Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Fair value of outstanding derivative contracts recorded as assets and liabilities |
The fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Balance Sheet Location | | Fair Value of Derivatives Designated as Hedging Instruments | | Fair Value of Derivatives Not Designated as Hedging Instruments | | Total Fair Value | December 31, 2020 | | | | | | | | | Asset derivatives (Level 2): | | | | | | | | | Foreign currency exchange forward contracts | | Other current assets | | $ | 900 | | | $ | 2,777 | | | $ | 3,677 | | | | | | | | | | | | | | | | | | | | Total | | | | $ | 900 | | | $ | 2,777 | | | $ | 3,677 | | Liability derivatives (Level 2): | Foreign currency exchange forward contracts | | Other current liabilities | | $ | 950 | | | $ | 4,098 | | | $ | 5,048 | | Interest rate swaps | | Other current liabilities | | 3,959 | | | — | | | 3,959 | | Interest rate swaps | | Other liabilities | | 3,718 | | | — | | | 3,718 | | Total | | | | $ | 8,627 | | | $ | 4,098 | | | $ | 12,725 | | December 31, 2019 | | | | | | | | | Asset derivatives (Level 2): | | | | | | | | | Foreign currency exchange forward contracts | | Other current assets | | $ | 2,039 | | | $ | 946 | | | $ | 2,985 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | $ | 2,039 | | | $ | 946 | | | $ | 2,985 | | Liability derivatives (Level 2): | Foreign currency exchange forward contracts | | Other current liabilities | | $ | 140 | | | $ | 3,733 | | | $ | 3,873 | | Interest rate swaps | | Other current liabilities | | 2,098 | | | — | | | 2,098 | | Interest rate swaps | | Other liabilities | | 4,281 | | | — | | | 4,281 | | Total | | | | $ | 6,519 | | | $ | 3,733 | | | $ | 10,252 | |
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Derivative Instruments, Gain (Loss) [Table Text Block] |
The effect of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss): Derivatives Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount Recognized in OCI on Derivatives | | Location of Amount Reclassified from AOCI into Income | | Amount Reclassified from AOCI into Income - Effective Portion or Equity | (In thousands) | | 2020 | | 2019 | | 2018 | | | | 2020 | | 2019 | | 2018 | Foreign currency exchange forward contracts | | $ | (930) | | | $ | (1,227) | | | $ | 1,935 | | | Product revenues/Cost of services sold | | $ | (1,026) | | | $ | (506) | | | $ | (374) | | Foreign currency exchange forward contracts (a) | | — | | | — | | | — | | | Retained earnings (b) | | — | | | — | | | (1,520) | | Interest rate swaps | | — | | | — | | | — | | | Income from discontinued businesses | | — | | | 2,741 | | | — | | Interest rate swaps | | (3,889) | | | (8,209) | | | 1,451 | | | Interest expense | | 2,589 | | | (520) | | | (1,108) | | CCIRs(a) | | 39 | | | (42) | | | 63 | | | Interest expense | | 1,015 | | | 1,219 | | | 1,264 | | | | $ | (4,780) | | | $ | (9,478) | | | $ | 3,449 | | | | | $ | 2,578 | | | $ | 2,934 | | | $ | (1,738) | |
(a)Amounts represent changes in foreign currency translation related to balances in AOCI. (b)The Company adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients in 2018.
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] |
The location and amount of gain (loss) recognized on the Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | 2020 | (in thousands) | | Product Revenues | | | | Interest Expense | | | Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded | | $ | 431,574 | | | | | $ | (59,689) | | | | Interest rate swaps: | | | | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | | | (2,589) | | | | | | | | | | | | | Foreign exchange contracts: | | | | | | | Gain or (loss) reclassified from AOCI into income | | 1,026 | | | | | — | | | | Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | | 197 | | | | | — | | | | Amount excluded from the effectiveness testing recognized in earnings based on an amortization approach | | 31 | | | | | — | | | | CCIRs: | | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | | | (1,015) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2019 | (in thousands) | | Product Revenues | | Cost of Services Sold | | Interest Expense | | Income From Discontinued Businesses | Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded | | $ | 415,115 | | | $ | 843,926 | | | $ | (36,586) | | | $ | 27,531 | | Interest rate swaps: | | | | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | — | | | 520 | | | — | | Gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | | — | | | — | | | — | | | (2,741) | | Foreign exchange contracts: | | | | | | | | Gain or (loss) reclassified from AOCI into income | | 550 | | | (44) | | | — | | | — | | Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | | 509 | | | — | | | — | | | — | | | | | | | | | | | CCIRs: | | | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | — | | | (1,219) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | 2018 | (in thousands) | | Product Revenues | | Cost of Services Sold | | Interest Expense | Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded | | $ | 389,005 | | | $ | 747,899 | | | $ | (21,531) | | Interest rate swaps: | | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | — | | | 1,108 | | | | | | | | | Foreign exchange contracts: | | | | | | Gain or (loss) reclassified from AOCI into income | | 374 | | | — | | | — | | Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | | (440) | | | 1 | | | — | | | | | | | | | CCIRs: | | | | | | Gain or (loss) reclassified from AOCI into income | | — | | | — | | | (1,264) | | | | | | | | |
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Derivatives Not Designated as Hedging Instruments |
Derivatives Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Location of Gain (Loss) Recognized in Income on Derivatives | | Amount of Gain (Loss) Recognized in Income on Derivatives for the Twelve Months Ended December 31(c) | (In thousands) | | | 2020 | | 2019 | | 2018 | Foreign currency exchange forward contracts | | Cost of services and products sold | | $ | (9,052) | | | $ | 6,807 | | | $ | 17,262 | |
(c) These gains (losses) offset amounts recognized in cost of service and products sold principally as a result of intercompany or third-party foreign currency exposures.
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