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Financial instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial instruments
Foreign currency forward contracts
We use derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flows hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. We enter into the non-designated foreign currency forward contracts for periods consistent with its currency exposures, which generally approximate one month. For the years ended December 31, 2020 and 2019, we recognized losses related to non-designated foreign currency forward contracts of $1.8 million and $3.8 million, respectively.
The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 and 2019 was $129.5 million and $132.0 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of December 31, 2020 and 2019 was $163.5 million and $145.1 million, respectively. All open foreign currency forward contracts as of December 31, 2020 have durations of 12 months or less.
Cross-currency interest rate swaps
During 2019, we entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $250 million at an annual interest rate of 4.8750% for €219.2 million at an annual interest rate of 2.4595%. The swap agreements are designed as net investment hedges and expire on March 4, 2024.
During 2018, we entered into cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $500 million at an annual interest rate of 4.625% for €433.9 million at an annual interest rate of 1.942%. The swap agreements are designated as net investment hedges and expire on October 4, 2023.
The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement.
The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of accumulated other comprehensive income (loss) ("AOCI") while the accrued interest is recognized in interest expense in the statement of operations. For the years ended December 31, 2020 and 2019, we recognized a foreign exchange loss of $37.3 million and a gain of $20.8 million, respectively, in foreign currency translation adjustments within AOCI related to the cross-currency swaps. For the years ended December 31, 2020 and 2019, we recognized $14.5 million and $18.9 million, respectively, in interest benefit related to the cross-currency swaps.
Balance sheet presentation
The following table presents the locations in the consolidated balance sheets and fair value of derivative instruments as of December 31, 2020 and 2019:
December 31, 2020December 31, 2019
Asset derivatives:
Designated foreign currency forward contracts$1,691 $1,659 
Non-designated foreign currency forward contracts61 192 
Cross-currency interest rate swap20,106 21,575 
Prepaid expenses and other current assets21,858 23,426 
Cross-currency interest rate swap — 13,066 
Other assets— 13,066 
Total asset derivatives$21,858 $36,492 
Liability derivatives:
Designated foreign currency forward contracts$1,504 $1,285 
Non-designated foreign currency forward contracts366 102 
Other current liabilities1,870 1,387 
Cross-currency interest rate swap34,125 — 
Other liabilities34,125 — 
Total liability derivatives$35,995 $1,387 
See Note 13 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax.
For the years ended December 31, 2020, 2019 and 2018, there was no ineffectiveness related to our hedging derivatives.