Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the Consolidated Statements of Income. At December 31, 2020, the notional amount of open forward contracts was $96.0 million and there was no unrealized gain/loss on these contracts. All open forward contracts will mature during the first quarter of 2021.

The following table presents the Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:


	December 31,
(In thousands)	2020		2019
Derivatives not designated as hedging instruments:
Foreign exchange contracts: other current liabilities	$	157	$	125
Foreign exchange contracts: other current assets	160		687

The following table presents the Consolidated Statements of Income location and impact of derivative financial instruments:


(In thousands)	Income Statement Location	(Gain) Loss Recognized in Income
		Year ended December 31,
		2020		2019
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Currency exchange losses, net	$	(7,457)	$	3,015