Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

We enter into approximately 100 cash flow foreign currency hedges every month. As of March 31, 2017, we had entered into foreign currency forward contracts, which qualified as cash flow hedges, with the following notional amounts (in thousands and in local currencies):

Currency	Symbol	Forward Notional Amount
Euro	EUR	9,635
Swiss Franc	CHF	1,568
Danish Krone	DKK	9,895
British Pound	GBP	3,600
Mexican Peso	MXN	88,825
Swedish Krona	SEK	15,100

We forecast our net exposure in various receivables and payables to fluctuations in the value of various currencies, and we enter into foreign currency forward contracts to mitigate that exposure. We enter into approximately 20 foreign currency fair value hedges every month. As of March 31, 2017, we had entered into foreign currency forward contracts related to those balance sheet accounts with the following notional amounts (in thousands and in local currencies):

Currency	Symbol	Forward Notional Amount
Euro	EUR	23,215
British Pound	GBP	824
Chinese Yuan Renminbi	CNY	40,300
Mexican Peso	MXN	14,374
Brazilian Real	BRL	3,700
Australian Dollar	AUD	4,742
Hong Kong Dollar	HKD	11,000
Swiss Franc	CHF	240
Swedish Krona	SEK	3,561
Canadian Dollar	CAD	1,320
Singapore Dollar	SGD	3,900
Japanese Yen	JPY	106,000
South Korean Won	KRW	1,500,000

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

The fair value of derivative instruments on a gross basis is as follows (in thousands):

	As of March 31, 2017				As of December 31, 2016
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Assets
Interest rate swaps	Prepaid expenses and other assets (current)	$	334		N/A
Interest rate swaps	Other assets (long-term)	5,042			Other assets (long-term)	$	4,991
Foreign currency forward contracts	Prepaid expenses and other assets (current)	298			Prepaid expenses and other assets	116
Foreign currency forward contracts	Other assets (long-term)	88			Other assets (long-term)	18
(Liabilities)
Foreign currency forward contracts	Accrued Expenses (current)	$	(119	)	Accrued Expenses	$	(275	)
Foreign currency forward contracts	Other long-term obligations	(17		)	Other long-term obligations	(18		)
Derivatives not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets (current)	$	134		Prepaid expenses and other assets (current)	$	220
(Liabilities)
Foreign currency forward contracts	Accrued Expenses (current)	(340		)	Accrued Expenses (current)	(171		)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Derivative instruments designated as cash flow hedges had the following effects, before income taxes, on other comprehensive income and net earnings in our consolidated statements of earnings, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss) recognized in OCI						Amount of Gain/(Loss) reclassified from AOCI
	Three months ended March 31,						Three months ended March 31,
	2017		2016				2017			2016
Derivative instrument						Location in statements of income
Interest rate swaps	$	385	$	(729	)	Interest Expense	$	(104	)	$	(245	)
Foreign currency forward contracts	388		—			Revenue	1			—
						Cost of goods sold	(65		)	—

Derivative Instruments, Gain (Loss)

The following gains/(losses) from these derivative instruments were recognized in our consolidated statements of income for the periods presented (in thousands):

		Three months ended March 31,
		2017			2016
Derivative Instrument	Location in statements of income
Foreign currency forward contracts	Other (expense)	$	(858	)	$	(343	)