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Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |  | December 31, 2023 |  | March 31, 2023
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |
Currency forward contracts |  | $ | 597,355 |  |  | $ | 634,676 |  |  | $ | 525,781 |
Derivative instruments not designated as hedges: |  |  |  |  |  |
Currency forward contracts |  | $ | 231,449 |  |  | $ | 342,532 |  |  | $ | 393,450 |
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, 2024 |  | December 31, 2023 |  | March 31, 2023
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |
Derivative instruments in asset positions: |  |  |  |  |  |  |
Currency forward contracts | Prepaid expenses and other current assets |  | $ | 12,864 |  |  | $ | 7,367 |  |  | $ | 16,826 |
Currency forward contracts | Other non-current assets |  | 5,423 |  |  | 961 |  |  | 5,935 |
Derivative instruments in liability positions: |  |  |  |  |  |  |
Currency forward contracts | Accrued liabilities |  | 1,090 |  |  | 4,121 |  |  | 2,630 |
Currency forward contracts | Other long-term liabilities |  | 155 |  |  | 2,629 |  |  | 1,788 |
Derivative instruments not designated as cash flow hedges: |  |  |  |  |  |  |
Derivative instruments in asset positions: |  |  |  |  |  |  |
Currency forward contracts | Prepaid expenses and other current assets |  | 1,978 |  |  | 2,833 |  |  | 890 |
Derivative instruments in liability positions: |  |  |  |  |  |  |
Currency forward contracts | Accrued liabilities |  | 828 |  |  | 2,269 |  |  | 2,257 |
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 March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Currency forward contracts: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income (loss), net of tax | — |  |  |  |  |  | $ | 11,727 |  |  | $ | (1,678) |  |  |
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion | Net sales |  |  |  |  |  | (282) |  |  | 191 |  |  |
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion | Cost of sales |  |  |  |  |  | 2,971 |  |  | 5,762 |  |  |
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance | Other non-operating income, net |  |  |  |  |  | 68 |  |  | (7) |  |  |
Derivative instruments not designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in income | Other non-operating income, net |  |  |  |  |  | 2,925 |  |  | (1,187) |  |  |

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