Derivative instruments and hedging activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amounts of Derivative Instruments

We held forward contracts designated as cash flow hedges with the following notional amounts:

(In thousands)	US Dollar Equivalent
	As of June 30, 2020		As of December 31,
	(Unaudited)		2019
British pound	$	11,486	$	13,988
Chinese yuan	41,395		32,970
Euro	197,262		130,122
Hungarian forint	99,198		95,228
Japanese yen	92,429		53,527
Korean won	23,670		24,728
Malaysian ringgit	47,892		32,725
Total forward contracts notional amount	$	513,332	$	383,288

Summary of Fair Value of Derivative Instruments on Consolidated Balance Sheets

The following tables present the fair value of derivative instruments on our Consolidated Balance Sheets at June 30, 2020 and December 31, 2019, respectively.   

	Asset Derivatives
	June 30, 2020			December 31, 2019
(In thousands)	(Unaudited)
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	7,029	Prepaid expenses and other current assets	$	7,039
Foreign exchange contracts - LT forwards	Other long-term assets	6,038		Other long-term assets	970
Total derivatives designated as hedging instruments		$	13,067		$	8,009
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	511	Prepaid expenses and other current assets	$	200
Total derivatives not designated as hedging instruments		$	511		$	200
Total derivatives		$	13,578		$	8,209

	Liability Derivatives
	June 30, 2020			December 31, 2019
(In thousands)	(Unaudited)
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(4,098)	Other current liabilities	$	(2,089)
Foreign exchange contracts - LT forwards	Other long-term liabilities	(3,954)		Other long-term liabilities	(351)
Total derivatives designated as hedging instruments		$	(8,052)		$	(2,440)
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(746)	Other current liabilities	$	(432)
Total derivatives not designated as hedging instruments		$	(746)		$	(432)
Total derivatives		$	(8,798)		$	(2,872)

Summary of Derivative Instruments, Gain (Loss)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the three months ended June 30, 2020 and 2019, respectively:

June 30, 2020
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	(5,132)	Net sales	$	2,726
Foreign exchange contracts - forwards	2,962		Cost of sales	(850)
Foreign exchange contracts - forwards	2,096		Operating expenses	(637)
Total	$	(74)		$	1,239

June 30, 2019
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	(1,350)	Net sales	$	2,651
Foreign exchange contracts - forwards	(139)		Cost of sales	(61)
Foreign exchange contracts - forwards	9		Operating expenses	(74)
Total	$	(1,480)		$	2,516

(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
		June 30, 2020		June 30, 2019
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other expense (income)	$	(193)	(141)
Total		$	(193)	$	(141)

The following tables present the effect of derivative instruments on our Consolidated Statements of Income for the six months ended June 30, 2020 and 2019, respectively:

June 30, 2020
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	5,724	Net sales	$	5,260
Foreign exchange contracts - forwards	(3,798)		Cost of sales	(1,369)
Foreign exchange contracts - forwards	(2,524)		Operating expenses	(1,082)
Total	(598)			$	2,809

June 30, 2019
(In thousands)
(Unaudited)
Derivatives in Cash Flow Hedging Relationship	Gain or (Loss) Recognized in OCI on Derivative		Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Gain or (Loss) Reclassified from Accumulated OCI into Income
Foreign exchange contracts - forwards	$	450	Net sales	$	4,396
Foreign exchange contracts - forwards	(409)		Cost of sales	(41)
Foreign exchange contracts - forwards	(309)		Operating expenses	(45)
Total	$	(268)		$	4,310

(In thousands)
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income		Amount of Gain (Loss) Recognized in Income
		June 30, 2020		June 30, 2019
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other income (expense)	$	105	(369)
Total		$	105	$	(369)