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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Results | The following table illustrates the disclosure in tabular format of fair value amounts of derivative instruments at September 30, 2021 and December 31, 2020 (in thousands):
|  | Derivative Assets |  |  | Derivative Liabilities |  |
|  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020 |  |  |  |
Designated derivatives |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 605 |  |  |  | $ | — |  |  |  | $ | 100 |  |  |  | $ | 9,611 |  |  |  |  |
Total derivatives | $ | 605 |  |  |  | $ | — |  |  |  | $ | 100 |  |  |  | $ | 9,611 |  |  |  |  |
The following table presents the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands):
| Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative |  | Location of Gain or (Loss) Reclassified from AOCI into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
| Three Months Ended September 30, |  |  | Three Months Ended September 30,
| 2021 |  | 2020 |  |  | 2021 |  | 2020
Interest rate contracts | $ | — |  |  | $ | 1,099 |  |  | Interest expense |  | $ | — |  |  | $ | (1,243) |
Interest rate contracts | — |  |  | — |  |  | Loss on debt extinguishment, modifications and termination of derivative instruments(1) |  | (627) |  |  | — |
Foreign exchange contracts | 5,094 |  |  | (7,196) |  |  | Other, net |  | 5,477 |  |  | (3,807) |
Foreign exchange contracts | — |  |  | — |  |  | Interest expense |  | (3) |  |  | (43) |
Total designated cash flow hedges | $ | 5,094 |  |  | $ | (6,097) |  |  |  |  | $ | 4,847 |  |  | $ | (5,093) |
(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2021, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
| Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative |  | Location of Gain or (Loss) Reclassified from AOCI into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
| Nine Months Ended September 30, |  |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  |  | 2021 |  | 2020
Interest rate contracts | $ | — |  |  | $ | (16,895) |  |  | Interest expense |  | $ | — |  |  | $ | (2,181) |
Interest rate contracts | — |  |  | — |  |  | Loss on debt extinguishment, modifications and termination of derivative instruments(1) |  | (2,055) |  |  | — |
Foreign exchange contracts | 10,116 |  |  | 1,168 |  |  | Other, net |  | 9,436 |  |  | 77 |
Foreign exchange contracts | — |  |  | — |  |  | Interest expense |  | (142) |  |  | 164 |
Foreign exchange forwards | — |  |  | 5,250 |  |  |  |  |  |  |
Total designated cash flow hedges | $ | 10,116 |  |  | $ | (10,477) |  |  |  |  | $ | 7,239 |  |  | $ | (1,940) |
(1) In conjunction with the termination of the interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of September 30, 2021, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
Schedule of Gross Presentation, Effects of Offsetting and a Net Presentation of Derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
September 30, 2021
Offsetting of Derivative Assets |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet |  |
| Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets presented in the Condensed Consolidated Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives | $ | 605 |  |  | $ | — |  |  | $ | 605 |  |  | $ | (100) |  |  | $ | — |  |  | $ | 505 |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet |  |
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives | $ | (100) |  |  | $ | — |  |  | $ | (100) |  |  | $ | 100 |  |  | $ | — |  |  | $ | — |
December 31, 2020
Offsetting of Derivative Assets |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet |  |
| Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets presented in the Condensed Consolidated Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheet |  |
| Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheet |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives | $ | 9,611 |  |  | $ | — |  |  | $ | 9,611 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,611 |

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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=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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