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Financial Instruments and Risk Management (Tables)

6 Months Ended

Jun. 30, 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)						June 30, 2021						December 31, 2020						June 30, 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts						$	530,840					$	417,707					$	381,599
Derivative instruments not designated as cash flow hedges:
Currency forward contracts						258,377						326,280						223,500

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						June 30, 2021						December 31, 2020						June 30, 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						$	1,850					$	947					$	10,839
Currency forward contracts			Other non-current assets						6,772						1,126						6,775
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						7,351						7,573						80
Currency forward contracts			Other long-term liabilities						2,396						6,590						—
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						1,578						1,650						4,641
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						1,830						2,268						524

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

									Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			Statement Of Operations Classification						2021						2020						2021						2020
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax			—						$	(3,903)					$	(3,347)					$	5,376					$	11,015
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Net sales						(111)						165						(11)						43
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Cost of sales						(348)						1,826						424						4,621
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance			Other non-operating income (expense), net						—						6						106						1,117
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income			Other non-operating income (expense), net						(1,619)						(319)						(722)						1,330

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- References

No definition available.

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- Definition

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
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

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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