Derivative Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative InstrumentsThe Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities of up to 95 days to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment.

The Company had the following outstanding forward contracts (in thousands):

	December 31, 2021			December 31, 2020
Currency	Notional Value	USD Equivalent		Notional Value	USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Euro	65,000	$	73,748	50,000	$	61,342
Chinese Renminbi	54,374	8,500		—	—
Mexican Peso	140,000	6,842		155,000	7,776
Japanese Yen	600,000	5,213		600,000	5,808
British Pound	3,370	4,552		1,675	2,287
Hungarian Forint	1,355,000	4,155		1,330,000	4,494
Canadian Dollar	1,480	1,167		1,285	1,010
Korean Won	—	—		6,925,000	6,377
Taiwanese Dollar	—	—		38,035	1,362
Singapore Dollar	—	—		1,465	1,110

Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):

	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value				Balance Sheet Location	Fair Value
		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts	Prepaid expenses and other current assets	$	39	$	265	Accrued expenses	$	230	$	38

The following table summarizes the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):

Asset Derivatives					Liability Derivatives
	December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Gross amounts of recognized assets	$	39	$	265	Gross amounts of recognized liabilities	$	230	$	38
Gross amounts offset	—		—		Gross amounts offset	—		—
Net amount of assets presented	$	39	$	265	Net amount of liabilities presented	$	230	$	38

Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):

	Location in Financial Statements	Year Ended December 31,
		2021		2020		2019
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations	Foreign currency gain (loss)	$	4,262	$	(12,308)	$	1,305