| 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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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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$ |
23,358 |
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$ |
15,565 |
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$ |
13,968 |
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$ |
(4,629) |
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$ |
(2,307) |
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$ |
(360) |
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| Interest rate swap agreements |
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8,529 |
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11,357 |
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6,512 |
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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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24 |
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— |
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28 |
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(336) |
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— |
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— |
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| Total derivatives |
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$ |
31,911
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$ |
26,922
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$ |
20,508
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$ |
(4,965) |
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$ |
(2,307) |
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$ |
(360) |
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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 2023 |
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December 2022 |
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June 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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$ |
31,911 |
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$ |
(4,965) |
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$ |
26,922 |
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$ |
(2,307) |
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$ |
20,508 |
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$ |
(360) |
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| Gross amounts not offset in the balance sheet |
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(2,038) |
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2,038 |
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(1,629) |
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1,629 |
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(360) |
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360 |
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| Net amounts |
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$ |
29,873
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$ |
(2,927) |
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$ |
25,293
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$ |
(678) |
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$ |
20,148
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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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June 2023 |
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December 2022 |
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June 2022 |
| Prepaid expenses and other current assets |
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$ |
29,167 |
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$ |
14,183 |
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$ |
12,222 |
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| Accrued liabilities |
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(4,497) |
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(1,218) |
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(221) |
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| Other assets |
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2,744 |
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12,739 |
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8,286 |
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| Other liabilities |
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(468) |
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(1,089) |
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(139) |
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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 June |
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Six Months Ended June |
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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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$ |
7,792 |
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$ |
6,915 |
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$ |
18,129 |
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$ |
14,240 |
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| Interest rate swap agreements |
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2,017 |
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1,459 |
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1,708 |
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10,554 |
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| Total |
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$ |
9,809
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$ |
8,374
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$ |
19,837
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$ |
24,794
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Gain (Loss) Reclassified from AOCL into Income |
| (In thousands) |
Three Months Ended June |
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Six Months Ended June |
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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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$ |
(62) |
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$ |
(261) |
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$ |
(233) |
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$ |
(393) |
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| Cost of goods sold |
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4,256 |
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2,425 |
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10,248 |
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4,726 |
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| Other expense, net |
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136 |
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2 |
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296 |
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(101) |
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| Interest expense |
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2,435 |
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(745) |
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4,536 |
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(2,011) |
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| Total |
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$ |
6,765
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$ |
1,421
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$ |
14,847
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$ |
2,221
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