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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Foreign Currency Forward Contracts

The tables below set forth outstanding foreign currency forward contracts at December 31, 2021 and 2020:

 

Notional Amount

 

 

Effective Date

 

Maturity Date

 

Index*

 

Weighted Average Strike Rate

 

 

Cash Flow Hedge Designation

 

3,693

 

 

December 2021

 

January 2022

 

EUR/GPB

 

 

0.8398

 

 

Non-designated

 

5,571

 

 

December 2021

 

January 2022

 

EUR/USD

 

 

1.1346

 

 

Non-designated

 

7,867

 

 

December 2021

 

January 2022

 

GPB/USD

 

 

1.3510

 

 

Non-designated

 

139,123

 

 

December 2021

 

January 2022

 

USD/CNY

 

 

6.3757

 

 

Non-designated

 

3,520

 

 

December 2021

 

January 2022

 

USD/JPY

 

 

115.1230

 

 

Non-designated

 

33,883

 

 

December 2021

 

January 2022

 

USD/TWD

 

 

27.6740

 

 

Non-designated

 

286

 

 

November 2021

 

April 2022

 

JPY

 

 

113.7800

 

 

Non-designated

 

286

 

 

November 2021

 

May 2022

 

JPY

 

 

113.7300

 

 

Non-designated

 

286

 

 

November 2021

 

June 2022

 

JPY

 

 

113.6800

 

 

Non-designated

 

286

 

 

November 2021

 

July 2022

 

JPY

 

 

113.6300

 

 

Non-designated

 

428

 

 

November 2021

 

August 2022

 

JPY

 

 

113.5600

 

 

Non-designated

$

195,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,205

 

 

December 2020

 

February 2021

 

EUR/GPB

 

 

0.8948

 

 

Non-designated

 

2,202

 

 

December 2020

 

February 2021

 

EUR/USD

 

 

1.2218

 

 

Non-designated

 

12,879

 

 

December 2020

 

February 2021

 

GPB/USD

 

 

1.3654

 

 

Non-designated

 

213,508

 

 

April 2020 - December 2020

 

January 2021 - May 2021

 

USD/CNY

 

 

6.5806

 

 

Non-designated

 

3,189

 

 

December 2020

 

February 2021

 

USD/JPY

 

 

103.3150

 

 

Non-designated

 

43,180

 

 

January 2020 - December 2020

 

January 2021 - May 2021

 

USD/TWD

 

 

28.1442

 

 

Non-designated

$

276,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* EUR = Euro

 

 

 

 

 

 

 

 

 

    GBP = British Pound Sterling

 

 

 

 

 

 

 

 

 

    USD = United States Dollar

 

 

 

 

 

 

 

    CNY = Chinese Yuan Renminbi

 

 

 

 

 

 

 

    JPY = Japan Yen

 

 

 

 

 

 

 

 

 

    TWD = Taiwan dollar

 

 

 

 

 

 

 

 

 

Summary of Information Related to Number of and Notional Amount of Interest Rate Related Derivative Instruments

The table below sets forth information related to the number of and the notional amount of our interest rate related derivative instruments at December 31 2021 and December 31, 2020:

 

 

 

Number of Instruments

 

Notional Amount

 

 

 

2021

 

 

2020

 

2021

 

 

2020

 

Interest rate swaps and collars

 

 

-

 

 

6

 

$

-

 

 

$

140,000

 

Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Consolidated Balance Sheets

The table below sets forth the fair value of the Company’s interest rate related derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:

 

 

 

Fair Value

 

 

 

Other Current Liabilities

 

 

 

2021

 

 

2020

 

Interest rate swaps and collars

 

$

-

 

 

$

1,626

 

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Income

The tables below sets forth the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the years ended December 31 2021, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Gain or (Loss) Recognized in OCI on Derivative

 

 

Location of Gain or (Loss) Reclassified

 

Amount of Gain or (Loss) Reclassified from Accumulated OCI into Net Income

 

 

Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective

 

Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

 

 

 

December 31,

 

 

from Accumulated

 

December 31,

 

 

Portion Excluded from

 

December 31,

 

Derivative Instruments Designated as Hedging

 

2021

 

 

2020

 

 

2019

 

 

OCI into Income

 

2021

 

 

2020

 

 

2019

 

 

Effectiveness Testing)

 

2021

 

 

2020

 

 

2019

 

Interest rate swaps and collars

 

$

(13

)

 

$

(1,581

)

 

$

(2,997

)

 

Interest expense

 

$

(555

)

 

$

(445

)

 

$

1,248

 

 

N/A

 

$

-

 

 

$

-

 

 

$

-

 

Cross currency swaps

 

 

989

 

 

 

(2,305

)

 

 

(298

)

 

N/A

 

 

-

 

 

 

-

 

 

 

-

 

 

Interest income

 

 

2,469

 

 

 

-

 

 

 

688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Gain or (Loss) Recognized in Net Income

 

 

 

 

 

December 31,

 

 

Gain or (Loss)Recognized

Derivatives Not Designated As Hedging Instruments

 

2021

 

 

2020

 

 

2019

 

 

in Net Income

Foreign currency forward contracts

 

$

3,925

 

 

$

3,584

 

 

$

(3,662

)

 

Foreign currency loss, net