Derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of December 31, 2019, 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
Australian Dollar	AUD	8,540
Brazilian Real	BRL	10,315
Canadian Dollar	CAD	8,025
Swiss Franc	CHF	3,660
Chinese Renminbi	CNY	591,000
Danish Krone	DKK	33,575
Euro	EUR	37,750
British Pound	GBP	8,380
Japanese Yen	JPY	1,145,000
Korean Won	KRW	8,950,000
Mexican Peso	MXN	527,000
Norwegian Krone	NOK	15,475
Swedish Krona	SEK	54,170

As of December 31, 2019, 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	14,282
Brazilian Real	BRL	19,500
Canadian Dollar	CAD	1,706
Swiss Franc	CHF	306
Chinese Renminbi	CNY	52,598
Danish Krone	DKK	5,987
Euro	EUR	752
British Pound	GBP	7,594
Hong Kong Dollar	HKD	11,000
Japanese Yen	JPY	1,530,000
Korean Won	KRW	4,868,000
Mexican Peso	MXN	35,000
Norwegian Krone	NOK	3,767
New Zealand Dollar	NZD	1,542
Swedish Krona	SEK	13,577
Singapore Dollar	SGD	1,790
South African Rand	ZAR	50,843

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	December 31, 2019		December 31, 2018
Derivative instruments designated as hedging instruments
Assets
Interest rate swaps	Other assets (long-term)	$	1,192	$	5,772
Foreign currency forward contracts	Prepaid expenses and other assets		1,663		613
Foreign currency forward contracts	Other assets (long-term)		466		151
(Liabilities)
Interest rate swaps	Other long-term obligations		(290)		—
Foreign currency forward contracts	Accrued expenses		(1,813)		(711)
Foreign currency forward contracts	Other long-term obligations		(764)		(101)
Derivative instruments not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	318	$	814
(Liabilities)
Foreign currency forward contracts	Accrued expenses		(1,678)		(796)

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 ("OCI"), accumulated other comprehensive income ("AOCI") and net earnings in our consolidated statements of income, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss)							Amount of Gain/(Loss)
	recognized in OCI							reclassified from AOCI
	Year Ended December 31,							Year ended December 31,
	2019		2018		2017			2019		2018		2017
Derivative instrument							Location in statements of income
Interest rate swaps	$	(2,830)	$	1,559	$	853	Interest expense	$	2,040	$	1,537	$	95
Foreign currency forward contracts		(587)		539		491	Revenue		577		136		(277)
							Cost of sales		(578)		361		625

Derivative Instruments, Gain (Loss)

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

		Year ended December 31,
Derivative Instrument	Location in statements of income	2019		2018		2017
Foreign currency forward contracts	Other income (expense)	$	(307)	$	4,147	$	(4,746)