v3.22.2.2
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments:

(in thousands)September 30, 2022December 31, 2021September 30, 2021
Derivative instruments designated as cash flow hedges:
Currency forward contracts$459,189 $485,083 $471,250 
Derivative instruments not designated as hedges:
Currency forward contracts287,825 267,982 247,134 
Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands)Balance Sheet
Classification		September 30, 2022December 31, 2021September 30, 2021
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$32,289 $7,927 $5,500 
Currency forward contractsOther non-current assets13,919 10,142 8,723 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities— 2,545 2,164 
Currency forward contractsOther long-term liabilities436 318 449 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets2,912 1,470 1,633 
Currency forward contractsOther non-current assets— — 109 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities1,514 1,027 251 
Currency forward contractsOther long-term liabilities— — 17 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)2022202120222021
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive income (loss), net of tax
—$17,191 $8,170 $31,780 $13,547 
Loss reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Net sales(28)(170)(204)(182)
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Cost of sales4,114 (3,257)5,373 (2,833)
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
— 345 222 451 
Derivative instruments not designated as cash flow hedges:
Gain recognized in income
Other non-operating income (expense), net
1,341 1,077 2,638 355