Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.10.0.1
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments:
 
 
December 31,
(in thousands)
 
2018
 
2017
Derivative instruments designated as cash flow hedges:
 
 
 
 
Currency forward contracts
 
$
399,348

 
$
448,448

Derivative instruments not designated as hedges:
 
 
 
 
Currency forward contracts
 
379,701

 
231,161

Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:
 
 
 
December 31,
(in thousands)
Balance Sheet Classification
 
2018
 
2017
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
$
11,818

 
$
1,648

Currency forward contracts
Other non-current assets
 
9,922

 
335

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
47

 
9,336

Currency forward contracts
Other long-term liabilities
 
1

 
3,820

Derivative instruments not designated as cash flow hedges:
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
Currency forward contracts
Prepaid expenses and other current assets
 
1,797

 
683

Derivative instruments in liability positions:
 
 
 
 
 
Currency forward contracts
Accrued liabilities
 
970

 
1,229

Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments for the years ended December 31, 2018, 2017 and 2016:
 
 
 
For the Year Ended December 31,
(in thousands)
Statement Of Operations Classification
 
2018
 
2017
 
2016
Currency Forward Contracts:
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
Gain (loss) recognized in other comprehensive income, net of tax
—
 
$
23,503

 
$
(15,862
)
 
$
583

Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion
Net sales
 
62

 
144

 
115

Gain (loss) reclassified from accumulated other comprehensive income or loss to income for the effective portion
Cost of sales
 
(7,604
)
 
1,195

 
(724
)
Loss reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance
Cost of sales
 
—

 
—

 
(24
)
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Net sales
 
19

 
6

 
1

Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Cost of sales
 
7,009

 
2,843

 
1,240

Loss reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance
Other non-operating expense
 
—

 
(178
)
 
—

Derivative instruments not designated as hedges:
 
 
 
 
 
 
 
Gain (loss) recognized in income
Other non-operating expense
 
3,334

 
(3,943
)
 
2,739