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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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)												March 31,						December 31,
Balance Sheet Location						Hedge Instrument Type						2023						2022
Prepaid and other assets						Foreign exchange forward						$	6,078					$	7,393
						Interest rate swap						344						—
Other assets						Foreign exchange forward						87						1,341
Accrued expenses and other liabilities						Foreign exchange forward						3,817						4,710
						Interest rate swap						17						—
Other noncurrent liabilities						Foreign exchange forward						505						344
						Interest rate swap						699						—

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
												March 31,
(in thousands)																		2023						2022
Type of hedge
Foreign exchange forward																		$	(477)					$	3,076
Interest rate swap																		(356)						—
Total																		$	(833)					$	3,076

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
												March 31,
(in thousands)																		2023						2022
Location of gain (loss) in statements of operations
Foreign exchange forward:
Cost of goods sold																		$	5,196					$	1,355
Selling, general and administrative (1)																		210						675
Total																		$	5,406					$	2,030
Interest Rate Swap:
Interest expense, net																		$	15					$	—
Total																		$	15					$	—

_______________________________________________________________________________

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

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- References

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

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)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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