Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments and Risk Management (Tables)

v3.22.2
Financial Instruments and Risk Management (Tables)
 6 Months Ended
Jun. 30, 2022
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) June 30, 2022 December 31, 2021 June 30, 2021
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 542,879  $ 485,083  $ 530,840 
Derivative instruments not designated as hedges:
Currency forward contracts 239,676  267,982  258,377 
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, 2022 December 31, 2021 June 30, 2021
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 18,212  $ 7,927  $ 1,850 
Currency forward contracts Other non-current assets 13,158  10,142  6,772 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 444  2,545  7,351 
Currency forward contracts Other long-term liabilities 261  318  2,396 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 4,085  1,470  1,578 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities 1,410  1,027  1,830 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands) 2022 2021 2022 2021
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
 — $ 16,453  $ (3,903) $ 14,589  $ 5,376 
Loss reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Net sales (40) (111) (176) (11)
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
 Cost of sales 948  (348) 1,259  424 
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
 Other non-operating expense, net —  —  222  106 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
 Other non-operating expense, net 707  (1,619) 1,297  (722)