XML 51 R28.htm IDEA: XBRL DOCUMENT v3.21.1

Derivatives and Risk Management (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 were as follows (in thousands):

Description of Derivative Contract						March 31, 2021						December 31, 2020
FX derivative contracts to be exchanged for British Pounds						$	10,214					$	9,545
FX derivative contracts to be exchanged for Japanese Yen						16,209						18,637
FX derivative contracts to be exchanged for Euros						41,325						47,444
						$	67,748					$	75,626

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 12 months are as follows (in thousands):

Description of Derivative Contract						After-Tax Net Gain in AOCI as of March 31, 2021						After-Tax Net Gain in AOCI as of Amount Expected to be Reclassified to Earnings in Next 12 Months
FX derivative contracts						$	1,249					$	1,249

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 March 31,
												2021												2020
Description of Derivative Contract						Location in Earnings of Reclassified Gain or Loss						Losses Recognized in OCI						(Losses) Gains Reclassified from AOCI to Earnings						Losses Recognized in OCI						Losses Reclassified from AOCI to Earnings
FX derivative contracts						Foreign exchange and other losses						$	(2,223)					$	(1,496)					$	(2,080)					$	(605)
FX derivative contracts						SG&A						—						685						—						(91)
Interest rate swap contracts						Interest expense						—						—						—						(28)
												$	(2,223)					$	(811)					$	(2,080)					$	(724)

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):

March 31, 2021						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						$	1,048					Accrued liabilities						$	724
FX derivative contracts						Accrued liabilities						331
Total derivatives designated as hedging instruments												1,379												724
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts																		Accrued liabilities						36
FX derivative contracts						Prepaid expenses and other current assets						863						Accrued liabilities						705
Capped call derivatives						Other assets						84,852
Embedded exchange feature																		Long-term derivative liability						148,091
Other derivatives																		Accrued liabilities						931
Other derivatives																		Long-term derivative liability						192
Total derivatives not designated as hedging instruments												85,715												149,955
Total derivatives												$	87,094											$	150,679

December 31, 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						$	1,998					Accrued liabilities						$	14
FX derivative contracts						Accrued liabilities						895
Total derivatives designated as hedging instruments												2,893												14
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts																		Accrued liabilities						74
FX derivative contracts						Prepaid expenses and other current assets						55						Accrued liabilities						4,073
Capped call derivatives						Long-term derivative assets						72,302
Embedded exchange feature																		Long-term derivative liability						121,756
Other derivatives																		Accrued liabilities						4,106
Other derivatives																		Long-term derivative liability						184
Total derivatives not designated as hedging instruments												72,357												130,193
Total derivatives												$	75,250											$	130,207

(1)For the classification of inputs used to evaluate the fair value of our derivatives, refer to “Note 5. 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