| 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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September |
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December |
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September |
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September |
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December |
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September |
| (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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$ |
19,717 |
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$ |
15,565 |
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$ |
21,329 |
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$ |
(1,737) |
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$ |
(2,307) |
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$ |
(186) |
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| Interest rate swap agreements |
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6,067 |
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11,357 |
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11,494 |
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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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14 |
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— |
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30 |
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(37) |
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— |
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— |
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| Total derivatives |
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$ |
25,798
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$ |
26,922
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$ |
32,853
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$ |
(1,774) |
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$ |
(2,307) |
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$ |
(186) |
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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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September 2023 |
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December 2022 |
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September 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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$ |
25,798 |
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$ |
(1,774) |
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$ |
26,922 |
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$ |
(2,307) |
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$ |
32,853 |
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$ |
(186) |
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| Gross amounts not offset in the balance sheet |
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(1,774) |
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1,774 |
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(1,629) |
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1,629 |
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(186) |
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186 |
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| Net amounts |
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$ |
24,024
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$ |
—
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$ |
25,293
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$ |
(678) |
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$ |
32,667
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$ |
—
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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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September 2023 |
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December 2022 |
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September 2022 |
| Prepaid expenses and other current assets |
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$ |
24,220 |
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$ |
14,183 |
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$ |
18,523 |
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| Accrued liabilities |
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(1,442) |
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(1,218) |
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(134) |
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| Other assets |
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1,578 |
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12,739 |
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14,330 |
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| Other liabilities |
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(332) |
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(1,089) |
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(52) |
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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 September |
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Nine Months Ended September |
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| Cash Flow Hedging Relationships |
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2023 |
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2022 |
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2023 |
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2022 |
| Foreign currency exchange contracts |
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$ |
5,700 |
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$ |
12,414 |
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$ |
23,829 |
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$ |
26,654 |
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| Interest rate swap agreements |
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202 |
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5,327 |
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1,910 |
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15,881 |
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| Total |
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$ |
5,902
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$ |
17,741
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$ |
25,739
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$ |
42,535
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Gain (Loss) Reclassified from AOCL into Income |
| (In thousands) |
Three Months Ended September |
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Nine Months Ended September |
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| Location of Gain (Loss) |
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2023 |
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2022 |
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2023 |
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2022 |
| Net revenues |
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$ |
(37) |
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$ |
(401) |
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$ |
(270) |
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$ |
(794) |
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| Cost of goods sold |
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7,095 |
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4,228 |
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17,343 |
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8,954 |
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| Other expense, net |
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128 |
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168 |
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424 |
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67 |
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| Interest expense |
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2,664 |
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346 |
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7,200 |
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(1,665) |
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| Total |
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$ |
9,850
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$ |
4,341
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$ |
24,697
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$ |
6,562
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