Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of net investment hedges and Income Statement impact of hedging instruments

The following tables present the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provide information regarding the location and amounts of pretax gains or losses of derivatives: 

(in thousands)		Three Months Ended September 30,
		2020		2019
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	299,183	$	260,353
Foreign exchange contracts
Amount of gain (loss) reclassified from accumulated other comprehensive income into income		$	(591)	$	3,171

(in thousands)		Nine Months Ended September 30,
		2020		2019
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	824,179	$	767,062
Foreign exchange contracts
Amount of gain reclassified from accumulated other comprehensive income into income		$	2,562	$	7,091

Schedule of hedging instruments

The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following derivative instruments, unless otherwise noted: 

(in thousands)		Hedging Assets
		September 30, 2020		December 31, 2019
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	519	$	1,791
Cross currency swaps	Other long-term assets	2,797		4,559
Foreign currency exchange contracts	Other long-term assets	90		—
Total derivative instruments presented as hedge instruments on the balance sheet		3,406		6,350
Gross amounts subject to master netting arrangements not offset on the balance sheet		(609)		(1,354)
Net amount		$	2,797	$	4,996

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(in thousands)		Hedging Liabilities
		September 30, 2020		December 31, 2019
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	3,631	$	2,886
Foreign currency exchange contracts	Other long-term liabilities	1,190		—
Total derivative instruments presented as cash flow hedges on the balance sheet		4,821		2,886
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet(1)	Long-term debt	103,980		99,422
Total hedging instruments presented on the balance sheet		108,801		102,308
Gross amounts subject to master netting arrangements not offset on the balance sheet		(609)		(1,354)
Net amount		$	108,192	$	100,954

(1) Amounts represent reported carrying amounts of our foreign currency denominated debt. See “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.