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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Primary Net Hedging Positions and Corresponding Fair Values
The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of December 31, 2019 and December 31, 2018
:
                 
 
December 31, 2019
 
Currency Hedged (Buy/Sell)
 
Gross Notional
Value
 
  
Fair Value
(1)
 
U.S. Dollar/Japanese Yen
  $
45,899
    $
43
 
U.S. Dollar/South Korean Won
   
51,733
     
167
 
U.S. Dollar/Euro
   
15,670
     
221
 
U.S. Dollar/U.K. Pound Sterling
   
8,279
     
(166
 )
U.S. Dollar/Taiwan Dollar
   
33,093
     
(450
 )
                 
Total
  $
154,674
    $
(185
 )
                 
 
 
 
 
 
 
 
 
 
 
 
                 
 
December 31, 2018
 
Currency Hedged (Buy/Sell)
 
Gross Notional
Value
 
  
Fair Value
(1)
 
U.S. Dollar/Japanese Yen
  $
43,770
    $
(478
 )
U.S. Dollar/South Korean Won
   
59,149
     
570
 
U.S. Dollar/Euro
   
23,515
     
688
 
U.S. Dollar/U.K. Pound Sterling
   
11,827
     
323
 
U.S. Dollar/Taiwan Dollar
   
21,133
     
214
 
                 
Total
  $
159,394
    $
1,317
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents the (payable) receivable amount included in the consolidated balance sheet.
 
 
 
 
Summary of Fair Value Amounts of Company's Derivative Instruments
The following table provides a summary of the fair value amounts of the Company’s derivative instruments:
                 
 
Years Ended December 31,
 
Derivatives Designated as Hedging Instruments
 
        2019        
 
  
        2018        
 
Derivative asset:
   
     
 
Forward exchange contracts(1)
  $
1,074
    $
2,485
 
Foreign currency interest rate hedge(2)
 
 
843
 
 
 
6,083
 
Derivative liability:
 
 
  
 
 
 
  
 
Forward exchange contracts(1)
   
(1,259
 )    
(1,168
 )
Foreign currency interest rate hedge(2)
   
(6,510
 )    
—
 
                 
Total net derivative (liability) asset designated as hedging instruments
  $
(5,852
 )   $
7,400
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The derivative asset of $1,074 and derivative liability of $1,259
related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2019. The derivative asset of
$2,485
and derivative liability of
$1,168
related to the forward foreign exchange contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2018. These forward foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)
The foreign currency interest rate hedge asset of
 
$843
is classified in other current assets in the consolidated balance sheet as of December 31, 2019. The foreign currency interest rate hedge liability of
 
$6,510
is classified in other non-current liabilities in the consolidated balance sheet as of December 31, 2019. The foreign currency rate hedge asset of $6,083 is classified in other assets in the consolidated balance sheet as of December 31, 2018.
 
 
 
 
 
 
 
 
 
 
 
Summary of Gains (Losses) on Derivatives Designated as Cash Flow Hedging Instruments
                         
Derivatives Designated as Cash Flow Hedging Instruments
 
Years Ended December 31,
 
2019
 
  
2018
 
  
2017
 
Forward exchange contracts:
   
     
     
 
Net (loss) gain recognized in OCI, net of tax(1)
  $
(10,013
 )    $
4,942
    $
(4,568
 )
Net gain (loss) reclassified from OCI into income(2)
  $
5,658
     $
 
(3,367
 )   $
 
(2,685
 )
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Net change in the fair value of the effective portion classified in OCI.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Effective portion classified
in
 cost of products.
 
 
 
 
Summary of Losses on Derivatives Not Designated as Cash Flow Hedging Instruments
The following table provides a summary of losses on derivatives not designated as cash flow hedging instruments:
 
Years Ended December 31,
 
Derivatives Not Designated as Hedging Instruments
  
    2019    
 
  
    2018    
 
  
    2017    
 
Forward exchange contracts:
   
     
     
 
Net (loss)
gain
recognized in income(1)
  $
(1,314
 )   $
  105
    $
(3,416
 )
 
(1) The Company enters into forward foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as cash flow hedging instruments and gains or losses from these derivatives are recorded immediately in other expense, net in 2019, 2018 and 2017.