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Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024December 31, 2023September 30, 2023
Derivative instruments designated as cash flow hedges:
Currency forward contracts$581,848 $634,676 $548,424 
Derivative instruments not designated as hedges:
Currency forward contracts$471,927 $342,532 $477,843 
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 ClassificationSeptember 30, 2024December 31, 2023September 30, 2023
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$3,311 $7,367 $17,121 
Currency forward contractsOther non-current assets817 961 6,511 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities3,657 4,121 972 
Currency forward contractsOther long-term liabilities1,264 2,629 104 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets1,443 2,833 4,485 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities1,441 2,269 1,389 
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)2024202320242023
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income, net of tax
—$(9,895)$9,876 $7,283 $10,602 
Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion
Net sales(480)(236)(822)10 
Gain reclassified from accumulated other comprehensive income to income for the effective portion
Cost of sales7,265 8,874 12,241 18,149 
Gain (loss) reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
62 — 130 (2)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income (expense), net
(4,369)3,313 160 2,033