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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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 DesignationMarch 31, 2021December 31, 2020
Forward exchange contractsCash flow hedge$164,562 $154,504 
Forward exchange contractsNon-designated45,545 42,380 
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 AOCIConsolidated Condensed Statements of Comprehensive Income (Loss)Amount of Gain (Loss) Reclassified from AOCI
Three Months Ended March 31,
Total Amount of Line Item Presented
Derivative Instrument20212020Location of amount reclassified2021202020212020
Foreign exchange contracts$3,593 $4,295 Net Sales$232,677 $214,010 $(1,849)$1,201 
 Cost of Sales104,228 94,851 265 (77)
Pre-tax gain (loss)$3,593 $4,295 $(1,584)$1,124 
Tax expense (benefit)868 1,038 (383)272 
Net gain (loss)$2,725 $3,257 $(1,201)$852 
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 March 31,
Derivative InstrumentLocation on Consolidated Condensed Statements of Comprehensive Income (Loss)20212020
 
Net gain (loss) on currency forward contractsSelling and administrative expense$458 $(245)
Net loss on currency transaction exposuresSelling and administrative expense$(1,123)$(191)
Schedule of Fair Value for Forward Foreign Exchange Contracts The following tables summarize the fair value for forward foreign exchange contracts outstanding at March 31, 2021 and December 31, 2020:
March 31, 2021Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:   
Foreign exchange contractsOther current liabilities$1,557 $(4,592)$(3,035)
Foreign exchange contractsOther long-term assets709 (337)372 
$2,266 $(4,929)$(2,663)
Derivatives not designated as hedging instruments:   
Foreign exchange contractsOther current liabilities8 (179)(171)
Total derivatives$2,274 $(5,108)$(2,834)

December 31, 2020Location on Consolidated Condensed Balance SheetAsset Fair ValueLiabilities Fair ValueNet
Fair
Value
Derivatives designated as hedged instruments:  
Foreign exchange contracts Other current liabilities$1,500 $(8,826)$(7,326)
Foreign exchange contractsOther long-term liabilities23 (535)(512)
$1,523 $(9,361)$(7,838)
Derivatives not designated as hedging instruments:  
Foreign exchange contractsOther current liabilities25 (150)(125)
Total derivatives$1,548 $(9,511)$(7,963)