| Schedule of Derivative Instruments |
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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March |
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December |
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March |
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March |
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December |
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March |
| (In thousands) |
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2023 |
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2022 |
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2022 |
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2023 |
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2022 |
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2022 |
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| Derivatives designated as hedging instruments: |
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| Foreign currency exchange contracts |
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$ |
20,361 |
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$ |
15,565 |
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$ |
11,041 |
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$ |
(2,914) |
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$ |
(2,307) |
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$ |
(1,073) |
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| Interest rate swap agreements |
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8,946 |
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11,357 |
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4,309 |
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— |
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— |
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— |
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| Derivatives not designated as hedging instruments: |
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| Foreign currency exchange contracts |
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16 |
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— |
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131 |
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(316) |
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— |
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(2) |
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| Total derivatives |
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$ |
29,323
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$ |
26,922
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$ |
15,481
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$ |
(3,230) |
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$ |
(2,307) |
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$ |
(1,075) |
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The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
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March 2023 |
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December 2022 |
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March 2022 |
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| (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 |
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Derivative Asset |
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Derivative Liability |
| Gross amounts presented in the balance sheet |
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$ |
29,323 |
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$ |
(3,230) |
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$ |
26,922 |
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$ |
(2,307) |
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$ |
15,481 |
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$ |
(1,075) |
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| Gross amounts not offset in the balance sheet |
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(1,449) |
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1,449 |
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(1,629) |
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1,629 |
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(938) |
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938 |
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| Net amounts |
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$ |
27,874
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$ |
(1,781) |
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$ |
25,293
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$ |
(678) |
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$ |
14,543
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$ |
(137) |
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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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March 2023 |
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December 2022 |
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March 2022 |
| Prepaid expenses and other current assets |
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$ |
18,046 |
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$ |
14,183 |
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$ |
9,424 |
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| Accrued liabilities |
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(2,683) |
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(1,218) |
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(838) |
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| Other assets |
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11,277 |
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12,739 |
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6,057 |
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| Other liabilities |
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(547) |
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(1,089) |
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(237) |
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| Pre-Tax Effects of Cash Flow Hedges Included in the Statement of Operations and Statements of Comprehensive Income (Loss) |
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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Gain (Loss) on Derivatives Recognized in AOCL |
| (In thousands) |
Three Months Ended March |
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| Cash Flow Hedging Relationships |
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2023 |
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2022 |
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| Foreign currency exchange contracts |
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$ |
10,337 |
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$ |
7,325 |
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| Interest rate swap agreements |
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(309) |
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9,095 |
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| Total |
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$ |
10,028
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$ |
16,420
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Gain (Loss) Reclassified from AOCL into Income |
| (In thousands) |
Three Months Ended March |
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| Location of Gain (Loss) |
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2023 |
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2022 |
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| Net revenues |
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$ |
(171) |
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$ |
(132) |
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| Cost of goods sold |
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5,992 |
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2,301 |
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| Other expense, net |
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160 |
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(103) |
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| Interest expense |
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2,101 |
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(1,266) |
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| Total |
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$ |
8,082
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$ |
800
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