DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Outstanding Derivatives on Individual Contract Basis |
The following table presents the fair value of outstanding derivatives on an individual contract basis:
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Fair Value of Derivatives with Unrealized Gains |
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Fair Value of Derivatives with Unrealized Losses |
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| (In thousands) |
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December 2022 |
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December 2021 |
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December 2022 |
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December 2021 |
| Derivatives designated as hedging instruments: |
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| Foreign currency exchange contracts |
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$ |
15,565 |
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$ |
7,321 |
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$ |
(2,307) |
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$ |
(1,972) |
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| Interest rate swap agreements |
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11,357 |
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— |
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— |
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(6,052) |
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| Total derivatives |
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$ |
26,922
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$ |
7,321
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$ |
(2,307) |
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$ |
(8,024) |
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| Fair Value of Derivative Assets and Liabilities in Balance Sheet |
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
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December 2022 |
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December 2021 |
| (In thousands) |
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Derivative Asset |
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Derivative Liability |
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Derivative Asset |
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Derivative Liability |
| Gross amounts presented in the balance sheet |
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$ |
26,922 |
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$ |
(2,307) |
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$ |
7,321 |
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$ |
(8,024) |
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| Gross amounts not offset in the balance sheet |
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(1,629) |
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1,629 |
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(1,636) |
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1,636 |
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| Net amounts |
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$ |
25,293
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$ |
(678) |
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$ |
5,685
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$ |
(6,388) |
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| Derivatives Classified as Current or Noncurrent Based on Maturity Dates |
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
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| (In thousands) |
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December 2022 |
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December 2021 |
| Prepaid expenses and other current assets |
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$ |
14,183 |
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$ |
6,356 |
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| Accrued liabilities |
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(1,218) |
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(1,623) |
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| Other assets |
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12,739 |
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965 |
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| Other liabilities |
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(1,089) |
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(6,401) |
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| Effects of Cash Flow Hedging Included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income |
The following tables present the pre-tax effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income:
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| (In thousands) |
Gain (Loss) on Derivatives Recognized in AOCL
Year Ended December |
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| Cash Flow Hedging Relationships |
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2022 |
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2021 |
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2020 |
| Foreign currency exchange contracts |
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$ |
23,480 |
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$ |
6,900 |
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$ |
(8,193) |
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| Interest rate swap agreements |
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17,148 |
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4,238 |
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(18,224) |
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| Total |
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$ |
40,628
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$ |
11,138
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$ |
(26,417) |
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| (In thousands) |
Gain (Loss) Reclassified from AOCL into Income
Year Ended December |
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| Location of Gain (Loss) |
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2022 |
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2021 |
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2020 |
| Net revenues |
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$ |
(1,093) |
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$ |
204 |
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$ |
(458) |
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| Cost of goods sold |
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13,531 |
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(2,271) |
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3,171 |
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| Other expense, net |
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245 |
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(749) |
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149 |
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| Interest expense |
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(261) |
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(6,019) |
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(5,004) |
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| Total |
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$ |
12,422
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$ |
(8,835) |
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$ |
(2,142) |
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| Derivatives Included in Consolidated Statements of Income |
The following table presents a summary of the gain (loss) for derivative contracts not designated as hedges included in the Company's statements of operations:
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| (In thousands) |
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Gain (Loss) on Derivatives Recognized in Income
Year Ended December |
| Derivatives Not Designated as Hedges |
Location of Gain (Loss) on Derivatives Recognized in Income |
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2022 |
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2021 |
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2020 |
| Foreign currency exchange contracts |
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Net revenues |
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$ |
— |
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$ |
(104) |
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$ |
90 |
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Cost of goods sold |
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91 |
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7 |
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(2,749) |
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Other expense, net |
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— |
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385 |
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(1) |
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| Total |
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$ |
91
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$ |
288
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$ |
(2,660) |
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