| 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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2024 |
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2023 |
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2023 |
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2024 |
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2023 |
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2023 |
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| Derivatives designated as hedging instruments: |
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| Foreign currency exchange contracts |
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$ |
5,735 |
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$ |
16,490 |
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$ |
23,358 |
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$ |
(4,757) |
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$ |
(5,098) |
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$ |
(4,629) |
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| Interest rate swap agreements |
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— |
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3,253 |
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8,529 |
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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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15 |
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14 |
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24 |
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(29) |
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(23) |
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(336) |
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| Total derivatives |
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$ |
5,750
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$ |
19,757
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$ |
31,911
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$ |
(4,786) |
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$ |
(5,121) |
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$ |
(4,965) |
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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 2024 |
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December 2023 |
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June 2023 |
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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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$ |
5,750 |
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$ |
(4,786) |
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$ |
19,757 |
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$ |
(5,121) |
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$ |
31,911 |
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$ |
(4,965) |
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| Gross amounts not offset in the balance sheet |
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(2,983) |
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2,983 |
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(894) |
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894 |
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(2,038) |
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2,038 |
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| Net amounts |
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$ |
2,767
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$ |
(1,803) |
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$ |
18,863
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$ |
(4,227) |
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$ |
29,873
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$ |
(2,927) |
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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 2024 |
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December 2023 |
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June 2023 |
| Prepaid expenses and other current assets |
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$ |
5,322 |
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$ |
18,319 |
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$ |
29,167 |
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| Accrued and other current liabilities |
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(2,950) |
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(4,009) |
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(4,497) |
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| Other assets |
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428 |
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1,438 |
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2,744 |
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| Other liabilities |
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(1,836) |
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(1,112) |
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(468) |
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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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2024 |
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2023 |
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2024 |
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2023 |
| Foreign currency exchange contracts |
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$ |
(11,334) |
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$ |
7,792 |
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$ |
(1,188) |
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$ |
18,129 |
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| Interest rate swap agreements |
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(27) |
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2,017 |
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47 |
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1,708 |
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| Total |
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$ |
(11,361) |
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$ |
9,809
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$ |
(1,141) |
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$ |
19,837
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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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2024 |
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2023 |
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2024 |
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2023 |
| Net revenues |
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$ |
(1,215) |
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$ |
(62) |
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$ |
(1,162) |
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$ |
(233) |
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| Cost of goods sold |
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6,290 |
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4,256 |
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11,581 |
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10,248 |
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| Other expense, net |
|
85 |
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136 |
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167 |
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296 |
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| Interest expense |
|
569 |
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2,435 |
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3,300 |
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4,536 |
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| Total |
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$ |
5,729
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$ |
6,765
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$ |
13,886
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$ |
14,847
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