Risk Management and Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the fair values of derivative instruments within the unaudited consolidated balance sheets. Refer to Note 9 for a discussion of the fair value measurements.


(In thousands)	Balance Sheet Classification	March 31, 2020				December 31, 2019				March 31, 2019
Derivatives designated as hedging instruments under ASC 815
Foreign currency contracts	Other current assets	$	35,087			$	4,040			$	10,185
Foreign currency contracts	Other long term assets	4,791				24				273
Interest rate swap contracts	Other long term assets	—				—				—
Total derivative assets designated as hedging instruments				$	39,878			$	4,064			$	10,458

Foreign currency contracts	Other current liabilities	$	789			$	8,772			$	1,973
Foreign currency contracts	Other long term liabilities	—				$	2,443			$	307
Total derivative liabilities designated as hedging instruments				$	789			$	11,215			$	2,280

Derivatives not designated as hedging instruments under ASC 815
Foreign currency contracts	Other current assets	$	8,582			$	2,337			$	4,611
Total derivative assets not designated as hedging instruments				$	8,582			$	2,337			$	4,611

Foreign currency contracts	Other current liabilities	$	1,740			$	9,510			$	840
Total derivative liabilities not designated as hedging instruments				$	1,740			$	9,510			$	840

Effects of Cash Flow Hedges

The following table presents the amounts in the unaudited consolidated statements of operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items.


	Three months ended March 31,
	2020						2019
(In thousands)	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity		Total		Amount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues	$	930,240	$	1,788	$	1,204,722	$	3,792
Cost of goods sold	499,256		1,117		659,935		740
Interest expense, net	(5,960)		(9)		(4,238)		1,625
Other income (expense), net	1,534		21		(667)		640

Cash Flows in AOCI

The following tables present the amounts affecting the unaudited statements of comprehensive income (loss).


(In thousands)	Balance as of December 31, 2019		Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives		Amount of gain (loss) reclassified from other comprehensive income (loss) into income		Balance as of March 31, 2020
Derivatives designated as cash flow hedges
Foreign currency contracts	(6,005)		46,876		2,905		37,965
Interest rate swaps	(577)		—		(9)		(568)
Total designated as cash flow hedges	$	(6,582)	$	46,876	$	2,896	$	37,397


(In thousands)	Balance as of December 31, 2018		Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives		Amount of gain (loss) reclassified from other comprehensive income (loss) into income		Balance as of March 31, 2019
Derivatives designated as cash flow hedges
Foreign currency contracts	21,908		(4,971)		5,172		11,766
Interest rate swaps	954		68		1,625		(604)
Total designated as cash flow hedges	$	22,862	$	(4,903)	$	6,797	$	11,162

Schedule of Fair Value Hedging Activity

The following table presents the amounts in the unaudited consolidated statements of operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items.


	Three months ended March 31,
	2020						2019
(In thousands)	Total		Amount of Gain (Loss) on Fair Value Hedge Activity		Total		Amount of Gain (Loss) on Fair Value Hedge Activity
Other income (expense), net	$	1,534	$	(2,826)	$	(667)	$	(449)