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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

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