Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the effect of cash flow hedge accounting on our consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives: 

(in thousands)		Years Ended December 31,
		2020		2019		2018
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	1,135,615	$	1,041,359	$	971,700
Foreign exchange contracts
Amount of gain (loss) reclassified from accumulated other comprehensive income into income		$	829	$	10,628	$	(976)

Schedule of hedging instruments

The fair values of hedging instruments, and their respective classification on the 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
		December 31, 2020		December 31, 2019
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	125	$	1,791
Cross currency swaps	Other long-term assets	—		4,559
Total derivative instruments presented as hedge instruments on the balance sheet		125		6,350
Gross amounts subject to master netting arrangements not offset on the balance sheet		(125)		(1,354)
Net amount		$	—	$	4,996

(in thousands)		Hedging Liabilities
		December 31, 2020		December 31, 2019
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	12,373	$	2,886
Cross currency swaps	Other long-term liabilities	2,841		—
Total derivative instruments presented as cash flow hedges on the balance sheet		15,214		2,886
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)	Long-term debt	109,125		99,422
Total hedging instruments presented on the balance sheet		124,339		102,308
Gross amounts subject to master netting arrangements not offset on the balance sheet		(125)		(1,354)
Net amount		$	124,214	$	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.