Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Derivatives

The following table sets forth the Company’s outstanding foreign currency derivatives that were designated as cash flow hedges of foreign exchange risk as of March 31, 2020:

(in thousands)	Number of Instruments	At Inception Notional	As of March 31, 2020 Notional	Weighted-average Maturity Date (Years)
Foreign Currency Derivative
Cross-currency swap	1	€35,963	$39,750	2.41
		(amortizing to €35,058 as of March 31, 2020)	(amortizing to $38,750 as of March 31, 2020)

The following table sets forth the Company’s outstanding interest rate derivatives that were not designated as a hedging instrument of interest rate risk as of March 31, 2020:

(in thousands)	Number of Instruments	At Inception Notional	As of March 31, 2020 Notional	Weighted-average Maturity Date (Years)
Interest Rate Derivatives
Interest rate swaps	2	$57,185	$22,560	1.76
Interest rate cap	1	$15,000	$10,690	0.47

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The following table sets forth the effect of the Company’s cash flow hedge accounting on its other comprehensive loss for the three months ended March 31, 2020 and 2019:

(in thousands)
Location of Loss (Gain) Reclassified from Other Comprehensive Loss into Income or Loss	Amount of Loss (Gain) Reclassified from Other Comprehensive Loss into  Income or Loss
	Three Months Ended March 31,
	2020			2019
Interest expense	$	14		$	(53	)
Interest expense on foreign currency transactions	(122		)	(203		)
Foreign currency transactions	(763		)	(866		)
Total gain reclassified	$	(871	)	$	(1,122	)

(in thousands)	Amount of (Loss) Gain Recognized in Other Comprehensive Loss from Derivatives
Derivatives in Cash Flow Hedging Relationships
	Three Months Ended March 31,
	2020			2019
Interest rate products	$	(583	)	$	(61	)
Cross-currency swap	1,859			1,275
Total unrealized gain	$	1,276		$	1,214

Effect of Derivatives on Income Statement

The following table sets forth the effect of the Company’s derivative financial instruments on its consolidated statements of operations for the three months ended March 31, 2020 and 2019:

	Interest Expense
	Three Months Ended March 31,
(in thousands)	2020			2019
Total amounts of interest expense presented in the consolidated statements of operations	$	(396	)	$	(403	)
Loss on derivatives not designated as a hedging instrument:
Amount of loss related to changes in fair values of interest rate derivatives not designated as a hedging instrument	$	(171	)	$	—
Gain on cash flow hedging relationships:
Amount of gain reclassified from accumulated other comprehensive loss into income or loss	$	(125	)	$	(256	)
Amount of loss reclassified from accumulated other comprehensive loss into income or loss as a result of a forecasted transaction being no longer probable of occurring	$	17		$	—

	Foreign Currency Transactions
	Three Months Ended March 31,
(in thousands)	2020			2019
Total amounts of loss on foreign currency transactions presented in the consolidated statements of operations	$	(7	)	$	(65	)
Gain on cash flow hedging relationships:
Amount of gain reclassified from accumulated other comprehensive loss into income or loss	$	(763	)	$	(867	)

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

The following table sets forth the fair value of the Company’s derivative financial instruments, as well as their classification on the consolidated balance sheets, as of March 31, 2020 and December 31, 2019:

		Fair Value of Derivative Financial Instruments
		Asset Derivatives				Liability Derivatives
		March 31, 2020		December 31, 2019		March 31, 2020			December 31, 2019
(in thousands)	Balance Sheet Location	Fair Value		Fair Value		Fair Value			Fair Value
Derivatives not designated as hedging instruments:
Interest rate products	Accrued liabilities	$	—	$	—	$	(288	)	$	—
Interest rate products	Long-term derivative liabilities	—		—		(477		)	—
Derivatives designated as hedging instruments:
Interest rate products	Prepaid expenses and other current assets / Accrued liabilities	—		15		—			(12		)
Interest rate products	Long-term derivative liabilities	—		—		—			(9		)
Cross-currency swap	Prepaid expenses and other current assets	655		568		—			—
Cross-currency swap	Other assets / Long-term derivative liabilities	162		—		—			(1,442		)
Total derivative financial instruments		$	817	$	583	$	(765	)	$	(1,463	)