| Gross Notional Amount Of Outstanding Derivative Instruments |
The following table presents the gross notional amount of outstanding derivative instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30,
2019 |
|
December 31,
2018 |
|
June 30,
2018 |
Derivative instruments designated as cash flow hedges: |
|
|
|
|
|
|
Currency forward contracts |
|
$ |
353,975 |
|
|
$ |
399,348 |
|
|
$ |
493,828 |
|
Derivative instruments not designated as cash flow hedges: |
|
|
|
|
|
|
Currency forward contracts |
|
359,179 |
|
|
379,701 |
|
|
419,707 |
|
|
| 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 |
|
June 30,
2019 |
|
December 31,
2018 |
|
June 30,
2018 |
Derivative instruments designated as cash flow hedges: |
|
|
|
|
|
|
|
|
Derivative instruments in asset positions: |
|
|
|
|
|
|
|
|
Currency forward contracts |
|
Prepaid expenses and other current assets |
|
$ |
11,392 |
|
|
$ |
11,818 |
|
|
$ |
4,692 |
|
Currency forward contracts |
|
Other non-current assets |
|
6,776 |
|
|
9,922 |
|
|
10,516 |
|
Derivative instruments in liability positions: |
|
|
|
|
|
|
|
|
Currency forward contracts |
|
Accrued liabilities |
|
170 |
|
|
47 |
|
|
1,022 |
|
Currency forward contracts |
|
Other long-term liabilities |
|
140 |
|
|
1 |
|
|
327 |
|
Derivative instruments not designated as cash flow hedges: |
|
|
|
|
|
|
|
|
Derivative instruments in asset positions: |
|
|
|
|
|
|
|
|
Currency forward contracts |
|
Prepaid expenses and other current assets |
|
2,181 |
|
|
1,797 |
|
|
2,471 |
|
Derivative instruments in liability positions: |
|
|
|
|
|
|
|
|
Currency forward contracts |
|
Accrued liabilities |
|
1,920 |
|
|
970 |
|
|
1,873 |
|
The following table presents the statement of operations effect and classification of derivative instruments:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of
Operations
Classification
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Currency Forward and Option Contracts: |
|
|
|
|
|
|
|
|
|
|
Derivative instruments designated as cash flow hedges: |
|
|
|
|
|
|
|
|
Gain (loss) recognized in other comprehensive income, net of tax |
|
— |
|
$ |
(464 |
) |
|
$ |
20,859 |
|
|
$ |
2,804 |
|
|
$ |
15,627 |
|
Gain reclassified from accumulated other comprehensive income to income for the effective portion |
|
Net sales |
|
75 |
|
|
19 |
|
|
110 |
|
|
24 |
|
Gain (loss) reclassified from accumulated other comprehensive income or loss to income for the effective portion |
|
Cost of sales |
|
925 |
|
|
(1,398 |
) |
|
2,121 |
|
|
(3,064 |
) |
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion |
|
Net sales |
|
(26 |
) |
|
6 |
|
|
(31 |
) |
|
12 |
|
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion |
|
Cost of sales |
|
931 |
|
|
1,896 |
|
|
2,380 |
|
|
3,821 |
|
Derivative instruments not designated as cash flow hedges: |
|
|
|
|
|
|
|
|
Gain (loss) recognized in income |
|
Other non-operating expense |
|
(1,137 |
) |
|
2,836 |
|
|
(574 |
) |
|
2,234 |
|
|