Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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):

	September 30, 2020		December 31, 2019
Derivative instruments designated as cash flow hedges:
Interest Rate Swap	$	143,249	$	143,302
Derivative instruments designated as fair value hedges:
Currency Forward Contracts	255,000		340,000
Derivative instruments not formally designated as hedges:
Currency Forward Contracts	149,591		104,835

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

		September 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	$	726	$	404
Derivative instruments in liability positions:
Interest Rate Swap	Other current liabilities	911		453
Interest Rate Swap	Other long-term liabilities	1,814		1,012
Derivative instruments designated as fair value hedges:
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	2,831		454
Currency forward contracts	Other long-term liabilities	2,099		1,189
Derivative instruments not formally designated as hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	142		3,010
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	6,629		391

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

		Three Months Ended September 30,					Nine Months Ended September 30,
	Classification	2020			2019		2020			2019
Derivative instruments designated as cash flow hedges:
Loss recognized in other comprehensive income (loss), net of tax	Other comprehensive income (loss)	$	54		$	132	$	704		$	1,718
Loss reclassified from other comprehensive income (loss) to earnings for the effective portion	Interest expense	199			218		474			438
Derivative instruments designated as fair value hedges:
Loss recognized in earnings for effective portion	Other (income) expense, net	9,109			—		9,670			—
Gain recognized in income for amount excluded from effectiveness testing	Other (income) expense, net	(1,051		)	—		(3,239		)	—
Loss (gain) recognized in other comprehensive income (loss), net of tax	Other comprehensive income (loss)	550			—		(3,261		)	—
Derivative instruments not formally designated as hedges:
(Gain) loss recognized in earnings	Other (income) expense, net	(9,747		)	2,319		(2,970		)	2,611