Risk Management and Derivatives (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Balance Sheet Location

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	June 30, 2020		December 31, 2019		June 30, 2019
Derivatives designated as hedging instruments under ASC 815
Foreign currency contracts	Other current assets	$	19,441	$	4,040	$	10,427
Foreign currency contracts	Other long term assets	1,709		24		694
Interest rate swap contracts	Other long term assets	—		—		—
Total derivative assets designated as hedging instruments		$	21,150	$	4,064	$	11,121
Foreign currency contracts	Other current liabilities	$	16	$	8,772	$	2,425
Foreign currency contracts	Other long term liabilities	—		$	2,443	$	133
Total derivative liabilities designated as hedging instruments		$	16	$	11,215	$	2,558
Derivatives not designated as hedging instruments under ASC 815
Foreign currency contracts	Other current assets	$	1,106	$	2,337	$	1,112
Total derivative assets not designated as hedging instruments		$	1,106	$	2,337	$	1,112
Foreign currency contracts	Other current liabilities	$	4,494	$	9,510	$	8,830
Total derivative liabilities not designated as hedging instruments		$	4,494	$	9,510	$	8,830

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 June 30,							Six months ended June 30,
	2020			2019				2020			2019
(In thousands)	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity	Total		Amount of Gain (Loss) on Cash Flow Hedge Activity		Total		Amount of Gain (Loss) on Cash Flow Hedge Activity	Total	Amount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues	$	707,640	$1,489	$	1,191,729	$	4,420	$	1,637,880	$3,277	$2,396,451	$	8,212
Cost of goods sold	358,471		1,565	637,408		1,468		857,727		2,683	1,297,343	2,208
Interest expense, net	(11,336)		(9)	(5,988)		(9)		(17,296)		(18)	(10,226)	1,616
Other expense, net	(4,843)		—	(1,128)		152		(3,309)		21	(1,795)	792

Cash Flows in AOCI

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

(In thousands)	Balance as of March 31, 2020		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 June 30, 2020
Derivatives designated as cash flow hedges
Foreign currency contracts	37,965		(8,716)		3,049		26,200
Interest rate swaps	(568)		—		(9)		(559)
Total designated as cash flow hedges	$	37,397	$	(8,716)	$	3,040	$	25,641

(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 June 30, 2020
Derivatives designated as cash flow hedges
Foreign currency contracts	(6,005)		38,159		5,954		26,200
Interest rate swaps	(577)		—		(18)		(559)
Total designated as cash flow hedges	$	(6,582)	$	38,159	$	5,936	$	25,641

(In thousands)	Balance as of March 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 June 30, 2019
Derivatives designated as cash flow hedges
Foreign currency contracts	11,765		5,870		6,040		11,595
Interest rate swaps	(604)		—		(9)		(595)
Total designated as cash flow hedges	$	11,161	$	5,870	$	6,031	$	11,000

(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 June 30, 2019
Derivatives designated as cash flow hedges
Foreign currency contracts	21,908		899		11,212		11,595
Interest rate swaps	954		67		1,616		(595)
Total designated as cash flow hedges	$	22,862	$	966	$	12,828	$	11,000

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 June 30,								Six months ended June 30,
	2020				2019				2020				2019
(In thousands)	Total		Amount of Gain (Loss) on Fair Value Hedge Activity		Total		Amount of Gain (Loss) on Fair Value Hedge Activity		Total		Amount of Gain (Loss) on Fair Value Hedge Activity		Total		Amount of Gain (Loss) on Fair Value Hedge Activity
Other expense, net	$	(4,843)	$	841	$	(1,128)	$	(1,706)	$	(3,309)	$	(1,985)	$	(1,795)	$	(2,155)