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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative [Line Items] |
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 |  | September 30, 2018 |  | December 31, 2017
Derivatives designated as hedging instruments |  |  |  |  |  |
Assets |  |  |  |  |  |
Interest rate swap |  | Other assets (long-term) |  | $ | 8,284 |  | $ | 5,749
Foreign currency forward contracts |  | Prepaid expenses and other assets |  | 813 |  | 363
Foreign currency forward contracts |  | Other assets (long-term) |  | 161 |  | 35
Liabilities |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses |  | (240) |  | (468)
Foreign currency forward contracts |  | Other long-term obligations |  | (56) |  | (82)
Derivatives not designated as hedging instruments |  |  |  |  |  |
Assets |  |  |  |  |  |
Foreign currency forward contracts |  | Prepaid expenses and other assets |  | $ | 360 |  | $ | 223
Liabilities |  |  |  |  |  |
Foreign currency forward contracts |  | Accrued expenses |  | (475) |  | (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 September 30, |  |  |  | Three Months Ended September 30, |
| 2018 | 2017 |  |  | 2018 | 2017
Derivative instrument |  |  |  | Location in statements of income |  |
Interest rate swaps | $ | 664 | $ | 1 |  | Interest Expense | $ | 428 | $ | 96
Foreign currency forward contracts | 543 | 100 |  | Revenue | 86 | (101)
|  |  |  | Cost of sales | 26 | 250
| Amount of Gain/(Loss) Recognized in OCI |  |  |  | Amount of Gain/(Loss) Reclassified from AOCI |
| Nine Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2018 | 2017 |  |  | 2018 | 2017
Derivative instrument |  |  |  | Location in statements of income |  |
Interest rate swaps | $ | 3,532 | $ | (611) |  | Interest Expense | $ | 998 | $ | (8)
Foreign currency forward contracts | 1,112 | 841 |  | Revenue | (299) | (141)
|  |  |  | Cost of sales | 404 | 213
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 September 30, |  |  |  | Nine Months Ended September 30, |  |
|  |  |  | 2018 |  | 2017 |  | 2018 |  | 2017
Derivative Instrument |  | Location in statements of income |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | Other expense |  | $ | 1,143 |  | $ | (1,459) |  | $ | 3,181 |  | $ | (4,150)
Designated as hedging instrument |
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions | We enter into approximately 150 cash flow foreign currency hedges every month. As of September 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 | 2,460
Swiss Franc | CHF | 1,215
Chinese Renminbi | CNY | 60,000
Danish Krone | DKK | 10,835
Euro | EUR | 12,270
British Pound | GBP | 3,355
Japanese Yen | JPY | 330,000
Mexican Peso | MXN | 93,575
Swedish Krona | SEK | 12,780
Not designated as hedging instrument |
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 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 | 11,150
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

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