Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the notional contract amounts for forward contracts outstanding:

		As of
	FASB ASC Topic 815 Designation	September 30, 2020		December 31, 2019
Forward exchange contracts	Cash flow hedge	$	141,376	$	156,818
Forward exchange contracts	Non-designated	41,074		33,867

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

Foreign exchange contracts designated as cash flow hedges had the following effects on accumulated other comprehensive income (loss) and net earnings on our consolidated condensed statements of comprehensive income (loss) and our consolidated condensed balance sheets:

	Amount of Gain (Loss) Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income (Loss)					Amount of Gain (Loss) Reclassified from AOCI
	Three Months Ended September 30,
						Total Amount of Line Item Presented
Derivative Instrument	2020		2019		Location of amount reclassified	2020		2019		2020		2019
Foreign exchange contracts	$	(3,542)	$	4,887	Net Sales	$	237,835	$	233,590	$	663	$	2,241
					Cost of Sales	104,137		103,479		(215)		120
Pre-tax gain (loss)	$	(3,542)	$	4,887						$	448	$	2,361
Tax expense (benefit)	(856)		1,181							108		570
Net gain (loss)	$	(2,686)	$	3,706						$	340	$	1,791

	Amount of Gain (Loss) Recognized in AOCI				Consolidated Condensed Statements of Comprehensive Income (Loss)					Amount of Gain (Loss) Reclassified from AOCI
	Nine Months Ended September 30,
						Total Amount of Line Item Presented
Derivative Instrument	2020		2019		Location of amount reclassified	2020		2019		2020		2019
Foreign exchange contracts	$	(2,526)	$	6,751	Net Sales	$	609,631	$	690,232	$	2,206	$	5,834
					Cost of Sales	284,845		307,492		(710)		359
Pre-tax gain (loss)	$	(2,526)	$	6,751						$	1,496	$	6,193
Tax expense (benefit)	(610)		1,631							362		1,496
Net gain (loss)	$	(1,916)	$	5,120						$	1,134	$	4,697

Derivatives Not Designated as Hedging Instruments

Net gains and losses from derivative instruments not accounted for as hedges and gains and losses on our intercompany receivables on our consolidated condensed statements of comprehensive income (loss) were:

		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instrument	Location on Consolidated Condensed Statements of Comprehensive Income (Loss)	2020		2019		2020		2019
Net gain (loss) on currency forward contracts	Selling and administrative expense	$	(682)	$	138	$	(1,224)	$	(355)
Net gain (loss) on currency transaction exposures	Selling and administrative expense	$	312	$	(368)	$	143	$	(530)

Schedule of Fair Value for Forward Foreign Exchange Contracts

The following tables summarize the fair value for forward foreign exchange contracts outstanding at September 30, 2020 and December 31, 2019:

September 30, 2020	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Other current liabilities	$	529	$	(3,338)	$	(2,809)
Foreign exchange contracts	Other long-term liabilities	103		(948)		(845)
		$	632	$	(4,286)	$	(3,654)
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	9		(158)		(149)
Total derivatives		$	641	$	(4,444)	$	(3,803)

December 31, 2019	Location on Consolidated Condensed Balance Sheet	Asset Fair Value		Liabilities Fair Value		Net Fair Value
Derivatives designated as hedged instruments:
Foreign exchange contracts	Prepaids and other current assets	$	2,307	$	(1,341)	$	966
Foreign exchange contracts	Other long-term liabilities	38		(353)		(315)
		$	2,345	$	(1,694)	$	651
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Other current liabilities	22		(159)		(137)
Total derivatives		$	2,367	$	(1,853)	$	514