Schedule of Notional Amounts of Outstanding Derivative Positions |
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 | | | | | | | |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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 | |
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Offsetting Assets |
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 | |
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Derivative Instruments, Gain (Loss) |
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 | |
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