Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments and Risk Management (Tables)

v3.24.3
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2024
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) September 30, 2024 December 31, 2023 September 30, 2023
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 581,848  $ 634,676  $ 548,424 
Derivative instruments not designated as hedges:
Currency forward contracts $ 471,927  $ 342,532  $ 477,843 
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 September 30, 2024 December 31, 2023 September 30, 2023
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 3,311  $ 7,367  $ 17,121 
Currency forward contracts Other non-current assets 817  961  6,511 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 3,657  4,121  972 
Currency forward contracts Other long-term liabilities 1,264  2,629  104 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 1,443  2,833  4,485 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 1,441  2,269  1,389 
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 September 30,
Nine Months Ended September 30,
(in thousands) 2024 2023 2024 2023
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income, net of tax
 — $ (9,895) $ 9,876  $ 7,283  $ 10,602 
Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
 Net sales (480) (236) (822) 10 
Gain reclassified from accumulated other comprehensive income to income for the effective portion
 Cost of sales 7,265  8,874  12,241  18,149 
Gain (loss) reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
 62  —  130  (2)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income (expense), net
 (4,369) 3,313  160  2,033