Derivative Instruments and Hedging Activities - (Tables)
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6 Months Ended |
Jun. 30, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Gains (Losses) on Derivative Instruments |
The impact on accumulated other comprehensive loss and earnings from derivative instruments that qualified as cash flow hedges for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Interest Rate Contracts: | 2020 | | 2019 | | 2020 | | 2019 | Loss recognized in accumulated other comprehensive loss, net of tax | $ | (324 | ) | | $ | (2,698 | ) | | $ | (4,524 | ) | | $ | (4,039 | ) | Loss (gain) reclassified from accumulated other comprehensive loss to interest expense, net of tax | 921 |
| | (383 | ) | | 1,068 |
| | (783 | ) |
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Schedule of Foreign Exchange Gain (Loss) of Outstanding Derivatives |
The foreign exchange loss in our condensed consolidated statements of income (loss) included the following gains and losses associated with foreign exchange contracts not designated as hedging instruments (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Foreign Exchange Forward Contracts: | 2020 | | 2019 | | 2020 | | 2019 | Gain (loss) recognized in foreign exchange loss | $ | 3,533 |
| | $ | 121 |
| | $ | (2,606 | ) | | $ | (3,288 | ) |
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Schedule of the Fair Value of Outstanding Derivatives |
The following tables summarize the fair value of outstanding derivatives (in thousands): | | | | | | | | | | | | | | June 30, 2020 | | Asset Derivatives | | Liability Derivatives | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Derivatives designated as hedging instruments: | | | | | | | | Interest rate contracts | Other current assets | | $ | — |
| | Accrued liabilities | | $ | 5,299 |
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| |
| | Other non-current liabilities | | 180 |
| Derivatives not designated as hedging instruments: | | | | | | | | Foreign exchange forward contracts | Other current assets | | 1,454 |
| | Accrued liabilities | | 1,765 |
| Total fair value of derivative instruments | | | $ | 1,454 |
| | | | $ | 7,244 |
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| | | | | | | | | | | | | | December 31, 2019 | | Asset Derivatives | | Liability Derivatives | | Balance Sheet Location | | Fair Value | | Balance Sheet Location | | Fair Value | Derivatives designated as hedging instruments: | | | | | | | | Interest rate contracts | Other current assets | | $ | — |
| | Accrued liabilities | | $ | 855 |
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| | Other non-current liabilities | | 660 |
| Derivatives not designated as hedging instruments: | | | | | | | | Foreign exchange forward contracts | Other current assets | | 2,508 |
| | Accrued liabilities | | 182 |
| Total fair value of derivative instruments | | | $ | 2,508 |
| | | | $ | 1,697 |
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Schedule of Offsetting Assets |
The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our interest rate contracts and foreign exchange forward contracts subject to such provisions (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | Gross Amounts of Recognized Assets/ Liabilities | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | | Gross Amounts Not Offset in the Consolidated Balance Sheet | Description | | | | Derivative Financial Instruments | | Cash Collateral Received (Pledged) | | Net Amount | Derivative assets | $ | 1,454 |
| | $ | — |
| | $ | 1,454 |
| | $ | (1,269 | ) | | $ | — |
| | $ | 185 |
| Derivative liabilities | (7,244 | ) | | — |
| | (7,244 | ) | | 1,269 |
| | — |
| | (5,975 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | Gross Amounts of Recognized Assets/ Liabilities | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | | Gross Amounts Not Offset in the Consolidated Balance Sheet | Description | | | | Derivative Financial Instruments | | Cash Collateral Received (Pledged) | | Net Amount | Derivative assets | $ | 2,508 |
| | $ | — |
| | $ | 2,508 |
| | $ | (596 | ) | | $ | — |
| | $ | 1,912 |
| Derivative liabilities | (1,697 | ) | | — |
| | (1,697 | ) | | 596 |
| | — |
| | (1,101 | ) |
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Schedule of Offsetting Liabilities |
The following tables summarize the potential effect on our condensed consolidated balance sheets of offsetting our interest rate contracts and foreign exchange forward contracts subject to such provisions (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | Gross Amounts of Recognized Assets/ Liabilities | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | | Gross Amounts Not Offset in the Consolidated Balance Sheet | Description | | | | Derivative Financial Instruments | | Cash Collateral Received (Pledged) | | Net Amount | Derivative assets | $ | 1,454 |
| | $ | — |
| | $ | 1,454 |
| | $ | (1,269 | ) | | $ | — |
| | $ | 185 |
| Derivative liabilities | (7,244 | ) | | — |
| | (7,244 | ) | | 1,269 |
| | — |
| | (5,975 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | Gross Amounts of Recognized Assets/ Liabilities | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Amounts of Assets/ Liabilities Presented in the Consolidated Balance Sheet | | Gross Amounts Not Offset in the Consolidated Balance Sheet | Description | | | | Derivative Financial Instruments | | Cash Collateral Received (Pledged) | | Net Amount | Derivative assets | $ | 2,508 |
| | $ | — |
| | $ | 2,508 |
| | $ | (596 | ) | | $ | — |
| | $ | 1,912 |
| Derivative liabilities | (1,697 | ) | | — |
| | (1,697 | ) | | 596 |
| | — |
| | (1,101 | ) |
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