Derivative instruments and hedging activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Forward Contracts Notional Amount

We held forward contracts designated as cash flow hedges with the following notional amounts:

(In thousands)	US Dollar Equivalent
	As of September 30, 2021		As of December 31,
	(Unaudited)		2020
British pound	$	31,445	$	25,133
Chinese yuan	96,205		45,553
Euro	176,759		219,115
Hungarian forint	64,928		82,429
Japanese yen	53,798		73,399
Korean won	24,092		22,301
Malaysian ringgit	34,536		36,249
Total forward contracts notional amount	$	481,763	$	504,179

Summary of Fair Value of Derivative Instruments

The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at September 30, 2021 and December 31, 2020, respectively.   

	Asset Derivatives
		September 30, 2021		December 31, 2020
(In thousands)		(Unaudited)
	Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	6,118	$	1,564
Foreign exchange contracts - LT forwards	Other long-term assets	3,915		3,117
Total derivatives designated as hedging instruments		$	10,033	$	4,681
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	420	$	1,443
Total derivatives not designated as hedging instruments		$	420	$	1,443
Total derivatives		$	10,453	$	6,124

	Liability Derivatives
		September 30, 2021		December 31, 2020
(In thousands)		(Unaudited)
	Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(4,166)	$	(12,549)
Foreign exchange contracts - LT forwards	Other long-term liabilities	(1,470)		(6,328)
Total derivatives designated as hedging instruments		$	(5,636)	$	(18,877)
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(1,892)	$	(482)
Total derivatives not designated as hedging instruments		$	(1,892)	$	(482)
Total derivatives		$	(7,528)	$	(19,359)

Schedule of Effect of Derivative Instruments

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the three months ended September 30, 2021 and 2020, respectively:

September 30, 2021
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	7,400	Net sales	$	(815)
Foreign exchange contracts - forwards	(1,869)		Cost of sales	(73)
Foreign exchange contracts - forwards	(1,288)		Operating expenses	(88)
Total	$	4,243		$	(976)

September 30, 2020
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	(12,524)	Net sales	$	334
Foreign exchange contracts - forwards	1,849		Cost of sales	(448)
Foreign exchange contracts - forwards	1,145		Operating expenses	(266)
Total	$	(9,530)		$	(380)

(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
		September 30, 2021		September 30, 2020
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other expense	$	(1,679)	(267)
Total		$	(1,679)	$	(267)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the nine months ended September 30, 2021 and 2020, respectively:

September 30, 2021
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	23,098	Net sales	$	(5,249)
Foreign exchange contracts - forwards	(2,675)		Cost of sales	(73)
Foreign exchange contracts - forwards	(1,819)		Operating expenses	(70)
Total	$	18,604		$	(5,392)

September 30, 2020
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	(6,800)	Net sales	$	5,594
Foreign exchange contracts - forwards	(1,898)		Cost of sales	(1,817)
Foreign exchange contracts - forwards	(1,430)		Operating expenses	(1,348)
Total	$	(10,128)		$	2,429

(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
		September 30, 2021		September 30, 2020
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other expense	$	(3,942)	$	(163)
Total		$	(3,942)	$	(163)