Derivatives (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Derivative Assets at Fair Value |
As of December 31, 2020 and December 31, 2019, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | | December 31, 2019 | | | Non-Designated Hedges | | | | Designated Hedges | | Non-Designated Hedges | | Total | Derivative Assets | | | | | | | | | | | Foreign exchange contracts | | $ | 386 | | | | | $ | — | | | $ | 4,122 | | | $ | 4,122 | | | | | | | | | | | | | Included in other assets | | $ | 386 | | | | | $ | — | | | $ | 4,122 | | | $ | 4,122 | | Derivative Liabilities | | | | | | | | | | | Foreign exchange contracts | | $ | — | | | | | $ | (2,128) | | | $ | (29) | | | $ | (2,157) | | Interest rate contracts | | (37) | | | | | — | | | (16,976) | | | (16,976) | | Included in accrued and other liabilities | | $ | (37) | | | | | $ | (2,128) | | | $ | (17,005) | | | $ | (19,133) | |
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Schedule of Derivative Liabilities at Fair Value |
As of December 31, 2020 and December 31, 2019, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | | December 31, 2019 | | | Non-Designated Hedges | | | | Designated Hedges | | Non-Designated Hedges | | Total | Derivative Assets | | | | | | | | | | | Foreign exchange contracts | | $ | 386 | | | | | $ | — | | | $ | 4,122 | | | $ | 4,122 | | | | | | | | | | | | | Included in other assets | | $ | 386 | | | | | $ | — | | | $ | 4,122 | | | $ | 4,122 | | Derivative Liabilities | | | | | | | | | | | Foreign exchange contracts | | $ | — | | | | | $ | (2,128) | | | $ | (29) | | | $ | (2,157) | | Interest rate contracts | | (37) | | | | | — | | | (16,976) | | | (16,976) | | Included in accrued and other liabilities | | $ | (37) | | | | | $ | (2,128) | | | $ | (17,005) | | | $ | (19,133) | |
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Schedule of Derivative Instruments |
The following table summarizes the Company’s interest rate contracts as of December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of Derivatives | | Notional Currency | | Notional Amount (in thousands) | | Range of Maturity Dates | Designated | | Non-Designated | Put Option | | NOK | | — | | | 928,000 | | | July 2021 | Interest Rate Swap | | USD | | $ | — | | | $ | 109,414 | | | April 2021 - July 2023 |
The table below represents the effect of the derivative financial instruments on the consolidated statements of operations and of comprehensive income (loss) for the years ended December 31, 2020 and 2019 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | | 2020 | | 2019 | Other gain (loss), net | | | | | | | | | Non-designated foreign exchange contracts | | | | | | $ | 2,979 | | | $ | 1,286 | | Non-designated interest rate contracts | | | | | | (17,085) | | | (10,966) | | | | | | | | $ | (14,106) | | | $ | (9,680) | | Other income | | | | | | | | | Non-designated foreign exchange contracts | | | | | | $ | 178 | | | $ | — | | Non-designated interest rate contracts | | | | | | — | | | — | | | | | | | | $ | 178 | | | $ | — | | Accumulated other comprehensive income (loss) | | | | | | | | | Designated foreign exchange contracts | | | | | | $ | 21,764 | | | $ | 15,460 | | | | | | | | $ | 21,764 | | | $ | 15,460 | |
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Offsetting Derivative Assets |
The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2020 and December 31, 2019 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | | Gross Amounts Not Offset on Consolidated Balance Sheets | | Net Amounts of Assets (Liabilities) | (Assets) Liabilities | | Cash Collateral Pledged | December 31, 2020 | | | | | | | | | Derivative Assets | | | | | | | | | Foreign exchange contracts | | $ | 386 | | | $ | — | | | $ | — | | | $ | 386 | | | | | | | | | | | | | $ | 386 | | | $ | — | | | $ | — | | | $ | 386 | | Derivative Liabilities | | | | | | | | | | | | | | | | | | Interest rate contracts | | $ | (37) | | | $ | — | | | $ | — | | | $ | (37) | | | | $ | (37) | | | $ | — | | | $ | — | | | $ | (37) | | | | | | | | | | | December 31, 2019 | | | | | | | | | Derivative Assets | | | | | | | | | Foreign exchange contracts | | $ | 4,122 | | | $ | (2,157) | | | $ | — | | | $ | 1,965 | | | | | | | | | | | | | $ | 4,122 | | | $ | (2,157) | | | $ | — | | | $ | 1,965 | | Derivative Liabilities | | | | | | | | | Foreign exchange contracts | | $ | (2,157) | | | $ | 2,157 | | | $ | — | | | $ | — | | Interest rate contracts | | (16,976) | | | — | | | 16,976 | | | — | | | | $ | (19,133) | | | $ | 2,157 | | | $ | 16,976 | | | $ | — | |
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Offsetting Derivative Liabilities |
The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of December 31, 2020 and December 31, 2019 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets | | Gross Amounts Not Offset on Consolidated Balance Sheets | | Net Amounts of Assets (Liabilities) | (Assets) Liabilities | | Cash Collateral Pledged | December 31, 2020 | | | | | | | | | Derivative Assets | | | | | | | | | Foreign exchange contracts | | $ | 386 | | | $ | — | | | $ | — | | | $ | 386 | | | | | | | | | | | | | $ | 386 | | | $ | — | | | $ | — | | | $ | 386 | | Derivative Liabilities | | | | | | | | | | | | | | | | | | Interest rate contracts | | $ | (37) | | | $ | — | | | $ | — | | | $ | (37) | | | | $ | (37) | | | $ | — | | | $ | — | | | $ | (37) | | | | | | | | | | | December 31, 2019 | | | | | | | | | Derivative Assets | | | | | | | | | Foreign exchange contracts | | $ | 4,122 | | | $ | (2,157) | | | $ | — | | | $ | 1,965 | | | | | | | | | | | | | $ | 4,122 | | | $ | (2,157) | | | $ | — | | | $ | 1,965 | | Derivative Liabilities | | | | | | | | | Foreign exchange contracts | | $ | (2,157) | | | $ | 2,157 | | | $ | — | | | $ | — | | Interest rate contracts | | (16,976) | | | — | | | 16,976 | | | — | | | | $ | (19,133) | | | $ | 2,157 | | | $ | 16,976 | | | $ | — | |
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