Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.20.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedging derivatives on the Balance Sheet
The table below presents the fair value of the derivative instruments designated as cash flow hedges as well as their classification in the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019:
 
 
 
Fair Value at
 
Balance Sheet Location
 
March 31, 2020
 
December 31, 2019
 
 
 
(in thousands)
Derivatives designated as cash flow hedging instruments:
 
 
 
 
 
Assets:
 
 
 
 
 
Foreign currency forward contracts
Other current assets
 
70

 
217

Total derivative assets
 
 
$
70

 
$
217

Liabilities:
 
 
 
 
 
Interest rate swaps
Other long-term liabilities
 
$
6,540

 
$
2,193

Foreign currency forward contracts
Other current liabilities
 
302

 
14

Total derivative liabilities
 
 
$
6,842

 
$
2,207


Gain (loss) on Derivatives
The tables below present the amount of gains and losses related to the derivative instruments and their location in the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019, in thousands:
Derivatives Designated as Cash Flow Hedges
 
Gain (Loss) Recognized in OCI
 
 
 
Gain (Loss) Recognized in Income
Three months ended March 31,
 
2020
2019
 
Location of Gain (Loss) Recognized in Income
 
2020
2019
Swap agreements, net of tax
 
$
(3,275
)
$
(586
)
 
Interest expense and other
 
$
(156
)
$
220

Foreign currency forward contracts, net of tax
 
(274
)

 
Cost of revenue and operating expenses
 
22