Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.19.3.a.u2
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2019
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) 2019 2018
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 471,822    $ 399,348   
Derivative instruments not designated as hedges:
Currency forward contracts 214,086    379,701   
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 2019 2018
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 11,855    $ 11,818   
Currency forward contracts Other non-current assets 4,159    9,922   
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 1,313    47   
Currency forward contracts Other long-term liabilities 768    1   
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 2,146    1,797   
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 953    970   
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments for the years ended December 31, 2019, 2018 and 2017:
For the Year Ended December 31,
(in thousands) Statement Of Operations Classification 2019 2018 2017
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income, net of tax
 —    $ 6,669    $ 23,503    $ (15,862)  
Gain reclassified from accumulated other comprehensive loss to income for the effective portion
 Net sales 338    62    144   
Gain (loss) reclassified from accumulated other comprehensive loss to income for the effective portion
 Cost of sales 9,558    (7,604)   1,195   
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Net sales (43)   19    6   
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 Cost of sales 2,380    7,009    2,843   
Loss reclassified from accumulated other comprehensive loss to income as a result of cash flow hedge discontinuance
 Other non-operating expense —    —    (178)  
Derivative instruments not designated as hedges:
Gain (loss) recognized in income Other non-operating expense 411    3,334    (3,943)