Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments And Risk Management (Tables)

v3.19.3
Financial Instruments And Risk Management (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedges, Assets [Abstract]  
Gross Notional Amount Of Outstanding Derivative Instruments
The following table presents the gross notional amount of outstanding derivative instruments: 
(in thousands)
 
September 30,
2019
 
December 31,
2018
 
September 30,
2018
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
Currency forward contracts
 
$
412,041

 
$
399,348

 
$
434,738

Derivative instruments not designated as cash flow hedges:
 
 
 
 
 
 
Currency forward contracts
 
235,945

 
379,701

 
289,772


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,
2019
 
December 31,
2018
 
September 30,
2018
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
 
 
 
Currency forward contracts
 
Prepaid expenses and other current assets
 
$
16,603

 
$
11,818

 
$
7,262

Currency forward contracts
 
Other non-current assets
 
4,830

 
9,922

 
7,963

Derivative instruments in liability positions:
 
 
 
 
 
 
 
 
Currency forward contracts
 
Accrued liabilities
 
201

 
47

 
584

Currency forward contracts
 
Other long-term liabilities
 
109

 
1

 
—

Derivative instruments not designated as cash flow hedges:
 
 
 
 
 
 
 
 
Derivative instruments in asset positions:
 
 
 
 
 
 
 
 
Currency forward contracts
 
Prepaid expenses and other current assets
 
1,857

 
1,797

 
865

Derivative instruments in liability positions:
 
 
 
 
 
 
 
 
Currency forward contracts
 
Accrued liabilities
 
320

 
970

 
154

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)
 
 
2019
 
2018
 
2019
 
2018
Currency Forward and Option Contracts:
 
 
 
 
 
 
 
 
 
 
Derivative instruments designated as cash flow hedges:
 
 
 
 
 
 
 
 
Gain recognized in other comprehensive income (loss), net of tax
 
—
 
$
6,315

 
$
866

 
$
9,119

 
$
16,493

Gain reclassified from accumulated other comprehensive loss to income for the effective portion
 
Net sales
 
172

 
17

 
282

 
41

Gain (loss) reclassified from accumulated other comprehensive loss to income for the effective portion
 
Cost of sales
 
5,087

 
(4,192
)
 
7,208

 
(7,796
)
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 
Net sales
 
—

 
4

 
(31
)
 
16

Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion
 
Cost of sales
 
—

 
1,637

 
2,380

 
5,458

Derivative instruments not designated as cash flow hedges:
 
 
 
 
 
 
 
 
Gain recognized in income
 
Other non-operating income (expense), net
 
1,855

 
372

 
1,281

 
2,606