Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

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 of Derivative Instruments Designated as Hedging Instruments	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Interest rate swaps	Other assets (long-term)	$	1,161	$	—
Foreign currency forward contracts	Prepaid expenses and other assets		1,778		1,326
Foreign currency forward contracts	Other assets (long-term)		293		179
(Liabilities)
Interest rate swaps	Other long-term obligations		—		(1,447)
Foreign currency forward contracts	Accrued expenses		(2,569)		(2,288)
Foreign currency forward contracts	Other long-term obligations		(644)		(502)
Fair Value of Derivative Instruments Not Designated as Hedging Instruments	Balance Sheet Location	March 31, 2022		December 31, 2021
Assets
Foreign currency forward contracts	Prepaid expenses and other assets	$	1,327	$	736
(Liabilities)
Foreign currency forward contracts	Accrued expenses		(1,505)		(856)

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, consolidated statements of comprehensive income and consolidated balance sheets (in thousands):

	Amount of Gain/(Loss)					Consolidated Statements				Amount of Gain/(Loss)
	Recognized in OCI					of Income				Reclassified from AOCI
	Three Months Ended March 31,					Three Months Ended March 31,				Three Months Ended March 31,
Derivative instrument	2022		2021		Location in statements of income	2022			2021	2022			2021
Interest rate swaps	$	2,314	$	721	Interest expense	$	(1,002)	$	(1,537)	$	(294)	$	(432)
Foreign currency forward contracts		(270)		516	Revenue		275,415		248,913		(386)		(1,602)
					Cost of sales		(154,508)		(137,019)		(183)		350

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 March 31,
Derivative Instrument	Location in statements of income	2022		2021
Foreign currency forward contracts	Other income (expense)	$	(1,112)	$	229