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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June |
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December |
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June |
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June |
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December |
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June |
(In thousands) |
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2025 |
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2024 |
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2024 |
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2025 |
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2024 |
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2024 |
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Derivatives designated as hedging instruments: |
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Foreign currency exchange contracts |
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$ |
6,501 |
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$ |
7,720 |
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$ |
5,735 |
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$ |
(14,386) |
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$ |
(11,620) |
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$ |
(4,757) |
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Interest rate swap agreements |
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2,106 |
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5,390 |
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— |
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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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17 |
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— |
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15 |
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(156) |
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— |
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(29) |
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Total derivatives |
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$ |
8,624
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$ |
13,110
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$ |
5,750
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$ |
(14,542) |
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$ |
(11,620) |
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$ |
(4,786) |
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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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June 2025 |
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December 2024 |
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June 2024 |
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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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$ |
8,624 |
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$ |
(14,542) |
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$ |
13,110 |
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$ |
(11,620) |
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$ |
5,750 |
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$ |
(4,786) |
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Gross amounts not offset in the balance sheet |
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(3,523) |
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3,523 |
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(3,468) |
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3,468 |
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(2,983) |
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2,983 |
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Net amounts |
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$ |
5,101
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$ |
(11,019) |
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$ |
9,642
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$ |
(8,152) |
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$ |
2,767
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$ |
(1,803) |
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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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June 2025 |
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December 2024 |
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June 2024 |
Prepaid expenses and other current assets |
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$ |
4,327 |
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$ |
5,845 |
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$ |
5,322 |
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Accrued and other current liabilities |
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(10,120) |
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(10,659) |
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(2,950) |
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Other assets |
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4,297 |
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7,265 |
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428 |
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Other liabilities |
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(4,422) |
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(961) |
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(1,836) |
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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) |
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Three Months Ended June |
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Six Months Ended June |
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Cash Flow Hedging Relationships |
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2025 |
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2024 |
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2025 |
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2024 |
Foreign currency exchange contracts |
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$ |
(3,169) |
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$ |
(11,334) |
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$ |
(6,920) |
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$ |
(1,188) |
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Interest rate swap agreements |
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361 |
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(27) |
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(2,103) |
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47 |
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Total |
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$ |
(2,808) |
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$ |
(11,361) |
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$ |
(9,023) |
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$ |
(1,141) |
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Gain (Loss) Reclassified from AOCL into Income |
(In thousands) |
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Three Months Ended June |
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Six Months Ended June |
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Location of Gain (Loss) |
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2025 |
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2024 |
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2025 |
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2024 |
Net revenues |
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$ |
(177) |
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$ |
(1,215) |
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$ |
(988) |
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$ |
(1,162) |
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Cost of goods sold |
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(1,110) |
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6,290 |
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(1,599) |
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11,581 |
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Other income (expense), net |
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56 |
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85 |
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232 |
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167 |
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Interest expense |
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762 |
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569 |
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1,181 |
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3,300 |
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Total |
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$ |
(469) |
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$ |
5,729
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$ |
(1,174) |
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$ |
13,886
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Derivatives Not Designated as Hedging Instruments |
The following table presents a summary of derivatives not designated as hedges included in the Company's statements of operations:
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(In thousands) |
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Location of Gain (Loss) on Derivatives Recognized in Income |
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Gain (Loss) on Derivatives Recognized in Income |
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Derivatives Not Designated as Hedges |
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Three Months Ended June |
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Six Months Ended June |
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2025 |
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2024 |
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2025 |
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2024 |
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Foreign currency exchange contracts |
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Cost of goods sold |
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$ |
(71) |
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$ |
11 |
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$ |
(71) |
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$ |
11 |
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Foreign currency exchange contracts |
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Other income (expense), net |
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32,974 |
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(19) |
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24,106 |
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4 |
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Total |
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$ |
32,903
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$ |
(8) |
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$ |
24,035
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$ |
15
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