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Risk Management and Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Balance Sheet Location

The following table presents the fair values of derivative instruments within the unaudited consolidated balance sheets. Refer to Note 9 for a discussion of the fair value measurements.

(In thousands)			Balance Sheet Classification			September 30, 2020						December 31, 2019						September 30, 2019
Derivatives designated as hedging instruments under ASC 815
Foreign currency contracts			Other current assets			$	5,659					$	4,040					$	18,866
Foreign currency contracts			Other long term assets			—						24						1,220
Total derivative assets designated as hedging instruments						$	5,659					$	4,064					$	20,086
Foreign currency contracts			Other current liabilities			$	4,942					$	8,772					$	1,260
Foreign currency contracts			Other long term liabilities			—						$	2,443					$	—
Total derivative liabilities designated as hedging instruments						$	4,942					$	11,215					$	1,260
Derivatives not designated as hedging instruments under ASC 815
Foreign currency contracts			Other current assets			$	5,373					$	2,337					$	1,393
Total derivative assets not designated as hedging instruments						$	5,373					$	2,337					$	1,393
Foreign currency contracts			Other current liabilities			$	1,714					$	9,510					$	2,794
Total derivative liabilities not designated as hedging instruments						$	1,714					$	9,510					$	2,794

Effects of Cash Flow Hedges

The following table presents the amounts in the unaudited consolidated statements of operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items.

			Three months ended September 30,																		Nine months ended September 30,
			2020									2019									2020									2019
(In thousands)			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity						Total			Amount of Gain (Loss) on Cash Flow Hedge Activity						Total			Amount of Gain (Loss) on Cash Flow Hedge Activity						Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues			$	1,433,021		$218						$	1,429,456		$	6,125					$	3,070,901		$3,495						$3,825,907			$	14,337
Cost of goods sold			746,701			4,496						739,558			1,317						1,604,428			7,179						2,036,901			3,525
Interest expense, net			(14,955)			(9)						(5,655)			(9)						(32,251)			(27)						(15,881)			1,607
Other expense, net			(7,184)			4						(429)			44						(10,493)			25						(2,224)			836

Cash Flows in AOCI

The following tables present the amounts affecting the unaudited statements of comprehensive income (loss).

(In thousands)			Balance as of June 30, 2020			Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives			Amount of gain (loss) reclassified from other comprehensive income (loss) into income			Balance as of September 30, 2020
Derivatives designated as cash flow hedges
Foreign currency contracts			26,200			(18,432)			4,701			3,066
Interest rate swaps			(559)			—			(9)			(550)
Total designated as cash flow hedges			$	25,641		$	(18,432)		$	4,692		$	2,516

(In thousands)			Balance as of December 31, 2019			Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives			Amount of gain (loss) reclassified from other comprehensive income (loss) into income			Balance as of September 30, 2020
Derivatives designated as cash flow hedges
Foreign currency contracts			(6,005)			19,727			10,655			3,066
Interest rate swaps			(577)			—			(27)			(550)
Total designated as cash flow hedges			$	(6,582)		$	19,727		$	10,628		$	2,516

(In thousands)			Balance as of June 30, 2019			Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives			Amount of gain (loss) reclassified from other comprehensive income (loss) into income			Balance as of September 30, 2019
Derivatives designated as cash flow hedges
Foreign currency contracts			11,595			17,378			7,495			21,478
Interest rate swaps			(595)			—			(9)			(586)
Total designated as cash flow hedges			$	11,000		$	17,378		$	7,486		$	20,892

(In thousands)			Balance as of December 31, 2018			Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives			Amount of gain (loss) reclassified from other comprehensive income (loss) into income			Balance as of September 30, 2019
Derivatives designated as cash flow hedges
Foreign currency contracts			21,908			18,277			18,707			21,478
Interest rate swaps			954			67			1,607			(586)
Total designated as cash flow hedges			$	22,862		$	18,344		$	20,314		$	20,892

Schedule of Fair Value Hedging Activity

The following table presents the amounts in the unaudited consolidated statements of operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items.

			Three months ended September 30,																		Nine months ended September 30,
			2020									2019									2020									2019
(In thousands)			Total			Amount of Gain (Loss) on Fair Value Hedge Activity						Total			Amount of Gain (Loss) on Fair Value Hedge Activity						Total			Amount of Gain (Loss) on Fair Value Hedge Activity						Total			Amount of Gain (Loss) on Fair Value Hedge Activity
Other expense, net			$	(7,184)		$	(962)					$	(429)		$	(474)					$	(10,493)		$	1,022					$	(2,224)		$	(2,629)

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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.

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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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