Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Currency	Symbol	Forward Notional Amount
Australian Dollar	AUD	5,930
Brazilian Real	BRL	7,830
Canadian Dollar	CAD	6,495
Swiss Franc	CHF	3,780
Chinese Renminbi	CNY	408,000
Danish Krone	DKK	32,225
Euro	EUR	33,150
British Pound	GBP	7,315
Japanese Yen	JPY	1,190,000
Korean Won	KRW	7,000,000
Mexican Peso	MXN	453,500
Norwegian Krone	NOK	14,050
Swedish Krona	SEK	43,450

Currency	Symbol	Forward Notional Amount
Australian Dollar	AUD	12,695
Brazilian Real	BRL	13,000
Canadian Dollar	CAD	1,795
Swiss Franc	CHF	739
Chinese Renminbi	CNY	69,069
Danish Krone	DKK	4,072
Euro	EUR	1,225
British Pound	GBP	6,982
Hong Kong Dollar	HKD	11,000
Japanese Yen	JPY	1,380,856
Korean Won	KRW	7,343,000
Mexican Peso	MXN	35,000
Norwegian Krone	NOK	2,999
Swedish Krona	SEK	12,647
Singapore Dollar	SGD	600
South African Rand	ZAR	40,218

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

The fair value of derivative instruments on a gross basis was as follows on the dates indicated (in thousands):

		Fair Value
	Balance Sheet Location	September 30, 2019		December 31, 2018
Derivative instruments designated as hedging instruments
Assets
Interest rate swap	Other assets (long-term)	$	1,201	$	5,772
Foreign currency forward contracts	Prepaid expenses and other assets		1,821		613
Foreign currency forward contracts	Other assets (long-term)		496		151
Liabilities
Foreign currency forward contracts	Accrued expenses		(1,262)		(711)
Foreign currency forward contracts	Other long-term obligations		(333)		(101)
Derivative instruments not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	541	$	814
Liabilities
Foreign currency forward contracts	Accrued expenses		(505)		(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)					Consolidated Statements of				Amount of Gain/(Loss)
	recognized in OCI					Income				reclassified from AOCI
	Three Months Ended September 30,					Three Months Ended September 30,				Three Months Ended September 30,
	2019		2018			2019			2018	2019			2018
Derivative instrument					Location in statements of income
Interest rate swap	$	(186)	$	664	Interest expense	$	(3,415)	$	(2,329)	$	520	$	428
Foreign currency forward contracts		505		543	Revenue		243,049		221,659		118		86
					Cost of sales		(138,913)		(119,620)		(112)		26

	Amount of Gain/(Loss)					Consolidated Statements of			Amount of Gain/(Loss)
	recognized in OCI					Income			reclassified from AOCI
	Nine Months Ended September 30,					Nine Months Ended September 30,			Nine Months Ended September 30,
	2019		2018			2019		2018	2019			2018
Derivative instrument					Location in statements of income
Interest rate swap		(2,855)	$	3,532	Interest expense		(9,295)	(8,064)	$	1,716	$	998
Foreign currency forward contracts		555		1,112	Revenue		736,930	649,504		220		(299)
					Cost of sales		(416,194)	(359,400)		(298)		404

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,
Derivative Instrument	Location in statements of income	2019		2018		2019		2018
Foreign currency forward contracts	Other income (expense)	$	2,402	$	1,143	$	1,647	$	3,181