XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.21.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
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, 2021 |  | December 31, 2020
Forward exchange contracts | Cash flow hedge |  | $ | 164,562 |  |  | $ | 154,504 |
Forward exchange contracts | Non-designated |  | 45,545 |  |  | 42,380 |
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 (loss) and our consolidated condensed balance sheets:
|  | Amount of Gain (Loss) Recognized in AOCI |  | Consolidated Condensed Statements of Comprehensive Income (Loss) |  | Amount of Gain (Loss) Reclassified from AOCI
|  | Three Months Ended March 31,
|  |  |  |  |  |  |  | Total Amount of Line Item Presented |  |  |  |
Derivative Instrument |  | 2021 |  | 2020 |  | Location of amount reclassified |  | 2021 | 2020 |  | 2021 |  | 2020
Foreign exchange contracts |  | $ | 3,593 |  |  | $ | 4,295 |  |  | Net Sales |  | $ | 232,677 |  | $ | 214,010 |  |  | $ | (1,849) |  |  | $ | 1,201 |
|  |  |  |  |  | Cost of Sales |  | 104,228 |  | 94,851 |  |  | 265 |  |  | (77) |
Pre-tax gain (loss) |  | $ | 3,593 |  |  | $ | 4,295 |  |  |  |  |  |  |  | $ | (1,584) |  |  | $ | 1,124 |
Tax expense (benefit) |  | 868 |  |  | 1,038 |  |  |  |  |  |  |  | (383) |  |  | 272 |
Net gain (loss) |  | $ | 2,725 |  |  | $ | 3,257 |  |  |  |  |  |  |  | $ | (1,201) |  |  | $ | 852 |
Derivatives Not Designated as Hedging Instruments | Net gains and losses from derivative instruments not accounted for as hedges and gains and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:
|  |  |  | Three Months Ended March 31, |  |
Derivative Instrument |  | Location on Consolidated Condensed Statements of Comprehensive Income (Loss) |  | 2021 |  | 2020 |  |  |  |
Net gain (loss) on currency forward contracts |  | Selling and administrative expense |  | $ | 458 |  |  | $ | (245) |  |  |  |  |
Net loss on currency transaction exposures |  | Selling and administrative expense |  | $ | (1,123) |  |  | $ | (191) |  |  |  |  |
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, 2021 and December 31, 2020:
March 31, 2021 | Location on Consolidated Condensed Balance Sheet |  | Asset Fair Value |  | Liabilities Fair Value |  | Net Fair Value
Derivatives designated as hedged instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | $ | 1,557 |  |  | $ | (4,592) |  |  | $ | (3,035) |
Foreign exchange contracts | Other long-term assets |  | 709 |  |  | (337) |  |  | 372 |
|  |  | $ | 2,266 |  |  | $ | (4,929) |  |  | $ | (2,663) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 8 |  |  | (179) |  |  | (171) |
Total derivatives |  |  | $ | 2,274 |  |  | $ | (5,108) |  |  | $ | (2,834) |
December 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 | Other current liabilities |  | $ | 1,500 |  |  | $ | (8,826) |  |  | $ | (7,326) |
Foreign exchange contracts | Other long-term liabilities |  | 23 |  |  | (535) |  |  | (512) |
|  |  | $ | 1,523 |  |  | $ | (9,361) |  |  | $ | (7,838) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | Other current liabilities |  | 25 |  |  | (150) |  |  | (125) |
Total derivatives |  |  | $ | 1,548 |  |  | $ | (9,511) |  |  | $ | (7,963) |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
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=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + 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 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + 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 (e) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration