Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.24.0.1
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2023
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) 2023 2022
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 634,676  $ 514,365 
Derivative instruments not designated as hedges:
Currency forward contracts $ 342,532  $ 448,838 
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 2023 2022
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 7,367  $ 20,306 
Currency forward contracts Other non-current assets 961  7,153 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 4,121  1,249 
Currency forward contracts Other long-term liabilities 2,629  1,770 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 2,833  3,027 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 2,269  2,533 
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) 2023 2022 2021
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
 — $ (849) $ 20,724  $ 16,113 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Net sales 60  (146) (448)
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Cost of sales 23.307  12,100  (4,072)
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income, net
 521  320  451 
Derivative instruments not designated as cash flow hedges:
Loss recognized in income
Other non-operating income, net
 (1,822) (1,955) (608)