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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Hedge Instruments on the Unaudited Condensed Consolidated Balance Sheets

The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:

(in thousands)												September 30,						December 31,
Balance Sheet Location						Hedge Instrument Type						2021						2020
Prepaid and other assets						Foreign exchange forward						$	3,666					$	1,166
Other assets						Foreign exchange forward						831						30
Accrued expenses and other liabilities						Foreign exchange forward						1,614						6,400
						Interest rate swap						—						1,571
Other noncurrent liabilities						Foreign exchange forward						92						985

Schedule of Effect of Hedge Instruments on Accumulated Other Comprehensive Loss, Net of Tax

The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:

						Three months ended												Nine months ended
						September 30,												September 30,
(in thousands)						2021						2020						2021						2020
Type of hedge
Foreign exchange forward						$	(144)					$	(2,711)					$	4,908					$	1,119
Interest rate swap						—						3						(8)						(2,219)
Total						$	(144)					$	(2,708)					$	4,900					$	(1,100)

Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations

The hedge instrument gain (loss) recognized on the unaudited condensed consolidated statements of operations was as follows:

						Three months ended												Nine months ended
						September 30,												September 30,
(in thousands)						2021						2020						2021						2020
Location of gain (loss) in statement of operations
Foreign exchange forward:
Cost of goods sold						$	(1,877)					$	2,216					$	(3,391)					$	3,990
Selling, general and administrative (1)(2)						430						(551)						1,063						(1,080)
Total						$	(1,447)					$	1,665					$	(2,328)					$	2,910
Interest Rate Swap:
Interest expense, net						$	—					$	(966)					$	(1,569)					$	(2,346)
Total						$	—					$	(966)					$	(1,569)					$	(2,346)

_______________________________________________________________________________

(1)    Relates to net gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.

(2)    Selling, general and administrative expense excludes net gains of $0.5 million reclassified out of accumulated other comprehensive loss, net of tax related to hedges deemed ineffective for the nine months ended September 30, 2020.

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- 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=125515794&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=125515794&loc=SL5624181-113959

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-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (b)
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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