Derivatives (Tables)

9 Months Ended

Sep. 30, 2018

Derivative [Line Items]

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	September 30, 2018		December 31, 2017
Derivatives designated as hedging instruments
Assets
Interest rate swap	Other assets (long-term)	$	8,284	$	5,749
Foreign currency forward contracts	Prepaid expenses and other assets	813		363
Foreign currency forward contracts	Other assets (long-term)	161		35
Liabilities
Foreign currency forward contracts	Accrued expenses	(240)		(468)
Foreign currency forward contracts	Other long-term obligations	(56)		(82)
Derivatives not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	360	$	223
Liabilities
Foreign currency forward contracts	Accrued expenses	(475)		(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 September 30,					Three Months Ended September 30,
	2018		2017			2018		2017
Derivative instrument					Location in statements of income
Interest rate swaps	$	664	$	1	Interest Expense	$	428	$	96
Foreign currency forward contracts	543		100		Revenue	86		(101)
					Cost of sales	26		250
	Amount of Gain/(Loss) Recognized in OCI					Amount of Gain/(Loss) Reclassified from AOCI
	Nine Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
Derivative instrument					Location in statements of income
Interest rate swaps	$	3,532	$	(611)	Interest Expense	$	998	$	(8)
Foreign currency forward contracts	1,112		841		Revenue	(299)		(141)
					Cost of sales	404		213

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 September 30,				Nine Months Ended September 30,
		2018		2017		2018		2017
Derivative Instrument	Location in statements of income
Foreign currency forward contracts	Other expense	$	1,143	$	(1,459)	$	3,181	$	(4,150)

Designated as hedging instrument

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

We enter into approximately 150 cash flow foreign currency hedges every month. As of September 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	2,460
Swiss Franc	CHF	1,215
Chinese Renminbi	CNY	60,000
Danish Krone	DKK	10,835
Euro	EUR	12,270
British Pound	GBP	3,355
Japanese Yen	JPY	330,000
Mexican Peso	MXN	93,575
Swedish Krona	SEK	12,780

Not designated as hedging instrument

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 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	11,150
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