| 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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(In thousands) |
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March 2020 |
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December 2019 |
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March 2020 |
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December 2019 |
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Derivatives designated as hedging instruments: |
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Foreign currency exchange contracts |
|
$ |
5,717 |
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|
$ |
5,199 |
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|
|
$ |
(14,603 |
) |
|
|
$ |
(2,690 |
) |
Interest rate swap agreements |
|
— |
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|
|
— |
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|
|
(17,528 |
) |
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|
(3,089 |
) |
Derivatives not designated as hedging instruments: |
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Foreign currency exchange contracts |
|
1,271 |
|
|
|
364 |
|
|
|
(477 |
) |
|
|
(105 |
) |
Total derivatives |
|
$ |
6,988 |
|
|
|
$ |
5,563 |
|
|
|
$ |
(32,608 |
) |
|
|
$ |
(5,884 |
) |
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
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March 2020 |
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December 2019 |
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(In thousands) |
|
Derivative Asset |
|
Derivative Liability |
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|
Derivative Asset |
|
Derivative Liability |
Gross amounts presented in the balance sheet |
|
$ |
6,988 |
|
|
$ |
(32,608 |
) |
|
|
$ |
5,563 |
|
|
$ |
(5,884 |
) |
Gross amounts not offset in the balance sheet |
|
(2,970 |
) |
|
2,970 |
|
|
|
(1,133 |
) |
|
1,133 |
|
Net amounts |
|
$ |
4,018 |
|
|
$ |
(29,638 |
) |
|
|
$ |
4,430 |
|
|
$ |
(4,751 |
) |
The following table presents the location of derivatives in the Company's balance sheet, with current or noncurrent classification based on maturity dates:
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(In thousands) |
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March 2020 |
|
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December 2019 |
Other current assets |
|
$ |
5,217 |
|
|
|
$ |
4,303 |
|
Accrued liabilities |
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(10,256 |
) |
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|
(2,058 |
) |
Other assets |
|
1,771 |
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|
|
1,260 |
|
Other liabilities |
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(22,352 |
) |
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|
(3,826 |
) |
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| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following tables present the effects of cash flow hedges included in the Company's statement of operations and statement of comprehensive (loss) income:
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(In thousands) |
Gain (Loss) on Derivatives Recognized in AOCL |
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Cash Flow Hedging Relationships |
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Three Months Ended March 2020 |
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Foreign currency exchange contracts |
|
$ |
(10,906 |
) |
|
Interest rate swap agreements |
|
(14,670 |
) |
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Total |
|
$ |
(25,576 |
) |
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(In thousands) |
Gain (Loss) Reclassified from AOCL into Income |
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Location of Gain (Loss) |
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Three Months Ended March 2020 |
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Net revenues |
|
$ |
(358 |
) |
|
Cost of goods sold |
|
3,741 |
|
|
Other expense, net |
|
(4 |
) |
|
Interest expense |
|
(231 |
) |
|
Total |
|
$ |
3,148 |
|
|
|
| Derivatives Not Designated as Hedging Instruments |
The following table presents a summary of these derivatives included in the Company's statement 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 March 2020 |
|
Foreign currency exchange contracts |
|
Net revenues |
|
|
$ |
4 |
|
|
|
|
Cost of goods sold |
|
|
(3,672 |
) |
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Other expense, net |
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|
23 |
|
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Total |
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|
|
|
$ |
(3,645 |
) |
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