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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of hedge instruments on the consolidated balance sheets

The fair value of hedge instruments recognized on the consolidated balance sheets was as follows:

(in thousands)				December 31, 2019				December 31, 2018
Balance Sheet Location		Hedge Instrument Type
Other current assets		Foreign exchange forward		$	4,549			$	6,116
Other noncurrent assets		Foreign exchange forward		1,109				1,015
Accrued expenses and other liabilities		Foreign exchange forward		2,561				578
		Interest rate swap		1,862				526
Other noncurrent liabilities		Foreign exchange forward		115				161
		Interest rate swap		789				925

Schedule of hedge instruments included in accumulated other comprehensive loss

The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:

	Gain (Loss) Recognized in Other Comprehensive Loss
	Year ended December 31,
(in thousands)	2019				2018				2017
Type of hedge
Foreign exchange forward	$	5,490			$	8,148			$	(15,558	)
Interest rate swap	(2,185		)		(1,926		)		—
	$	3,305			$	6,222			$	(15,558	)

 

Effect of hedge instruments in the consolidated statement of operations

The hedge instrument gain (loss) recognized on the consolidated statements of operations was as follows:

		Year ended December 31,
(in thousands)		2019				2018				2017
Location of gain (loss) in statement of operations
Foreign exchange forward:
Cost of goods sold		$	8,465			$	(1,410	)		$	1,329
Selling, general and administrative (1)		204				1,665				(2,732		)
Total		$	8,669			$	255			$	(1,403	)
Interest Rate Swap:
Interest expense, net		$	(989	)		$	(476	)		$	—
Total		$	(989	)		$	(476	)		$	—

^{_________________________________} 

⁽¹⁾ Relates to gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
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-Name Accounting Standards Codification
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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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