| Gross Notional Amount Of Outstanding Derivative Instruments |
The following table presents the gross notional amount of outstanding derivative instruments:
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| (in thousands) |
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September 30,
2020 |
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December 31,
2019 |
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September 30,
2019 |
| Derivative instruments designated as cash flow hedges: |
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| Currency forward contracts |
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$ |
419,402 |
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$ |
471,822 |
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$ |
412,041 |
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| Derivative instruments not designated as cash flow hedges: |
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| Currency forward contracts |
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224,573 |
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|
214,086 |
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|
235,945 |
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| Balance Sheet Classification And Fair Value Of Derivative Instruments |
The following table presents the balance sheet classification and fair value of derivative instruments:
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| (in thousands) |
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Balance Sheet Classification |
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September 30,
2020 |
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December 31,
2019 |
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September 30,
2019 |
Derivative instruments designated as cash flow hedges: |
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| Derivative instruments in asset positions: |
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| Currency forward contracts |
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Prepaid expenses and other current assets |
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$ |
4,729 |
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$ |
11,855 |
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$ |
16,603 |
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| Currency forward contracts |
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Other non-current assets |
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3,454 |
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4,159 |
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|
4,830 |
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| Derivative instruments in liability positions: |
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| Currency forward contracts |
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Accrued liabilities |
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2,034 |
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|
1,313 |
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|
201 |
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| Currency forward contracts |
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Other long-term liabilities |
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1,186 |
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|
768 |
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|
109 |
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Derivative instruments not designated as cash flow hedges: |
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| Derivative instruments in asset positions: |
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| Currency forward contracts |
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Prepaid expenses and other current assets |
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2,211 |
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|
2,146 |
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|
1,857 |
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| Derivative instruments in liability positions: |
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| Currency forward contracts |
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Accrued liabilities |
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381 |
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|
953 |
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|
320 |
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The following table presents the statement of operations effect and classification of derivative instruments:
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Statement of
Operations
Classification |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| (in thousands) |
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2020 |
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2019 |
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2020 |
|
2019 |
| Currency Forward and Option Contracts: |
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| Derivative instruments designated as cash flow hedges: |
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Gain (loss) recognized in other comprehensive loss, net of tax |
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— |
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$ |
(6,398) |
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$ |
6,315 |
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$ |
4,617 |
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$ |
9,119 |
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Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion |
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Net sales |
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80 |
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|
172 |
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|
123 |
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|
282 |
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Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion |
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Cost of sales |
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6,906 |
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|
5,087 |
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11,527 |
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|
7,208 |
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Gain reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance |
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Other non-operating income (expense), net |
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60 |
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— |
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1,177 |
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— |
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Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion |
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Net sales |
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— |
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— |
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— |
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(31) |
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Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion |
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Cost of sales |
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— |
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— |
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— |
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2,380 |
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| Derivative instruments not designated as cash flow hedges: |
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Gain (loss) recognized in income |
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Other non-operating income (expense), net |
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(1,795) |
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1,855 |
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(465) |
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1,281 |
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