XML 44 R30.htm IDEA: XBRL DOCUMENT v3.20.2

Derivatives and Risk Management (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Derivative Contracts Designated Cash Flow Hedges

The gross notional amounts of open derivative contracts designated as cash flow hedges at September 30, 2020 and December 31, 2019 were as follows (in thousands):

Description of Derivative Contract						September 30, 2020						December 31, 2019
FX derivative contracts to be exchanged for British Pounds						$	7,610					$	10,128
FX derivative contracts to be exchanged for Japanese Yen						16,023						25,342
FX derivative contracts to be exchanged for Euros						36,553						48,838
Interest rate swap contracts (1)						—						22,442
						$	60,186					$	106,750

(1)Interest rate swap contracts were de-designated upon the repayment of the 2014 European Investment Bank loan. Refer to “Note 8. Financing Arrangements.”

Schedule of Cash Flow Hedges Included in AOCI

After-tax net loss associated with derivatives designated as cash flow hedges recorded in the ending balance of AOCI and the amount expected to be reclassified to earnings in the next twelve months are as follows (in thousands):

Description of Derivative Contract						After-Tax Net Gain in AOCI as of September 30, 2020						After-Tax Net Gain in AOCI as of Amount Expected to be Reclassified to Earnings in Next 12 Months
FX derivative contracts						$	1,512					$	1,512

Pre-tax gains (losses) for derivative contracts designated as cash flow hedges recognized in other comprehensive income (loss) (“OCI”) and the amount reclassified to earnings from AOCI were as follows (in thousands):

												Three Months Ended September 30,
												2020												2019
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Gains Recognized in OCI						(Losses) Gains Reclassified from AOCI to Earnings						Losses Recognized in OCI						Gains (Losses) Reclassified from AOCI to Earnings
FX derivative contracts						Foreign exchange and other gains (losses)						$	1,482					$	(692)					$	(689)					$	963
FX derivative contracts						SG&A						—						534						—						(742)
Interest rate swap contracts						Interest expense						—						—						—						(40)
												$	1,482					$	(158)					$	(689)					$	181

												Nine Months Ended September 30,
												2020												2019
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Gains Recognized in OCI						(Losses) Gains Reclassified from AOCI to Earnings						Gains Recognized in OCI						Gains (Losses) Reclassified from AOCI to Earnings
FX derivative contracts						Foreign exchange and other gains (losses)						$	632					$	(777)					$	933					$	3,094
FX derivative contracts						SG&A						—						209						—						(1,470)
Interest rate swap contracts						Interest expense						—						(113)						—						(26)
												$	632					$	(681)					$	933					$	1,598

Schedule of Fair Value of Derivative Instruments in Statement of Financial Position

The following tables present the fair value and the location of derivative contracts reported on the condensed consolidated balance sheets (in thousands):

September 30, 2020

Asset Derivatives

Liability Derivatives

Derivatives Designated as Hedging Instruments

Balance Sheet Location

Fair Value (1)

Balance Sheet Location

Fair Value (1)

FX derivative contracts

Prepaid expenses and other current assets

$

1,775

FX derivative contracts

Accrued liabilities

12

Total derivatives designated as hedging instruments

1,787

Derivatives Not Designated as Hedging Instruments

Interest rate swap contracts

Accrued liabilities

$

139

FX derivative contracts

Prepaid expenses and other current assets

4,052

Accrued liabilities

51

FX derivative contracts

Prepaid expense and other current assets

34

Capped call derivatives

Other assets

38,999

Embedded exchange feature

Long-term derivative liability

59,398

Other derivatives

Accrued liabilities

1,160

Other derivatives

Long-term derivative liability

190

Total derivatives not designated as hedging instruments

43,051

60,972

Total derivatives

$

44,838

$

60,972

December 31, 2019						Asset Derivatives												Liability Derivatives
Derivatives Designated as Hedging Instruments						Balance Sheet Location						Fair Value (1)						Balance Sheet Location						Fair Value (1)
Interest rate swap contracts																		Accrued liabilities						$	313
Interest rate swap contracts																		Long-term derivative liability						61
FX derivative contracts						Prepaid expenses and other current assets						$	148					Accrued liabilities						169
FX derivative contracts						Accrued liabilities						387
Total derivatives designated as hedging instruments												535												543
Derivatives Not Designated as Hedging Instruments
FX derivative contracts						Accrued liabilities						26						Accrued liabilities						3,104
FX derivative contracts																		Prepaid expenses and other current assets						33
Total derivatives not designated as hedging instruments												26												3,137
Total derivatives												$	561											$	3,680

(1)For the classification of inputs used to evaluate the fair value of our derivatives, refer to “Note 7. Fair Value Measurements.”

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration