Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.22.0.1
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2021
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) 2021 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 485,083  $ 417,707 
Derivative instruments not designated as hedges:
Currency forward contracts 267,982  326,820 
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 2021 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 7,927  $ 947 
Currency forward contracts Other non-current assets 10,142  1,126 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 2,545  7,573 
Currency forward contracts Other long-term liabilities 318  6,590 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 1,470  1,650 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 1,027  2,268 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of Operations Classification Year Ended December 31,
(in thousands) 2021 2020 2019
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
 — $ 16,113  $ (7,218) $ 6,669 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Net sales (448) 191  338 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Cost of sales (4,072) 14,495  9,558 
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
 Other non-operating income (expense), net 451  817  — 
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Net sales —  —  (43)
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Cost of sales —  —  2,380 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
 Other non-operating income (expense), net (608) (2,865) 411