Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the gross notional amounts of outstanding derivative instruments (in thousands):


	March 31,		December 31,
	2021		2020
Derivative instruments designated as cash flow hedges:
Interest Rate Swap	$	143,005	$	154,633
Derivative instruments designated as fair value hedges:
Currency Forward Contracts	198,333		226,667
Derivative instruments not formally designated as hedges:
Currency Forward Contracts	53,865		70,338

The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):


		March 31,		December 31,
	Classification	2021		2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Interest Rate Swap	Prepaid expense and other current assets	$	333	$	519

Derivative instruments in liability positions:
Interest Rate Swap	Other current liabilities	890		982
Interest Rate Swap	Other long-term liabilities	1,130		1,628

Derivative instruments designated as fair value hedges:



Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	5,043		13,295
Currency forward contracts	Other long-term liabilities	3,179		12,211

Derivative instruments not formally designated as hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	15,494		5,704
Derivative instruments in liability positions:
Currency forward contracts	Other current liabilities	4,831		506

The following table presents the statement of income classification of derivative instruments (in thousands):

Note 6. Derivative Financial Instruments - (Continued)


		Three Months Ended
		March 31,
	Classification	2021		2020
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax	Other comprehensive income (loss)	$	304	$	(1,117)
Loss reclassified from other comprehensive loss to earnings for the effective portion	Interest expense	222		171

Derivative instruments designated as fair value hedges:
Gain recognized in earnings for effective portion	Other income (loss), net	13,444		22,766
Gain recognized in income for amount excluded from effectiveness testing	Other income (loss), net	858		1,139
(Loss) gain recognized in other comprehensive income (loss), net of tax	Other comprehensive income (loss)	(882)		3,870

Derivative instruments not formally designated as hedges:
Loss recognized in earnings	Other income (loss), net	(5,686)		(12,890)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

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