| Gross Notional Amount of Outstanding Derivatives |
The following table presents the gross notional amount of outstanding derivative instruments:
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| (in thousands) |
|
September 30, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
| Derivative instruments designated as cash flow hedges: |
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|
|
| Currency forward contracts |
|
$ |
471,250 |
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|
$ |
417,707 |
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|
$ |
419,402 |
|
| Derivative instruments not designated as cash flow hedges: |
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|
|
|
|
| Currency forward contracts |
|
247,134 |
|
|
326,280 |
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|
224,573 |
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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) |
Balance Sheet Classification |
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September 30, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
Derivative instruments designated as cash flow hedges: |
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|
|
Derivative instruments in asset positions: |
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| Currency forward contracts |
Prepaid expenses and other current assets |
|
$ |
5,500 |
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|
$ |
947 |
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|
$ |
4,729 |
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| Currency forward contracts |
Other non-current assets |
|
8,723 |
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|
1,126 |
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|
3,454 |
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Derivative instruments in liability positions: |
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| Currency forward contracts |
Accrued liabilities |
|
2,164 |
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|
7,573 |
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|
2,034 |
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| Currency forward contracts |
Other long-term liabilities |
|
449 |
|
|
6,590 |
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|
1,186 |
|
Derivative instruments not designated as cash flow hedges: |
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|
|
|
|
Derivative instruments in asset positions: |
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|
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| Currency forward contracts |
Prepaid expenses and other current assets |
|
1,633 |
|
|
1,650 |
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|
2,211 |
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| Currency forward contracts |
Other non-current assets |
|
109 |
|
|
— |
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|
— |
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Derivative instruments in liability positions: |
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| Currency forward contracts |
Accrued liabilities |
|
251 |
|
|
2,268 |
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|
381 |
|
| Currency forward contracts |
Other long-term liabilities |
|
17 |
|
|
— |
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— |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| (in thousands) |
Statement Of Operations Classification |
|
2021 |
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2020 |
|
2021 |
|
2020 |
| Currency Forward 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 |
— |
|
$ |
8,170 |
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|
$ |
(6,398) |
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$ |
13,547 |
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$ |
4,617 |
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Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion |
Net sales |
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(170) |
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|
80 |
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|
(182) |
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|
123 |
|
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion |
Cost of sales |
|
(3,257) |
|
|
6,906 |
|
|
(2,833) |
|
|
11,527 |
|
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance |
Other non-operating income (expense), net |
|
345 |
|
|
60 |
|
|
451 |
|
|
1,177 |
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| Derivative instruments not designated as cash flow hedges: |
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|
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Gain (loss) recognized in income |
Other non-operating income (expense), net |
|
1,077 |
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|
(1,795) |
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|
355 |
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|
(465) |
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