Derivative instruments and hedging activities (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023		As of December 31,
	(Unaudited)		2022
Chinese yuan	$	109,576	$	73,419
Euro	136,422		109,091
Japanese yen	29,444		21,285
Hungarian forint	13,799		19,529
British pound	17,993		13,929
Malaysian ringgit	5,997		8,856
Korean won	22,076		14,048
Total forward contracts notional amount	$	335,307	$	260,157

Schedule of Fair Value of Derivative Instruments

The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively.   

	Asset Derivatives
		March 31, 2023		December 31, 2022
		(Unaudited)
(In thousands)	Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	5,760	$	8,968
Interest rate contracts - ST forwards	Prepaid expenses and other current assets	1,954		2,299
Foreign exchange contracts - LT forwards	Other long-term assets	470		—
Total derivatives designated as hedging instruments		$	8,184	$	11,267
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	2,219	$	1,057
Total derivatives not designated as hedging instruments		$	2,219	$	1,057
Total derivatives		$	10,403	$	12,324

   

	Liability Derivatives
		March 31, 2023		December 31, 2022
		(Unaudited)
(In thousands)	Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Accrued expenses and other current liabilities	$	(7,175)	$	(9,940)
Foreign exchange contracts - LT forwards	Other long-term liabilities	—		(196)
Interest rate contracts - LT forwards	Other long-term liabilities	(2,634)		(1,013)
Total derivatives designated as hedging instruments		$	(9,809)	$	(11,149)
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(3,046)	$	(8,177)
Total derivatives not designated as hedging instruments		$	(3,046)	$	(8,177)
Total derivatives		$	(12,855)	$	(19,326)

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 March 31, 2023 and 2022, respectively:

March 31, 2023
(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	$	(1,729)	Net sales	$	2,244
Foreign exchange contracts - forwards	1,143		Cost of sales	(560)
Foreign exchange contracts - forwards	876		Operating expenses	(328)
Interest rate swap contracts - forwards	(1,966)		Other (expense) income	527
Total	$	(1,676)		$	1,883

March 31, 2022
(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	$	1,884	Net sales	$	1,739
Foreign exchange contracts - forwards	(21)		Cost of sales	(327)
Foreign exchange contracts - forwards	4		Operating expenses	(239)
Total	$	1,867		$	1,173

(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
		March 31, 2023		March 31, 2022
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other (expense) income	$	(856)	(803)
Total		$	(856)	$	(803)