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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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						June 30, 2021						December 31, 2020
Forward exchange contracts			Cash flow hedge						$	172,705					$	154,504
Forward exchange contracts			Non-designated						39,270						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 June 30,
																								Total Amount of Line Item Presented
Derivative Instrument						2021						2020						Location of amount reclassified						2021			2020						2021						2020
Foreign exchange contracts						$	(3)					$	(3,279)					Net Sales						$	255,161		$	157,785					$	(2,022)					$	342
																		Cost of Sales						113,737			85,856						410						(418)
Pre-tax loss						$	(3)					$	(3,279)																				$	(1,612)					$	(76)
Tax benefit						(1)						(792)																					(389)						(18)
Net loss						$	(2)					$	(2,487)																				$	(1,223)					$	(58)

						Amount of Gain (Loss) Recognized in AOCI												Consolidated Condensed Statements of Comprehensive Income (Loss)															Amount of Gain (Loss) Reclassified from AOCI
						Six Months Ended June 30,
																								Total Amount of Line Item Presented
Derivative Instrument						2021						2020						Location of amount reclassified						2021			2020						2021						2020
Foreign exchange contracts						$	3,590					$	1,015					Net Sales						$	487,837		$	371,796					$	(3,871)					$	1,543
																		Cost of Sales						217,964			180,707						675						(495)
Pre-tax gain (loss)						$	3,590					$	1,015																				$	(3,196)					$	1,048
Tax expense (benefit)						867						245																					(772)						254
Net gain (loss)						$	2,723					$	770																				$	(2,424)					$	794

Derivatives Not Designated as Hedging Instruments

Net 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 June 30,												Six Months Ended June 30,
Derivative Instrument						Location on Consolidated Condensed Statements of Comprehensive Income (Loss)						2021						2020						2021						2020
Net loss on currency forward contracts						Selling and administrative expense						$	(809)					$	(302)					$	(350)					$	(547)
Net gain (loss) on currency transaction exposures						Selling and administrative expense						$	243					$	22					$	(879)					$	(169)

Schedule of Fair Value for Forward Foreign Exchange Contracts

The following tables summarize the fair value for forward foreign exchange contracts outstanding at June 30, 2021 and December 31, 2020:

June 30, 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						$	1,885					$	(3,411)					$	(1,526)
Foreign exchange contracts			Other long-term assets						745						(271)						474
									$	2,630					$	(3,682)					$	(1,052)
Derivatives not designated as hedging instruments:
Foreign exchange contracts			Other current liabilities						40						(71)						(31)
Total derivatives									$	2,670					$	(3,753)					$	(1,083)

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)

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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 presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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