Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 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)	September 30, 2021		December 31, 2020		September 30, 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts	$	471,250	$	417,707	$	419,402
Derivative instruments not designated as cash flow hedges:
Currency forward contracts	247,134		326,280		224,573

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, 2021		December 31, 2020		September 30, 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	5,500	$	947	$	4,729
Currency forward contracts	Other non-current assets	8,723		1,126		3,454
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	2,164		7,573		2,034
Currency forward contracts	Other long-term liabilities	449		6,590		1,186
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	1,633		1,650		2,211
Currency forward contracts	Other non-current assets	109		—		—
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	251		2,268		381
Currency forward contracts	Other long-term liabilities	17		—		—

The following table presents the statement of operations effect and classification of derivative instruments:

		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	Statement Of Operations Classification	2021		2020		2021		2020
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax	—	$	8,170	$	(6,398)	$	13,547	$	4,617
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion	Net sales	(170)		80		(182)		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
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income	Other non-operating income (expense), net	1,077		(1,795)		355		(465)