Derivative instruments and hedging activities (Tables)

9 Months Ended

Sep. 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 September 30, 2020		As of December 31,
	(Unaudited)		2019
British pound	$	23,251	$	13,988
Chinese yuan	57,943		32,970
Euro	209,385		130,122
Hungarian forint	89,962		95,228
Japanese yen	83,503		53,527
Korean won	26,918		24,728
Malaysian ringgit	41,681		32,725
Total forward contracts notional amount	$	532,643	$	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 September 30, 2020 and December 31, 2019, respectively.   

	Asset Derivatives
	September 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	$	2,314	Prepaid expenses and other current assets	$	7,039
Foreign exchange contracts - LT forwards	Other long-term assets	2,639		Other long-term assets	970
Total derivatives designated as hedging instruments		$	4,953		$	8,009
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Prepaid expenses and other current assets	$	411	Prepaid expenses and other current assets	$	200
Total derivatives not designated as hedging instruments		$	411		$	200
Total derivatives		$	5,364		$	8,209

	Liability Derivatives
	September 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	$	(5,305)	Other current liabilities	$	(2,089)
Foreign exchange contracts - LT forwards	Other long-term liabilities	(4,230)		Other long-term liabilities	(351)
Total derivatives designated as hedging instruments		$	(9,535)		$	(2,440)
Derivatives not designated as hedging instruments
Foreign exchange contracts - ST forwards	Other current liabilities	$	(1,241)	Other current liabilities	$	(432)
Total derivatives not designated as hedging instruments		$	(1,241)		$	(432)
Total derivatives		$	(10,776)		$	(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 September 30, 2020 and 2019, respectively:

September 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	$	(12,524)	Net sales	$	334
Foreign exchange contracts - forwards	1,849		Cost of sales	(448)
Foreign exchange contracts - forwards	1,144		Operating expenses	(266)
Total	$	(9,531)		$	(380)

September 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	$	6,736	Net sales	$	3,291
Foreign exchange contracts - forwards	(2,946)		Cost of sales	(176)
Foreign exchange contracts - forwards	(2,163)		Operating expenses	(112)
Total	$	1,627		$	3,003

(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
		September 30, 2020		September 30, 2019
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other expense (income)	$	(267)	287
Total		$	(267)	$	287

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

September 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	$	(6,800)	Net sales	$	5,594
Foreign exchange contracts - forwards	(1,898)		Cost of sales	(1,817)
Foreign exchange contracts - forwards	(1,430)		Operating expenses	(1,348)
Total	(10,128)			$	2,429

September 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	$	7,186	Net sales	$	7,687
Foreign exchange contracts - forwards	(3,386)		Cost of sales	(217)
Foreign exchange contracts - forwards	(2,441)		Operating expenses	(158)
Total	$	1,359		$	7,312

(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
		September 30, 2020		September 30, 2019
		(Unaudited)		(Unaudited)
Foreign exchange contracts - forwards	Other income (expense)	$	(163)	(82)
Total		$	(163)	$	(82)