XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Risk Management and Derivatives (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives Balance Sheet Location | The following table presents the fair values of derivative instruments within the unaudited condensed consolidated balance sheets. Refer to Note 7 of the unaudited condensed consolidated financial statements for a discussion of the fair value measurements:
(In thousands) |  | Balance Sheet Classification | September 30, 2021 |  | December 31, 2020 |  | September 30, 2020 |  |
Derivatives designated as hedging instruments under ASC 815 |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets | $ | 6,424 |  |  | $ | — |  |  | $ | 5,659 |  |  |  |  |
Foreign currency contracts |  | Other long term assets | 4,377 |  |  | — |  |  | — |  |  |  |  |
Total derivative assets designated as hedging instruments | $ | 10,801 |  |  | $ | — |  |  | $ | 5,659 |  |  |  |  |
Foreign currency contracts |  | Other current liabilities | $ | 7,123 |  |  | $ | 17,601 |  |  | $ | 4,942 |  |  |  |  |
Foreign currency contracts |  | Other long term liabilities | 620 |  |  | 6,469 |  |  | — |  |  |  |  |
Total derivative liabilities designated as hedging instruments | $ | 7,743 |  |  | $ | 24,070 |  |  | $ | 4,942 |  |  |  |  |
Derivatives not designated as hedging instruments under ASC 815 |  |  |  |  |  |  |  |
Foreign currency contracts |  | Other current assets | $ | 4,935 |  |  | $ | 2,384 |  |  | $ | 5,373 |  |  |  |  |
Total derivative assets not designated as hedging instruments | $ | 4,935 |  |  | $ | 2,384 |  |  | $ | 5,373 |  |  |  |  |
Foreign currency contracts |  | Other current liabilities | $ | 2,242 |  |  | $ | 6,464 |  |  | $ | 1,714 |  |  |  |  |
Total derivative liabilities not designated as hedging instruments | $ | 2,242 |  |  | $ | 6,464 |  |  | $ | 1,714 |  |  |  |  |
Effects of Cash Flow Hedges | The following table presents the amounts in the unaudited condensed 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
(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 | $ | 1,545,532 |  | $ | (1,953) |  |  | $ | 1,433,021 |  | $ | 218 |  |  | $ | 4,154,261 |  | $ | (7,477) |  |  | $3,070,901 | $ | 3,495 |
Cost of goods sold | $ | 757,428 |  | $ | (3,947) |  |  | $ | 746,701 |  | $ | 4,496 |  |  | 2,068,695 |  | (8,586) |  |  | 1,604,428 |  | 7,179 |
Interest income (expense), net | $ | (9,261) |  | $ | (9) |  |  | $ | (14,955) |  | $ | (9) |  |  | (36,705) |  | (27) |  |  | (32,251) |  | (27) |
Other income (expense), net | $ | (29,476) |  | $ | — |  |  | $ | (7,184) |  | $ | 4 |  |  | (75,150) |  | — |  |  | (10,493) |  | 25 |
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, 2021 | 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, 2021
Derivatives designated as cash flow hedges |  |  |
Foreign currency contracts | $ | (20,346) |  | $ | 14,459 |  | $ | (5,900) |  | $ | 13 |
Interest rate swaps | (522) |  | — |  | (9) |  | (513) |
Total designated as cash flow hedges | $ | (20,868) |  | $ | 14,459 |  | $ | (5,909) |  | $ | (500) |
(In thousands) | Balance as of December 31, 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, 2021
Derivatives designated as cash flow hedges |  |  |
Foreign currency contracts | $ | (25,908) |  | $ | 9,858 |  | $ | (16,063) |  | $ | 13 |
Interest rate swaps | (541) |  | — |  | (28) |  | $ | (513) |
Total designated as cash flow hedges | $ | (26,449) |  | $ | 9,858 |  | $ | (16,091) |  | $ | (500) |
(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 |
Schedule of Fair Value Hedging Activity | The following table presents the amounts in the unaudited condensed 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
(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 income (expense), net | $ | (29,476) |  | $ | (2,382) |  |  | $ | (7,184) |  | $ | (962) |  |  | $ | (75,150) |  | $ | (3,197) |  |  | $ | (10,493) |  | $ | 1,022 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration