| Schedule of Derivative Instruments |
The following table presents the fair value of outstanding derivatives on an individual contract basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivatives
with Unrealized Gains |
|
|
Fair Value of Derivatives
with Unrealized Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March |
|
|
December |
|
March |
|
|
March |
|
|
December |
|
March |
| (In thousands) |
|
2024 |
|
|
2023 |
|
2023 |
|
|
2024 |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivatives designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
$ |
18,553 |
|
|
|
$ |
16,490 |
|
|
$ |
20,361 |
|
|
|
$ |
(1,710) |
|
|
|
$ |
(5,098) |
|
|
$ |
(2,914) |
|
| Interest rate swap agreements |
|
596 |
|
|
|
3,253 |
|
|
8,946 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
| Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
— |
|
|
|
14 |
|
|
16 |
|
|
|
(72) |
|
|
|
(23) |
|
|
(316) |
|
| Total derivatives |
|
$ |
19,149
|
|
|
|
$ |
19,757
|
|
|
$ |
29,323
|
|
|
|
$ |
(1,782) |
|
|
|
$ |
(5,121) |
|
|
$ |
(3,230) |
|
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 2024 |
|
|
December 2023 |
|
March 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Derivative Asset |
|
Derivative Liability |
|
|
Derivative Asset |
|
Derivative Liability |
|
Derivative Asset |
|
Derivative Liability |
| Gross amounts presented in the balance sheet |
|
$ |
19,149 |
|
|
$ |
(1,782) |
|
|
|
$ |
19,757 |
|
|
$ |
(5,121) |
|
|
$ |
29,323 |
|
|
$ |
(3,230) |
|
| Gross amounts not offset in the balance sheet |
|
(1,417) |
|
|
1,417 |
|
|
|
(894) |
|
|
894 |
|
|
(1,449) |
|
|
1,449 |
|
| Net amounts |
|
$ |
17,732
|
|
|
$ |
(365) |
|
|
|
$ |
18,863
|
|
|
$ |
(4,227) |
|
|
$ |
27,874
|
|
|
$ |
(1,781) |
|
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
March 2024 |
|
|
December 2023 |
|
March 2023 |
| Prepaid expenses and other current assets |
|
$ |
17,016 |
|
|
|
$ |
18,319 |
|
|
$ |
18,046 |
|
| Accrued and other current liabilities |
|
(1,638) |
|
|
|
(4,009) |
|
|
(2,683) |
|
| Other assets |
|
2,133 |
|
|
|
1,438 |
|
|
11,277 |
|
| Other liabilities |
|
(144) |
|
|
|
(1,112) |
|
|
(547) |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) on Derivatives Recognized in AOCL |
| (In thousands) |
Three Months Ended March |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flow Hedging Relationships |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
$ |
10,146 |
|
|
|
$ |
10,337 |
|
|
|
|
|
|
|
| Interest rate swap agreements |
|
74 |
|
|
|
(309) |
|
|
|
|
|
|
|
| Total |
|
$ |
10,220
|
|
|
|
$ |
10,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) Reclassified from AOCL into Income |
| (In thousands) |
Three Months Ended March |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Location of Gain (Loss) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
| Net revenues |
|
$ |
53 |
|
|
|
$ |
(171) |
|
|
|
|
|
|
|
| Cost of goods sold |
|
5,291 |
|
|
|
5,992 |
|
|
|
|
|
|
|
| Other expense, net |
|
82 |
|
|
|
160 |
|
|
|
|
|
|
|
| Interest expense |
|
2,731 |
|
|
|
2,101 |
|
|
|
|
|
|
|
| Total |
|
$ |
8,157
|
|
|
|
$ |
8,082
|
|
|
|
|
|
|
|
|