XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Derivative Instruments, Hedging Activities and Fair Value (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments, Hedging Activities And Fair Value Disclosure [Abstract]  
Schedule of fair value of outstanding derivative contracts The fair value of outstanding derivative contracts recorded as assets and liabilities on the Condensed Consolidated Balance Sheets was as follows:
(In thousands)
 
Balance Sheet Location
 
Fair Value of Derivatives Designated as Hedging Instruments
 
Fair Value of Derivatives Not Designated as Hedging Instruments
 
Total Fair Value
September 30, 2018
 
 
 
 
 
 
 
 
Asset derivatives (Level 2):
 
 
 
 
 
 
 
 
Foreign currency exchange forward contracts
 
Other current assets
 
$
2,209

 
$
7,742

 
$
9,951

Interest rate swaps
 
Other current assets
 
1,900

 
—

 
1,900

Interest rate swaps
 
Other assets
 
3,453

 
—

 
3,453

Total
 
 
 
$
7,562

 
$
7,742

 
$
15,304

Liability derivatives (Level 2):
Foreign currency exchange forward contracts
 
Other current liabilities
 
$
109

 
$
1,583

 
$
1,692

Interest rate swaps
 
Other liabilities
 
31

 
—

 
31

Total
 
 
 
$
140

 
$
1,583

 
$
1,723

(In thousands)
 
Balance Sheet Location
 
Fair Value of Derivatives Designated as Hedging Instruments
 
Fair Value of Derivatives Not Designated as Hedging Instruments
 
Total Fair Value
December 31, 2017
 
 
 
 
 
 
 
 
Asset derivatives (Level 2):
 
 
 
 
 
 
 
 
Foreign currency exchange forward contracts
 
Other current assets
 
$
2,329

 
$
2,915

 
$
5,244

Interest rate swaps
 
Other current assets
 
464

 
—

 
464

Interest rate swaps
 
Other assets
 
170

 
—

 
$
170

Total
 
 
 
$
2,963

 
$
2,915

 
$
5,878

Liability derivatives (Level 2):
Foreign currency exchange forward contracts
 
Other current liabilities
 
$
153

 
$
6,970

 
$
7,123

Interest rate swaps
 
Other liabilities
 
1,368

 
—

 
1,368

Total
 
 
 
$
1,521

 
$
6,970

 
$
8,491
Schedule of effect of derivative instruments The effect of derivative instruments in the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income, was as follows:
Derivatives Designated as Hedging Instruments
(In thousands)
 
Amount 
Recognized in Other
Comprehensive
Income  (“OCI”)  on Derivative -
Effective  Portion
 
Location of Amount Reclassified
from Accumulated
OCI into Income -
Effective Portion
 
Amount
Reclassified  from
Accumulated OCI into  Income -
Effective  Portion or Equity
 
Location of Amount Recognized  in Income on  Derivative - Ineffective Portion
and Amount
Excluded from
Effectiveness Testing
 
Amount  Recognized  in Income  on Derivative - Ineffective  Portion and  Amount
Excluded from
Effectiveness  Testing
Three Months Ended September 30, 2018:
Foreign currency exchange forward contracts
 
$
(410
)
 
Product revenues
 
$
(3
)
 
 
 
$
—

Interest rate swaps
 
1,276

 
Interest expense
 
(367
)
 
 
 
—

Cross-currency interest rate swaps
 
—

(a)
Interest expense
 
312

 

 
—

 
 
$
866

 
 
 
$
(58
)
 
 
 
$
—

Three Months Ended September 30, 2017:
Foreign currency exchange forward contracts
 
$
2,333

 
 
 
$
—

 

 
$
—

Interest rate swaps
 
(335
)
 
 
 
—

 
 
 
—

Cross-currency interest rate swaps
 
(72
)
(a)
Interest Expense
 
252

 
Cost of services and products sold
 
(103
)
 
 
$
1,926

 
 
 
$
252

 
 
 
$
(103
)

(In thousands)
 
Amount 
Recognized in Other
Comprehensive
Income  (“OCI”)  on Derivative -
Effective  Portion
 
Location of Amount Reclassified
from Accumulated
OCI into Income -
Effective Portion
 
Amount
Reclassified  from
Accumulated OCI into  Income -
Effective  Portion or Equity
 
Location of Amount Recognized  in Income on  Derivative - Ineffective Portion
and Amount
Excluded from
Effectiveness Testing
 
Amount  Recognized  in Income  on Derivative - Ineffective  Portion and  Amount
Excluded from
Effectiveness  Testing
Nine Months Ended September 30, 2018:
Foreign currency forward exchange contracts
 
$
1,369

 
Product revenues / Cost of services and products sold
 
$
(112
)
 
 
 
$
—

Foreign currency forward exchange contracts
 
—

 
Retained earnings (b)
 
(1,520
)
 
 
 
—

Interest rate swaps
 
6,657

 
Interest expense
 
(602
)
 
 
 
—

Cross currency interest rate swaps
 
—

 
Interest expense
 
960

 

 
—

 
 
$
8,026

 
 
 
$
(1,274
)
 
 
 
$
—

Nine Months Ended September 30, 2017:
Foreign currency forward exchange contracts
 
$
3,096

 
Product revenues / Cost of services and products sold
 
$
(185
)
 

 
$
—

Interest rate swaps
 
(2,878
)
 
 
 
—

 
 
 
—

Cross currency interest rate swaps
 
(195
)
(a)
Interest expense
 
745

 
Cost of services and products sold
 
(420
)
 
 
$
23

 
 
 
$
560

 
 
 
$
(420
)

(a) Amounts represent changes in foreign currency translation related to balances in Accumulated other comprehensive loss.
(b) The Company has adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients. See Note 2, Recently Adopted and Recently Issued Accounting Standards for additional information.

Derivatives Not Designated as Hedging Instruments
 
 
Location of Gain (Loss) Recognized in Income on Derivative
 
Amount of Gain (Loss) Recognized in
Income on Derivative(c)
(In thousands)
 
 
2018
 
2017
Three Months Ended September 30:
 
 
 
 
 
 
Foreign currency exchange forward contracts
 
Cost of services and products sold
 
$
3,194

 
$
(7,025
)
Nine Months Ended September 30:
 
 
 
 
 
 
Foreign currency exchange forward contracts
 
Cost of services and products sold
 
$
13,459

 
$
(18,764
)

(c)  These gains (losses) offset amounts recognized in cost of services and products sold principally as a result of intercompany or third party foreign currency exposures.