Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments And Risk Management (Tables)

v3.20.1
Financial Instruments And Risk Management (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedges, Assets [Abstract]  
Gross Notional Amount Of Outstanding Derivative Instruments
The following table presents the gross notional amount of outstanding derivative instruments: 
(in thousands) March 31,
2020		 December 31,
2019		 March 31,
2019
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 458,823    $ 471,822    $ 399,068   
Derivative instruments not designated as cash flow hedges:
Currency forward contracts 205,030    214,086    208,941   
Balance Sheet Classification And Fair Value Of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:
(in thousands) Balance Sheet Classification March 31,
2020		 December 31,
2019		 March 31,
2019
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 18,945    $ 11,855    $ 14,366   
Currency forward contracts Other non-current assets 10,520    4,159    10,014   
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 231    1,313    149   
Currency forward contracts Other long-term liabilities —    768    —   
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 4,449    2,146    971   
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 978    953    349   
The following table presents the statement of operations effect and classification of derivative instruments:
  Statement of
Operations
Classification		 Three Months Ended March 31,
(in thousands) 2020 2019
Currency Forward and Option Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive income (loss), net of tax
 — $ 14,362    $ 3,268   
Gain (loss) reclassified from accumulated other comprehensive income or loss to income for the effective portion
 Net sales (122)   35   
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion
 Cost of sales 2,795    1,196   
Gain reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance
 Other non-operating income 1,111    —   
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Net sales —    (5)  
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Cost of sales —    1,449   
Derivative instruments not designated as cash flow hedges:
Gain recognized in income Other non-operating income 1,649    563