Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments and Risk Management (Tables)

v3.22.1
Financial Instruments and Risk Management (Tables)
3 Months Ended
Mar. 31, 2022
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:

(in thousands) March 31, 2022 December 31, 2021 March 31, 2021
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 536,790  $ 485,083  $ 484,176 
Derivative instruments not designated as hedges:
Currency forward contracts 230,968  267,982  219,961 
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, 2022 December 31, 2021 March 31, 2021
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 9,184  $ 7,927  $ 2,438 
Currency forward contracts Other non-current assets 7,351  10,142  6,159 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 3,411  2,545  4,908 
Currency forward contracts Other long-term liabilities 1,383  318  2,337 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 1,888  1,470  1,759 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 902  1,027  1,793 
Effect and Classification of Derivative Instruments
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) 2022 2021
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
$ (1,864) $ 9,279 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Net sales (136) 100 
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Cost of sales 311  772 
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net 222  106 
Derivative instruments not designated as cash flow hedges:
Gain recognized in income
Other non-operating income (expense), net 590  897