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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table presents the notional contract amounts for forward contracts outstanding:

 
 
 
As of
 
FASB ASC Topic 815 Designation
 
March 31, 2020
 
December 31, 2019
Forward exchange contracts
Cash flow hedge
 
$
156,229

 
$
156,818

Forward exchange contracts
Non-designated
 
37,819

 
33,867
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) and net earnings on our consolidated condensed statements of comprehensive income and our consolidated condensed balance sheets:
 
 
Amount of Gain Recognized in AOCI
 
Consolidated Condensed Statements of Comprehensive Income
 
Amount of Gain (Loss) Reclassified from AOCI
 
 
Three Months Ended March 31,
 
 
 
Three Months Ended March 31,
 
Three Months Ended March 31,
 
 
 
 
 
 
 
 
Total Amount of Line Item Presented
 
 
 
 
Derivative Instrument
 
2020
 
2019
 
Location of amount reclassified
 
2020
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
4,295

 
$
1,738

 
Net Sales
 
$
214,010

$
218,378

 
$
1,201

 
$
1,497

 
 
 
 
 

 
Cost of Sales
 
94,851

96,940

 
(77
)
 
101

Pre-tax gain
 
$
4,295

 
$
1,738

 
 
 
 
 
 
$
1,124

 
$
1,598

Tax expense
 
1,038

 
420

 
 
 
 
 
 
272

 
386

Net gain
 
$
3,257

 
$
1,318

 
 
 
 
 
 
$
852

 
$
1,212
Derivatives Not Designated as Hedging Instruments
Net losses from derivative instruments not accounted for as hedges and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income were:

 
 
 
 
Three Months Ended March 31,
Derivative Instrument
 
Location on Consolidated Condensed Statements of Comprehensive Income
 
2020
 
2019
 
 
 
 
 
 
 
Net loss on currency forward contracts
 
Selling and administrative expense
 
$
(245
)
 
$
(181
)
Net loss on currency transaction exposures
 
Selling and administrative expense
 
$
(191
)
 
$
(229
)
Schedule of Fair Value for Forward Foreign Exchange Contracts The following tables summarize the fair value for forward foreign exchange contracts outstanding at March 31, 2020 and December 31, 2019:
March 31, 2020
Location on Consolidated Condensed Balance Sheet
Asset Fair Value
 
Liabilities Fair Value
 
Net
Fair
Value
Derivatives designated as hedged instruments:
 
 
 
 
 
 
Foreign exchange contracts
Prepaids and other current assets
$
5,329

 
$
(1,790
)
 
$
3,539

Foreign exchange contracts
Other long-term assets
1,190

 
(907
)
 
283

 
 
$
6,519

 
$
(2,697
)
 
$
3,822

 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 

 
 

 
 

Foreign exchange contracts
Other current liabilities
25

 
(255
)
 
(230
)
 
 
 
 
 
 


Total derivatives
 
$
6,544

 
$
(2,952
)
 
$
3,592

December 31, 2019
Location on Consolidated Condensed Balance Sheet
Asset Fair Value
 
Liabilities Fair Value
 
Net
Fair
Value
Derivatives designated as hedged instruments:
 
 
 
 
 
 
Foreign exchange contracts
Prepaids and other current assets
$
2,307

 
$
(1,341
)
 
$
966

Foreign exchange contracts
Other long-term liabilities
38

 
(353
)
 
(315
)
 
 
$
2,345

 
$
(1,694
)
 
$
651

 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 

 
 

 
 
Foreign exchange contracts
Other current liabilities
22

 
(159
)
 
(137
)
 
 
 
 
 
 
 
Total derivatives
 
$
2,367

 
$
(1,853
)
 
$
514