Derivatives (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

We forecast our net exposure in various receivables and payables to fluctuations in the value of various currencies, and we enter into foreign currency forward contracts to mitigate that exposure. We enter into approximately 20 foreign currency fair value hedges every month. As of June 30, 2017, we had entered into foreign currency forward contracts related to those balance sheet accounts with the following notional amounts (in thousands and in local currencies):

Currency	Symbol	Forward Notional Amount
Euro	EUR	22,779
British Pound	GBP	811
Chinese Yuan Renminbi	CNY	53,310
Mexican Peso	MXN	12,663
Brazilian Real	BRL	7,400
Australian Dollar	AUD	5,270
Hong Kong Dollar	HKD	11,000
Swiss Franc	CHF	215
Swedish Krona	SEK	3,552
Canadian Dollar	CAD	2,100
Singapore Dollar	SGD	4,902
Japanese Yen	JPY	120,000
South Korean Won	KRW	1,800,000

We enter into approximately 100 cash flow foreign currency hedges every month. As of June 30, 2017, we had entered into foreign currency forward contracts, which qualified as cash flow hedges, with the following notional amounts (in thousands and in local currencies):

Currency	Symbol	Forward Notional Amount
Euro	EUR	8,375
Swiss Franc	CHF	1,448
Danish Krone	DKK	9,955
British Pound	GBP	3,355
Mexican Peso	MXN	83,325
Swedish Krona	SEK	13,930

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments on a gross basis is as follows (in thousands):

		Fair Value
	Balance Sheet Location	June 30, 2017			December 31, 2016
Derivatives designated as hedging instruments
Assets
Interest rate swaps	Prepaid expenses and other assets (current)	$	174		$	—
Interest rate swaps	Other assets (long-term)	4,309			4,991
Foreign currency forward contracts	Prepaid expenses and other assets (current)	673			116
Foreign currency forward contracts	Other assets (long-term)	191			18
(Liabilities)
Foreign currency forward contracts	Accrued Expenses (current)	$	(214	)	$	(275	)
Foreign currency forward contracts	Other long-term obligations	(89		)	(18		)
Derivatives not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets (current)	$	200		$	220
(Liabilities)
Foreign currency forward contracts	Accrued Expenses (current)	(910		)	(171		)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Derivative instruments designated as cash flow hedges had the following effects, before income taxes, on other comprehensive income and net earnings in our consolidated statements of income, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss) recognized in OCI							Amount of Gain/(Loss) reclassified from AOCI
	Three Months Ended June 30,							Three Months Ended June 30,
	2017			2016				2017			2016
Derivative instrument							Location in Statements of Income
Interest rate swaps	$	(893	)	$	(152	)	Interest expense	$	—		$	(124	)
Foreign currency forward contracts	353			—			Revenue	(41		)	—
							Cost of goods sold	28			—

Derivative Instruments, Gain (Loss)

The following gains/(losses) from these derivative instruments were recognized in our consolidated statements of income for the periods presented (in thousands):

		Three months ended June 30,					Six months ended June 30,
		2017			2016		2017			2016
Derivative Instrument	Location in Statements of Income
Foreign currency forward contracts	Other (expense)	$	(1,834	)	$	198	$	(2,692	)	$	(145	)