Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018, 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
Australian Dollar	AUD	8,400
Brazilian Real	BRL	8,500
Canadian Dollar	CAD	3,098
Swiss Franc	CHF	255
Chinese Renminbi	CNY	95,228
Danish Krone	DKK	2,885
Euro	EUR	25,861
British Pound	GBP	1,584
Hong Kong Dollar	HKD	11,000
Japanese Yen	JPY	260,000
Korean Won	KRW	2,700,000
Mexican Peso	MXN	18,700
Swedish Krona	SEK	10,536
Singapore Dollar	SGD	6,900

We enter into approximately 100 cash flow foreign currency hedges every month. As of June 30, 2018, 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
Canadian Dollar	CAD	2,410
Swiss Franc	CHF	1,158
Chinese Renminbi	CNY	66,000
Danish Krone	DKK	11,650
Euro	EUR	12,870
British Pound	GBP	2,975
Mexican Peso	MXN	94,275
Swedish Krona	SEK	13,830

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, 2018			December 31, 2017
Derivatives designated as hedging instruments
Assets
Interest rate swap	Other assets (long-term)	$	8,047		$	5,749
Foreign currency forward contracts	Prepaid expenses and other assets	700			363
Foreign currency forward contracts	Other assets (long-term)	83			35
Liabilities
Foreign currency forward contracts	Accrued expenses	(231		)	(468		)
Foreign currency forward contracts	Other long-term obligations	(38		)	(82		)
Derivatives not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	1,097		$	223
Liabilities
Foreign currency forward contracts	Accrued expenses	(228		)	(841		)

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,
	2018		2017				2018			2017
Derivative instrument						Location in statements of income
Interest rate swaps	$	748	$	(893	)	Interest Expense	$	357		$	—
Foreign currency forward contracts	394		353			Revenue	(234		)	(41		)
						Cost of sales	138			28
	Amount of Gain/(Loss) recognized in OCI						Amount of Gain/(Loss) reclassified from AOCI
	Six Months Ended June 30,						Six Months Ended June 30,
	2018		2017				2018			2017
Derivative instrument						Location in statements of income
Interest rate swaps	2,868		(507		)	Interest Expense	570			(104		)
Foreign currency forward contracts	568		741			Revenue	(385		)	(40		)
						Cost of sales	378			(37		)

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,
		2018		2017			2018		2017
Derivative Instrument	Location in statements of income
Foreign currency forward contracts	Other expense	$	3,153	$	(1,834	)	$	2,038	$	(2,692	)