Annual report pursuant to Section 13 and 15(d)

Financial Instruments and Risk Management (Tables)

v3.20.4
Financial Instruments and Risk Management (Tables)
12 Months Ended
Dec. 31, 2020
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) 2020 2019
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 417,707  $ 471,822 
Derivative instruments not designated as hedges:
Currency forward contracts 326,280  214,086 
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 2020 2019
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 947  $ 11,855 
Currency forward contracts Other non-current assets 1,126  4,159 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 7,573  1,313 
Currency forward contracts Other long-term liabilities 6,590  768 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 1,650  2,146 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 2,268  953 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:
Year Ended December 31,
(in thousands) Statement Of Operations Classification 2020 2019 2018
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
$ (7,218) $ 6,669  $ 23,503 
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Net sales 191  338  62 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Cost of sales 14,495  9,558  (7,604)
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
817  —  — 
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Net sales —  (43) 19 
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
Cost of sales —  2,380  7,009 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income (expense), net
(2,865) 411  3,334