Annual report [Section 13 and 15(d), not S-K Item 405]

Financial Instruments and Risk Management (Tables)

v3.25.0.1
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 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:

 As of December 31,
(in thousands) 2024 2023
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 550,591  $ 634,676 
Derivative instruments not designated as hedges:
Currency forward contracts $ 263,103  $ 342,532 
Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:

 As of December 31,
(in thousands) Balance Sheet Classification 2024 2023
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 20,890  $ 7,367 
Currency forward contracts Other non-current assets $ 9,137  $ 961 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 853  $ 4,121 
Currency forward contracts Other long-term liabilities $ 13  $ 2,629 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 3,739  $ 2,833 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 872  $ 2,269 
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) 2024 2023 2022
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income, net of tax
 — $ 31,252  $ (849) $ 20,724 
Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
 Net sales $ (1,655) $ 60  $ (146)
Gain reclassified from accumulated other comprehensive income to income for the effective portion
 Cost of sales $ 17,688  $ 23,307  $ 12,100 
Gain reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
 $ 130  $ 521  $ 320 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income (expense), net
 $ 5,824  $ (1,822) $ (1,955)