| 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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September |
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December |
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September |
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September |
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December |
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September |
| (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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$ |
627 |
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$ |
16,490 |
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$ |
19,717 |
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$ |
(12,987) |
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$ |
(5,098) |
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$ |
(1,737) |
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| Interest rate swap agreements |
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— |
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3,253 |
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6,067 |
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(203) |
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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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— |
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14 |
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14 |
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(37) |
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(23) |
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(37) |
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| Total derivatives |
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$ |
627
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$ |
19,757
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$ |
25,798
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$ |
(13,227) |
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$ |
(5,121) |
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$ |
(1,774) |
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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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September 2024 |
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December 2023 |
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September 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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$ |
627 |
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$ |
(13,227) |
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$ |
19,757 |
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$ |
(5,121) |
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$ |
25,798 |
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$ |
(1,774) |
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| Gross amounts not offset in the balance sheet |
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(627) |
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627 |
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(894) |
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894 |
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(1,774) |
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1,774 |
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| Net amounts |
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$ |
—
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$ |
(12,600) |
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$ |
18,863
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$ |
(4,227) |
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$ |
24,024
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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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September 2024 |
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December 2023 |
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September 2023 |
| Prepaid expenses and other current assets |
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$ |
556 |
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$ |
18,319 |
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$ |
24,220 |
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| Accrued and other current liabilities |
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(10,686) |
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(4,009) |
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(1,442) |
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| Other assets |
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71 |
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1,438 |
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1,578 |
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| Other liabilities |
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(2,541) |
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(1,112) |
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(332) |
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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 September |
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Nine Months Ended September |
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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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$ |
(12,592) |
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$ |
5,700 |
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$ |
(13,780) |
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$ |
23,829 |
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| Interest rate swap agreements |
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(128) |
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202 |
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(81) |
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1,910 |
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| Total |
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$ |
(12,720) |
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$ |
5,902
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$ |
(13,861) |
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$ |
25,739
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Gain (Loss) Reclassified from AOCL into Income |
| (In thousands) |
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Three Months Ended September |
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Nine Months Ended September |
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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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$ |
(402) |
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$ |
(37) |
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$ |
(1,564) |
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$ |
(270) |
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| Cost of goods sold |
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4,635 |
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7,095 |
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16,216 |
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17,343 |
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| Other expense, net |
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71 |
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128 |
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238 |
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424 |
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| Interest expense |
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75 |
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2,664 |
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3,375 |
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7,200 |
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| Total |
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$ |
4,379
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$ |
9,850
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$ |
18,265
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$ |
24,697
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