Derivatives (Tables)

12 Months Ended

Dec. 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 December 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
Canadian Dollar	CAD	2,310
Swiss Franc	CHF	1,375
Chinese Renminbi	CNY	45,000
Danish Krone	DKK	14,470
Euro	EUR	9,165
British Pound	GBP	3,625
Mexican Peso	MXN	95,075
Swedish Krona	SEK	16,330

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 December 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
Australian Dollar	AUD	5,600
Brazilian Real	BRL	8,500
Canadian Dollar	CAD	2,076
Swiss Franc	CHF	242
Chinese Renminbi	CNY	22,990
Danish Krone	DKK	1,881
Euro	EUR	23,333
British Pound	GBP	1,868
Hong Kong Dollar	HKD	11,000
Japanese Yen	JPY	178,500
Korean Won	KRW	1,800,000
Mexican Peso	MXN	17,540
Swedish Krona	SEK	4,775
Singapore Dollar	SGD	5,023

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):

		Fair Value
	Balance Sheet Location	December 31, 2017			December 31, 2016
Derivatives designated as hedging instruments
Assets
Interest rates swaps	Other assets (long-term)	$	5,749		$	4,991
Foreign currency forward contracts	Prepaid expenses and other assets	363			116
Foreign currency forward contracts	Other assets (long-term)	35			18
Liabilities
Foreign currency forward contracts	Accrued expenses	(468		)	(275		)
Foreign currency forward contracts	Other long-term obligations	(82		)	(18		)
Derivatives not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	223		$	220
Liabilities
Foreign currency forward contracts	Accrued expenses	(841		)	(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
	Year ended December 31,								Year ended December 31,
	2017	2016			2015				2017		2016		2015
Derivative instrument								Location in statements of income
Interest rate swaps	$853	$	4,989		$	(571	)	Interest Expense	$95		(718	)	(1,103	)
Foreign currency forward contracts	491	(205		)	—			Revenue	(277	)	21		—
								Cost of goods sold	625		(26	)	—

Derivative Instruments, Gain (Loss)

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

		Year ended December 31,
		2017			2016		2015
Derivative Instrument	Location in statements of income
Foreign currency forward contracts	Other expense	$	(4,746	)	$	69	$	(302	)