate Swap	Other long-term liabilities	1,851		1,012
Derivative instruments designated as fair value hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	926		—
Currency forward contracts	Other assets	3,298		—
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	1,734		3,010
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	430		391

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

		Three Months Ended June 30,						Six Months Ended June 30,
	Classification	2020			2019			2020			2019
Derivative instruments designated as cash flow hedges:
Loss recognized in other comprehensive (income) loss, net of tax	Accumulated other comprehensive loss	$	329		$	779		$	650		$	1,586
Loss reclassified from other comprehensive (income) loss to earnings for the effective portion	Interest expense	104			220			275			220
Derivative instruments designated as fair value hedges:
Loss recognized in earnings for effective portion	Other expense (income), net	23,325			—			559			—
Gain recognized in income for amount excluded from effectiveness testing	Other expense (income), net	(1,049		)	—			(2,188		)	—
Loss (gain) recognized in other comprehensive (income) loss, net of tax	Accumulated other comprehensive loss (income)	59			—			(3,811		)	—
Derivative instruments not formally designated as hedges:
Loss (gain) recognized in earnings	Other expense (income), net	6,113			(583		)	(6,777		)	(292		)