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Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets

The following table summarizes the fair value of the Company's derivative instruments as well as the location of the asset and/or liability on the consolidated condensed balance sheets at September 30, 2021 and December 31, 2020 (in thousands):

			Balance Sheet Location						Fair Value of Asset Derivatives
									September 30, 2021						December 31, 2020
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts			Other current assets						$	1,109					$	37
Derivatives not designated as hedging instruments:
Foreign currency forward contracts			Other current assets						3,746						53
Total asset position									$	4,855					$	90

			Balance Sheet Location						Fair Value of Liability Derivatives
									September 30, 2021						December 31, 2020
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts			Accounts payable and accrued expenses						$	7					$	38
Interest rate hedge contracts			Accounts payable and accrued expenses						4,752						4,780
Interest rate hedge contracts			Other long-term liabilities						7,472						13,142
									12,231						17,960
Derivatives not designated as hedging instruments:
Foreign currency forward contracts			Accrued AP and expenses						463						1,515
Total liability position									$	12,694					$	19,475

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables summarize the net effect of all cash flow hedges on the consolidated condensed financial statements for the three and nine months ended September 30, 2021 and 2020 (in thousands):

						Gain/(Loss) Recognized in Other Comprehensive Income (Effective Portion)
						Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments						2021						2020						2021						2020
Foreign currency forward contracts						$	131					$	(1,070)					$	2,196					$	904
Cross-currency debt swap agreements						—						—						—						15,081
Interest rate hedge agreements						(146)						(100)						2,082						(13,261)
						$	(15)					$	(1,170)					$	4,278					$	2,724

						Gain/(Loss) Reclassified from Other Comprehensive Income into Earnings (Effective Portion)
						Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments						2021						2020						2021						2020
Foreign currency forward contracts						$	662					$	621					$	628					$	1,493
Cross-currency debt swap agreements						—						—						—						18,510
Interest rate hedge agreements						(1,217)						(1,198)						(3,608)						(2,644)
						$	(555)					$	(577)					$	(2,980)					$	17,359

Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type

The following table summarizes the location of net gains and losses in the consolidated condensed statements of operations that were recognized during the three and nine months ended September 30, 2021 and 2020, respectively, in addition to the derivative contract type (in thousands):

						Location of Net Gain (Loss) Recognized in Income on Derivative Instruments						Amount of Net Gain (Loss) Recognized in Income on  Derivative Instruments
Derivatives not designated as hedging instruments												Three Months Ended September 30,												Nine Months Ended September 30,
												2021						2020						2021						2020
Foreign currency forward contracts						Other income, net						$	2,792					$	(4,639)					$	11,822					$	622

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- References

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ 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 (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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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=121590274&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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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.

+ 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
-Subparagraph (c)(1)
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