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Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
As part of our currency exchange rate risk management strategy, we may enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the unaudited Condensed Consolidated Statement of Income. The notional amount of open forward contracts was $86.9 million and $74.9 million at September 30, 2020, and December 31, 2019, respectively.
The following table presents the unaudited Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments:
(In thousands)September 30, 2020December 31, 2019
Derivatives not designated as hedging instruments:
Foreign exchange contracts: Warranty reserve and other current liabilities$79 $125 
Foreign exchange contracts: Prepaid expenses and other current assets68 687 
The following table presents the unaudited Condensed Consolidated Statement of Income location and impact of derivative financial instruments:
  (Gain) Loss Recognized in Income
  Nine Months Ended September 30,
(In thousands)Statement of Income Location20202019
Derivatives not designated as hedging instruments:
Foreign exchange contractsCurrency exchange losses (gains), net$(4,226)$4,647