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)