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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks. From time to time, the Company enters into FX Forward Contracts to manage the currency risks associated with forecasted transactions and assets/liabilities denominated in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and nine months ended September 30, 2021 and 2020, respectively. The Company had FX Forward Contracts with an aggregate notional amount of $66.8 million a nd $9.3 million in U.S. dollar equivalent outstanding as of September 30, 2021 and December 31, 2020, respectively. The aggregate notional amount outstanding as of September 30, 2021 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. As of September 30, 2021 and December 31, 2020, the net fair value of these contracts was a net short-term liability of $1.0 million and a net zero balance, respectively. There was $(0.5) m illion and zero unrealized gains (losses), net of income tax, recorded in accumulated other comprehensive loss as of September 30, 2021 and December 31, 2020, respectively. The net gains (losses) recorded in the Condensed Consolidated Statement of Operations for FX Forward Contracts for the three and nine months ended September 30, 2021 and September 30, 2020 are summarized as follows:
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Recognized Location |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Designated |  | Cost of sales |  | $ | (0.3 | ) |  | $ | — |  |  | $ | (0.2 | ) |  | $ | (0.3 | )
Non-designated |  | Other income (expense) - net |  | $ | — |  |  | $ | 0.1 |  |  | $ | (0.4 | ) |  | $ | 0.5 |

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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