Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The fair value of derivative instruments on a gross basis was as follows on the dates indicated (in thousands):

		Fair Value
Derivative instruments designated as hedging instruments	Balance Sheet Location	September 30, 2020		December 31, 2019
Assets
Interest rate swaps	Other assets (long-term)	$	—	$	1,192
Foreign currency forward contracts	Prepaid expenses and other assets		872		1,663
Foreign currency forward contracts	Other assets (long-term)		139		466
(Liabilities)
Interest rate swaps	Accrued expenses		(1,322)		—
Interest rate swaps	Other long-term obligations		(3,593)		(290)
Foreign currency forward contracts	Accrued expenses		(2,899)		(1,813)
Foreign currency forward contracts	Other long-term obligations		(254)		(764)
Derivative instruments not designated as hedging instruments
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	1,314	$	318
(Liabilities)
Foreign currency forward contracts	Accrued expenses		(1,066)		(1,678)

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 (“OCI”), accumulated other comprehensive income (“AOCI”), and net earnings in our consolidated statements of income (loss), consolidated statements of comprehensive income (loss) and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss)					Consolidated Statements				Amount of Gain/(Loss)
	Recognized in OCI					of Income (Loss)				Reclassified from AOCI
	Three Months Ended September 30,					Three Months Ended September 30,				Three Months Ended September 30,
Derivative instrument	2020		2019		Location in statements of income	2020			2019	2020			2019
Interest rate swaps	$	(30)	$	(186)	Interest expense	$	(2,197)	$	(3,415)	$	(425)	$	520
Foreign currency forward contracts		(1,324)		505	Revenue		243,975		243,049		157		118
					Cost of sales		(141,961)		(138,913)		(494)		(112)

	Amount of Gain/(Loss)					Consolidated Statements				Amount of Gain/(Loss)
	Recognized in OCI					of Income (Loss)				Reclassified from AOCI
	Nine Months Ended September 30,					Nine Months Ended September 30,				Nine Months Ended September 30,
Derivative instrument	2020		2019		Location in statements of income	2020			2019	2020			2019
Interest rate swaps	$	(6,256)	$	(2,855)	Interest expense	$	(8,056)	$	(9,295)	$	(439)	$	1,716
Foreign currency forward contracts		(2,596)		555	Revenue		705,871		736,930		666		220
					Cost of sales		(415,857)		(416,194)		(1,204)		(298)

Derivative Instruments, Gain (Loss)

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

		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instrument	Location in statements of income (loss)	2020		2019		2020		2019
Foreign currency forward contracts	Other income (expense)	$	(1,294)	$	2,402	$	1,051	$	1,647