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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | 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 June 30, 2018, 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 | 8,400 |
Brazilian Real | BRL | 8,500 |
Canadian Dollar | CAD | 3,098 |
Swiss Franc | CHF | 255 |
Chinese Renminbi | CNY | 95,228 |
Danish Krone | DKK | 2,885 |
Euro | EUR | 25,861 |
British Pound | GBP | 1,584 |
Hong Kong Dollar | HKD | 11,000 |
Japanese Yen | JPY | 260,000 |
Korean Won | KRW | 2,700,000 |
Mexican Peso | MXN | 18,700 |
Swedish Krona | SEK | 10,536 |
Singapore Dollar | SGD | 6,900 |
We enter into approximately 100 cash flow foreign currency hedges every month. As of June 30, 2018, 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 | 2,410 |
Swiss Franc | CHF | 1,158 |
Chinese Renminbi | CNY | 66,000 |
Danish Krone | DKK | 11,650 |
Euro | EUR | 12,870 |
British Pound | GBP | 2,975 |
Mexican Peso | MXN | 94,275 |
Swedish Krona | SEK | 13,830 |
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 |  | June 30, 2018 |  | December 31, 2017
Derivatives designated as hedging instruments |  |  |  |
Assets |  |  |  |  |  |
Interest rate swap |  | Other assets (long-term) |  | $ | 8,047 |  |  | $ | 5,749 |
Foreign currency forward contracts |  | Prepaid expenses and other assets |  | 700 |  |  | 363 |
Foreign currency forward contracts |  | Other assets (long-term) |  | 83 |  |  | 35 |
Liabilities |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses |  | (231 | ) |  | (468 | )
Foreign currency forward contracts |  | Other long-term obligations |  | (38 | ) |  | (82 | )
Derivatives not designated as hedging instruments |  |  |  |
Assets |  |  |  |  |  |
Foreign currency forward contracts |  | Prepaid expenses and other assets |  | $ | 1,097 |  |  | $ | 223 |
Liabilities |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses |  | (228 | ) |  | (841 | )
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 income, 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
| Three Months Ended June 30, |  |  | Three Months Ended June 30,
| 2018 | 2017 |  |  | 2018 | 2017
Derivative instrument |  |  | Location in statements of income
Interest rate swaps | $ | 748 |  | $ | (893 | ) |  | Interest Expense | $ | 357 |  | $ | — |
Foreign currency forward contracts | 394 |  | 353 |  |  | Revenue | (234 | ) | (41 | )
|  |  |  | Cost of sales | 138 |  | 28 |
| Amount of Gain/(Loss) recognized in OCI |  |  | Amount of Gain/(Loss) reclassified from AOCI
| Six Months Ended June 30, |  |  | Six Months Ended June 30,
| 2018 | 2017 |  |  | 2018 | 2017
Derivative instrument |  |  | Location in statements of income
Interest rate swaps | 2,868 |  | (507 | ) |  | Interest Expense | 570 |  | (104 | )
Foreign currency forward contracts | 568 |  | 741 |  |  | Revenue | (385 | ) | (40 | )
|  |  |  | Cost of sales | 378 |  | (37 | )
Derivative Instruments, Gain (Loss) | The following gains/(losses) from these derivative instruments were recognized in our consolidated statements of income for the periods presented (in thousands):
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2018 | 2017 |  | 2018 | 2017
Derivative Instrument |  | Location in statements of income |  |  |  |  |  |
Foreign currency forward contracts |  | Other expense |  | $ | 3,153 |  | $ | (1,834 | ) |  | $ | 2,038 |  | $ | (2,692 | )

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