Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments and Risk Management (Tables)

v3.21.1
Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2021
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:
(in thousands) March 31, 2021 December 31, 2020 March 31, 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 484,176  $ 417,707  $ 458,823 
Derivative instruments not designated as cash flow hedges:
Currency forward contracts 219,961  326,280  205,030 
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 March 31, 2021 December 31, 2020 March 31, 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 2,438  $ 947  $ 18,945 
Currency forward contracts Other non-current assets 6,159  1,126  10,520 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 4,908  7,573  231 
Currency forward contracts Other long-term liabilities 2,337  6,590  — 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 1,759  1,650  4,449 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 1,793  2,268  978 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:
Three Months Ended March 31,
(in thousands) Statement Of Operations Classification 2021 2020
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive loss, net of tax
 — $ 9,279  $ 14,362 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Net sales 100  (122)
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Cost of sales 772  2,795 
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
 106  1,111 
Derivative instruments not designated as cash flow hedges:
Gain recognized in income
Other non-operating income (expense), net
 897  1,649