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Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross Notional Amount of Outstanding Derivatives

The following table presents the gross notional amount of outstanding derivative instruments:

(in thousands)						March 31, 2021						December 31, 2020						March 31, 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts						$	484,176					$	417,707					$	458,823
Derivative instruments not designated as cash flow hedges:
Currency forward contracts						219,961						326,280						205,030

Balance Sheet Classification and Fair Value of Derivative Instruments

The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands)			Balance Sheet Classification						March 31, 2021						December 31, 2020						March 31, 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						$	2,438					$	947					$	18,945
Currency forward contracts			Other non-current assets						6,159						1,126						10,520
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						4,908						7,573						231
Currency forward contracts			Other long-term liabilities						2,337						6,590						—
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						1,759						1,650						4,449
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						1,793						2,268						978

Effect and Classification of Derivative Instruments

The following table presents the statement of operations effect and classification of derivative instruments:

									Three Months Ended March 31,
(in thousands)			Statement Of Operations Classification						2021						2020
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive loss, net of tax			—						$	9,279					$	14,362
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Net sales						100						(122)
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Cost of sales						772						2,795
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance			Other non-operating income (expense), net						106						1,111
Derivative instruments not designated as cash flow hedges:
Gain recognized in income			Other non-operating income (expense), net						897						1,649

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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=121590274&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

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