Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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):

	December 31, 2020		December 31, 2019
Derivative instruments designated as cash flow hedges:
Interest Rate Swap	$	154,633	$	143,302
Derivative instruments designated as fair value hedges:
Currency Forward Contracts	226,667		340,000
Derivative instruments not formally designated as hedges:
Currency Forward Contracts	70,338		104,835

Note 4.    Derivative Financial Instruments - (Continued)

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

		December 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	$	519	$	404
Derivative instruments in liability positions:
Interest Rate Swap	Other current liabilities	982		453
Interest Rate Swap	Other long-term liabilities	1,628		1,012
Derivative instruments designated as fair value hedges:
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	13,295		454
Currency forward contracts	Other long-term liabilities	12,211		1,189
Derivative instruments not formally designated as hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	5,704		3,010
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	506		391

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

		Year Ended December 31,
	Classification	2020		2019		2018
Derivative instruments designated as cash flow hedges:
Loss recognized in other comprehensive loss, net of tax	Other comprehensive income (loss)	$	(772)	$	(796)	$	—
Loss reclassified from other comprehensive loss to earnings for the effective portion	Interest expense	703		656		—
Derivative instruments designated as fair value hedges:
Loss recognized in earnings for effective portion	Other (income) expense, net	28,810		927		—
Gain recognized in income for amount excluded from effectiveness testing	Other (income) expense, net	(4,207)		—		—
Gain (loss) recognized in other comprehensive income (loss), net of tax	Other comprehensive income (loss)	3,665		(716)		—
Derivative instruments not formally designated as hedges:
(Gain) loss recognized in earnings	Other (income) expense, net	(16,966)		(1,309)		9,111