Financial Instruments and Derivatives (Tables)
|
9 Months Ended |
Oct. 04, 2015 |
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following table sets forth by fair value hierarchy
Teradyne’s financial assets and liabilities that were
measured at fair value on a recurring basis as of October 4,
2015 and December 31, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 4, 2015 |
|
|
|
Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
159,858 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
159,858 |
|
Cash equivalents
|
|
|
125,879 |
|
|
|
8,480 |
|
|
|
— |
|
|
|
134,359 |
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
|
— |
|
|
|
349,653 |
|
|
|
— |
|
|
|
349,653 |
|
U.S. government agency securities
|
|
|
— |
|
|
|
213,491 |
|
|
|
— |
|
|
|
213,491 |
|
Corporate debt securities
|
|
|
— |
|
|
|
114,807 |
|
|
|
— |
|
|
|
114,807 |
|
Certificates of deposit and time deposits
|
|
|
— |
|
|
|
45,677 |
|
|
|
— |
|
|
|
45,677 |
|
Commercial paper
|
|
|
— |
|
|
|
45,510 |
|
|
|
— |
|
|
|
45,510 |
|
Equity and debt mutual funds
|
|
|
13,377 |
|
|
|
— |
|
|
|
— |
|
|
|
13,377 |
|
Non-U.S. government securities
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
|
|
426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
299,114 |
|
|
$ |
778,044 |
|
|
$ |
— |
|
|
$ |
1,077,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
299,114 |
|
|
$ |
778,153 |
|
|
$ |
— |
|
|
$ |
1,077,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
34,595 |
|
|
$ |
34,595 |
|
Derivative liabilities
|
|
|
— |
|
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
97 |
|
|
$ |
34,595 |
|
|
$ |
34,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
285,737 |
|
|
$ |
8,480 |
|
|
$ |
— |
|
|
$ |
294,217 |
|
Marketable securities
|
|
|
— |
|
|
|
525,381 |
|
|
|
— |
|
|
|
525,381 |
|
Long-term marketable securities
|
|
|
13,377 |
|
|
|
244,183 |
|
|
|
— |
|
|
|
257,560 |
|
Prepayments
|
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
299,114 |
|
|
$ |
778,153 |
|
|
$ |
— |
|
|
$ |
1,077,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities
|
|
$ |
— |
|
|
$ |
97 |
|
|
$ |
— |
|
|
$ |
97 |
|
Contingent consideration
|
|
|
— |
|
|
|
— |
|
|
|
14,447 |
|
|
|
14,447 |
|
Long-term contingent consideration
|
|
|
— |
|
|
|
— |
|
|
|
20,148 |
|
|
|
20,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
97 |
|
|
$ |
34,595 |
|
|
$ |
34,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
|
|
Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
Total |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
111,471 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
111,471 |
|
Cash equivalents
|
|
|
160,218 |
|
|
|
22,567 |
|
|
|
— |
|
|
|
182,785 |
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities
|
|
|
— |
|
|
|
402,154 |
|
|
|
— |
|
|
|
402,154 |
|
U.S. government agency securities
|
|
|
— |
|
|
|
258,502 |
|
|
|
— |
|
|
|
258,502 |
|
Corporate debt securities
|
|
|
— |
|
|
|
141,467 |
|
|
|
— |
|
|
|
141,467 |
|
Commercial paper
|
|
|
— |
|
|
|
140,638 |
|
|
|
— |
|
|
|
140,638 |
|
Certificates of deposit and time deposits
|
|
|
— |
|
|
|
49,036 |
|
|
|
— |
|
|
|
49,036 |
|
Equity and debt mutual funds
|
|
|
12,333 |
|
|
|
— |
|
|
|
— |
|
|
|
12,333 |
|
Non-U.S. government securities
|
|
|
— |
|
|
|
446 |
|
|
|
— |
|
|
|
446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
284,022 |
|
|
$ |
1,014,810 |
|
|
$ |
— |
|
|
$ |
1,298,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
|
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
284,022 |
|
|
$ |
1,015,030 |
|
|
$ |
— |
|
|
$ |
1,299,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,350 |
|
|
$ |
3,350 |
|
Derivative liabilities
|
|
|
— |
|
|
|
369 |
|
|
|
— |
|
|
|
369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
369 |
|
|
$ |
3,350 |
|
|
$ |
3,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Total |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
271,689 |
|
|
$ |
22,567 |
|
|
$ |
— |
|
|
$ |
294,256 |
|
Marketable securities
|
|
|
— |
|
|
|
533,787 |
|
|
|
— |
|
|
|
533,787 |
|
Long-term marketable securities
|
|
|
12,333 |
|
|
|
458,456 |
|
|
|
— |
|
|
|
470,789 |
|
Prepayments
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
|
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
284,022 |
|
|
$ |
1,015,030 |
|
|
$ |
— |
|
|
$ |
1,299,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities
|
|
$ |
— |
|
|
$ |
369 |
|
|
$ |
— |
|
|
|
369 |
|
Contingent consideration
|
|
|
— |
|
|
|
— |
|
|
|
895 |
|
|
|
895 |
|
Long-term contingent consideration
|
|
|
— |
|
|
|
— |
|
|
|
2,455 |
|
|
|
2,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
369 |
|
|
$ |
3,350 |
|
|
$ |
3,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Changes in Fair Value of Level 3 Contingent Consideration |
Changes in the fair value of Level 3 contingent consideration for
the three and nine months ended October 4, 2015 and
September 28, 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
|
For the Nine Months
Ended |
|
|
|
October 4,
2015 |
|
|
September 28,
2014 |
|
|
October 4,
2015 |
|
|
September 28,
2014 |
|
|
|
(in
thousands) |
|
Balance at beginning of period
|
|
$ |
35,595 |
|
|
$ |
2,230 |
|
|
$ |
3,350 |
|
|
$ |
2,230 |
|
Acquisition of Universal Robots
|
|
|
— |
|
|
|
— |
|
|
|
33,845 |
|
|
|
— |
|
Fair value adjustment(a)(b)
|
|
|
(1,000 |
) |
|
|
(630 |
) |
|
|
(2,600 |
) |
|
|
(630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of period
|
|
$ |
34,595 |
|
|
$ |
1,600 |
|
|
$ |
34,595 |
|
|
$ |
1,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
In the three and nine months ended
October 4, 2015, the fair value of contingent consideration
for the earn-out in connection with the acquisition of AIT was
reduced by $1.0 million due to a decrease in the revenue
probabilities in the periods of 2015 and 2016. |
(b) |
In the nine months ended
October 4, 2015, the fair value measurement of the contingent
consideration for the earn-out in connection with the acquisition
of ZTEC Instruments, Inc. was reduced by $1.6 million, to $0,
because Teradyne and the Securityholder Representative, on behalf
of the ZTEC securityholders, agreed to terminate the earn-out prior
to the end of the December 31, 2015 earn-out period, with no
payout in connection with the resolution of indemnity claims
asserted by both Teradyne and the Securityholder
Representative. |
|
Quantitative Information Associated With Fair Value Measurement of Level 3 Financial Instrument |
The following table provides quantitative information associated
with the fair value measurement of Teradyne’s Level 3
financial instruments:
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
October 4,
2015
Fair Value |
|
Valuation
Technique |
|
Unobservable Inputs
|
|
Weighted
Average |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
Contingent consideration
(Universal Robots)
|
|
$33,845 |
|
Income approach-
discounted cash
flow |
|
EBITDA earn-out for calendar year 2015
probability |
|
|
99 |
% |
|
|
|
Discount rate |
|
|
6.0 |
% |
|
|
|
Revenue earn-out for period July 1,
2015—December 31, 2017 probability |
|
|
72 |
% |
|
|
|
|
|
|
Discount rate |
|
|
8.0 |
% |
|
|
|
|
|
|
Revenue earn-out for period July 1,
2015—December 31, 2018 probability |
|
|
29 |
% |
|
|
|
|
|
|
Discount rate |
|
|
10.0 |
% |
|
|
|
|
|
Contingent consideration
(AIT)
|
|
$750 |
|
Income approach-
discounted cash
flow |
|
Revenue earn-out for calendar years 2015 and 2016
probability |
|
|
36 |
% |
|
|
|
Discount rate |
|
|
4.7 |
% |
|
Schedule of Carrying Amounts and Fair Values of Financial Instruments |
The carrying amounts and fair values of Teradyne’s financial
instruments at October 4, 2015 and December 31, 2014 were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 4, 2015 |
|
|
December 31, 2014 |
|
|
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
|
|
(in
thousands) |
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
294,217 |
|
|
$ |
294,217 |
|
|
$ |
294,256 |
|
|
$ |
294,256 |
|
Marketable securities
|
|
|
782,941 |
|
|
|
782,941 |
|
|
|
1,004,576 |
|
|
|
1,004,576 |
|
Derivative assets
|
|
|
109 |
|
|
|
109 |
|
|
|
220 |
|
|
|
220 |
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration
|
|
|
34,595 |
|
|
|
34,595 |
|
|
|
3,350 |
|
|
|
3,350 |
|
Derivative liabilities
|
|
|
97 |
|
|
|
97 |
|
|
|
369 |
|
|
|
369 |
|
|
Schedule of Available-for-Sale Marketable Securities |
The following tables summarize the composition of
available-for-sale marketable securities at October 4, 2015
and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 4, 2015 |
|
|
|
Available-for-Sale
|
|
|
Fair Market
Value of
Investments
with Unrealized
Losses |
|
|
|
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
(Loss) |
|
|
Fair Market
Value |
|
|
|
|
(in
thousands) |
|
U.S. Treasury securities
|
|
$ |
349,464 |
|
|
$ |
385 |
|
|
$ |
(196 |
) |
|
$ |
349,653 |
|
|
$ |
19,260 |
|
U.S. government agency securities
|
|
|
213,149 |
|
|
|
342 |
|
|
|
— |
|
|
|
213,491 |
|
|
|
— |
|
Corporate debt securities
|
|
|
115,130 |
|
|
|
1,305 |
|
|
|
(1,628 |
) |
|
|
114,807 |
|
|
|
48,369 |
|
Certificates of deposit and time deposits
|
|
|
45,652 |
|
|
|
25 |
|
|
|
— |
|
|
|
45,677 |
|
|
|
3,505 |
|
Commercial paper
|
|
|
45,498 |
|
|
|
12 |
|
|
|
— |
|
|
|
45,510 |
|
|
|
— |
|
Equity and debt mutual funds
|
|
|
12,291 |
|
|
|
1,183 |
|
|
|
(97 |
) |
|
|
13,377 |
|
|
|
1,900 |
|
Non-U.S. government securities
|
|
|
426 |
|
|
|
— |
|
|
|
— |
|
|
|
426 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
781,610 |
|
|
$ |
3,252 |
|
|
$ |
(1,921 |
) |
|
$ |
782,941 |
|
|
$ |
73,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
(Loss) |
|
|
Fair Market
Value |
|
|
Fair Market
Value of
Investments
with Unrealized
Losses |
|
|
|
(in
thousands) |
|
Marketable securities
|
|
$ |
525,052 |
|
|
$ |
335 |
|
|
$ |
(6 |
) |
|
$ |
525,381 |
|
|
$ |
27,172 |
|
Long-term marketable securities
|
|
|
256,558 |
|
|
|
2,917 |
|
|
|
(1,915 |
) |
|
|
257,560 |
|
|
|
45,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
781,610 |
|
|
$ |
3,252 |
|
|
$ |
(1,921 |
) |
|
$ |
782,941 |
|
|
$ |
73,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
|
|
Available-for-Sale
|
|
|
Fair Market
Value of
Investments
with Unrealized
Losses |
|
|
|
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
(Loss) |
|
|
Fair Market
Value |
|
|
|
|
(in
thousands) |
|
U.S. Treasury securities
|
|
$ |
402,197 |
|
|
$ |
362 |
|
|
$ |
(405 |
) |
|
$ |
402,154 |
|
|
$ |
317,771 |
|
U.S. government agency securities
|
|
|
258,452 |
|
|
|
135 |
|
|
|
(85 |
) |
|
|
258,502 |
|
|
|
104,642 |
|
Corporate debt securities
|
|
|
139,374 |
|
|
|
2,414 |
|
|
|
(321 |
) |
|
|
141,467 |
|
|
|
96,998 |
|
Commercial paper
|
|
|
140,616 |
|
|
|
26 |
|
|
|
(4 |
) |
|
|
140,638 |
|
|
|
41,747 |
|
Certificates of deposit and time deposits
|
|
|
49,048 |
|
|
|
11 |
|
|
|
(23 |
) |
|
|
49,036 |
|
|
|
20,684 |
|
Equity and debt mutual funds
|
|
|
10,492 |
|
|
|
1,870 |
|
|
|
(29 |
) |
|
|
12,333 |
|
|
|
1,234 |
|
Non-U.S. government securities
|
|
|
446 |
|
|
|
— |
|
|
|
— |
|
|
|
446 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,000,625 |
|
|
$ |
4,818 |
|
|
$ |
(867 |
) |
|
$ |
1,004,576 |
|
|
$ |
583,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Unrealized
Gain |
|
|
Unrealized
(Loss) |
|
|
Fair Market
Value |
|
|
Fair Market
Value of
Investments
with Unrealized
Losses |
|
|
|
(in
thousands) |
|
Marketable securities
|
|
$ |
533,833 |
|
|
$ |
99 |
|
|
$ |
(145 |
) |
|
$ |
533,787 |
|
|
$ |
240,234 |
|
Long-term marketable securities
|
|
|
466,792 |
|
|
|
4,719 |
|
|
|
(722 |
) |
|
|
470,789 |
|
|
|
342,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,000,625 |
|
|
$ |
4,818 |
|
|
$ |
(867 |
) |
|
$ |
1,004,576 |
|
|
$ |
583,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Maturities of Investments Held |
The contractual maturities of investments held at October 4,
2015 were as follows:
|
|
|
|
|
|
|
|
|
|
|
October 4, 2015 |
|
|
|
Cost |
|
|
Fair Market
Value |
|
|
|
(in
thousands) |
|
Due within one year
|
|
$ |
525,052 |
|
|
$ |
525,381 |
|
Due after 1 year through 5 years
|
|
|
199,957 |
|
|
|
200,305 |
|
Due after 5 years through 10 years
|
|
|
6,075 |
|
|
|
6,191 |
|
Due after 10 years
|
|
|
38,235 |
|
|
|
37,687 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
769,319 |
|
|
$ |
769,564 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value |
The following table summarizes the fair value of derivative
instruments at October 4, 2015 and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Location |
|
October 4,
2015 |
|
|
December 31,
2014 |
|
|
|
|
|
(in
thousands) |
|
Derivatives not designated as hedging
instruments:
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts assets
|
|
Prepayments |
|
$ |
109 |
|
|
$ |
220 |
|
Foreign exchange contracts liabilities
|
|
Other current liabilities |
|
|
(97 |
) |
|
|
(369 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total derivatives
|
|
|
|
$ |
12 |
|
|
$ |
(149 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Effect of Derivative Instruments on Statement of Operations Recognized |
The following table summarizes the effect of derivative instruments
recognized in the statement of operations during the three and nine
months ended October 4, 2015 and September 28, 2014. The
table does not reflect the corresponding gains and losses from the
remeasurement of monetary assets and liabilities denominated in
foreign currencies. For the three and nine months ended
October 4, 2015, net gains from the remeasurement of monetary
assets and liabilities denominated in foreign currencies were $0.1
million and $2.3 million, respectively. For the three months ended
September 28, 2014, net losses from the remeasurement of
monetary
assets and liabilities denominated in foreign currencies were $0.4
million. For the nine months ended September 28, 2014, net
gains from the remeasurement of monetary assets and liabilities
denominated in foreign currencies were $0.9 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of (Gains) Losses
Recognized in
Statement
of Operations
|
|
For the Three Months
Ended |
|
|
For the Nine Months
Ended |
|
|
|
October 4,
2015 |
|
|
September 28,
2014 |
|
|
October 4,
2015 |
|
|
September 28,
2014 |
|
|
|
|
|
(in
thousands) |
|
Derivatives not designated as hedging
instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts
|
|
Other (income) expense, net |
|
$ |
677 |
|
|
$ |
237 |
|
|
$ |
2,555 |
|
|
$ |
(1,632 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Derivatives
|
|
|
|
$ |
677 |
|
|
$ |
237 |
|
|
$ |
2,555 |
|
|
$ |
(1,632 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|