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Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2023

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)						September 30, 2023						December 31, 2022						September 30, 2022
Derivative instruments designated as cash flow hedges:
Currency forward contracts						$	548,424					$	514,365					$	459,189
Derivative instruments not designated as hedges:
Currency forward contracts						$	477,843					$	448,838					$	287,825

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						September 30, 2023						December 31, 2022						September 30, 2022
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						$	17,121					$	20,306					$	32,289
Currency forward contracts			Other non-current assets						6,511						7,153						13,919
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						972						1,249						—
Currency forward contracts			Other long-term liabilities						104						1,770						436
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts			Prepaid expenses and other current assets						4,485						3,027						2,912
Derivative instruments in liability positions:
Currency forward contracts			Accrued liabilities						1,389						2,533						1,514

Effect and Classification of Derivative Instruments

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

			Statement Of Operations Classification						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)									2023						2022						2023						2022
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive income (loss), net of tax			—						$	9,876					$	17,191					$	10,602					$	31,780
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Net sales						(236)						(28)						10						(204)
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion			Cost of sales						8,874						4,114						18,149						5,373
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance			Other non-operating income (expense), net						—						—						(2)						222
Derivative instruments not designated as cash flow hedges:
Gain recognized in income			Other non-operating income (expense), net						3,313						1,341						2,033						2,638

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A

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