| Gross Notional Amount of Outstanding Derivatives |
The following table presents the gross notional amount of outstanding derivative instruments:
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| (in thousands) |
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
| Derivative instruments designated as cash flow hedges: |
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|
|
|
|
|
| Currency forward contracts |
|
$ |
530,840 |
|
|
$ |
417,707 |
|
|
$ |
381,599 |
|
| Derivative instruments not designated as cash flow hedges: |
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|
|
|
|
| Currency forward contracts |
|
258,377 |
|
|
326,280 |
|
|
223,500 |
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| Balance Sheet Classification and Fair Value of Derivative Instruments |
The following table presents the balance sheet classification and fair value of derivative instruments:
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| (in thousands) |
Balance Sheet Classification |
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
Derivative instruments designated as cash flow hedges: |
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|
|
|
|
Derivative instruments in asset positions: |
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|
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| Currency forward contracts |
Prepaid expenses and other current assets |
|
$ |
1,850 |
|
|
$ |
947 |
|
|
$ |
10,839 |
|
| Currency forward contracts |
Other non-current assets |
|
6,772 |
|
|
1,126 |
|
|
6,775 |
|
Derivative instruments in liability positions: |
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|
|
| Currency forward contracts |
Accrued liabilities |
|
7,351 |
|
|
7,573 |
|
|
80 |
|
| Currency forward contracts |
Other long-term liabilities |
|
2,396 |
|
|
6,590 |
|
|
— |
|
Derivative instruments not designated as cash flow hedges: |
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|
|
|
|
|
|
Derivative instruments in asset positions: |
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|
|
|
|
|
|
| Currency forward contracts |
Prepaid expenses and other current assets |
|
1,578 |
|
|
1,650 |
|
|
4,641 |
|
Derivative instruments in liability positions: |
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|
|
|
|
| Currency forward contracts |
Accrued liabilities |
|
1,830 |
|
|
2,268 |
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|
524 |
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The following table presents the statement of operations effect and classification of derivative instruments:
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
| (in thousands) |
Statement Of Operations Classification |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| Currency Forward Contracts: |
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|
|
|
|
|
|
Derivative instruments designated as cash flow hedges: |
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|
|
|
|
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|
|
Gain (loss) recognized in other comprehensive income (loss), net of tax |
— |
|
$ |
(3,903) |
|
|
$ |
(3,347) |
|
|
$ |
5,376 |
|
|
$ |
11,015 |
|
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion |
Net sales |
|
(111) |
|
|
165 |
|
|
(11) |
|
|
43 |
|
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion |
Cost of sales |
|
(348) |
|
|
1,826 |
|
|
424 |
|
|
4,621 |
|
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance |
Other non-operating income (expense), net |
|
— |
|
|
6 |
|
|
106 |
|
|
1,117 |
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|
|
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|
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| Derivative instruments not designated as cash flow hedges: |
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|
|
|
|
|
|
|
|
Gain (loss) recognized in income |
Other non-operating income (expense), net |
|
(1,619) |
|
|
(319) |
|
|
(722) |
|
|
1,330 |
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