Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Derivative Assets and Liabilities Measured at Fair Value

The Company’s derivative assets and liabilities are measured at fair value and consisted of Level 2 inputs and their amounts are shown below at their gross values as of December 31, 2022 and 2021:

 

 

 

Significant Other Observable Inputs (Level 2) Fair Value as of December 31,
2022

 

 

Significant Other Observable Inputs (Level 2) Fair Value as of December 31,
2021

 

 

Balance Sheet Location

 

 

(in millions)

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts relating to inventory and intercompany management fee hedges

 

$

1.5

 

 

$

0.3

 

 

Prepaid expenses and other current assets

Interest rate swaps

 

 

0.3

 

 

 

—

 

 

Prepaid expenses and other current assets

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

 

1.1

 

 

 

6.6

 

 

Prepaid expenses and other current assets

 

 

$

2.9

 

 

$

6.9

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts relating to inventory and intercompany management fee hedges

 

$

3.2

 

 

$

1.7

 

 

Other current liabilities

Interest rate swaps

 

 

—

 

 

 

0.1

 

 

Other current liabilities

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

 

2.8

 

 

 

3.4

 

 

Other current liabilities

 

 

$

6.0

 

 

$

5.2

 

 

 
Offsetting of Derivative Assets

The following tables summarize the offsetting of the fair values of the Company’s derivative assets and derivative liabilities for presentation in the Company’s consolidated balance sheets as of December 31, 2022 and 2021:

 

 

 

Offsetting of Derivative Assets

 

 

 

Gross Amounts of
Recognized Assets

 

 

Gross Amounts
Offset in the
Balance Sheet

 

 

Net Amounts of
Assets Presented
in the Balance Sheet

 

 

 

(in millions)

 

December 31, 2022

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

2.6

 

 

$

(2.4

)

 

$

0.2

 

Interest rate swaps

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Total

 

$

2.9

 

 

$

(2.4

)

 

$

0.5

 

December 31, 2021

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

6.9

 

 

$

(2.2

)

 

$

4.7

 

Total

 

$

6.9

 

 

$

(2.2

)

 

$

4.7

 
Offsetting of Derivative Liabilities

 

 

Offsetting of Derivative Liabilities

 

 

 

Gross Amounts of
Recognized Liabilities

 

 

Gross Amounts
Offset in the
Balance Sheet

 

 

Net Amounts of
Liabilities Presented
in the Balance Sheet

 

 

 

(in millions)

 

December 31, 2022

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

6.0

 

 

$

(2.4

)

 

$

3.6

 

Total

 

$

6.0

 

 

$

(2.4

)

 

$

3.6

 

December 31, 2021

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

5.1

 

 

$

(2.2

)

 

$

2.9

 

Interest rate swaps

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Total

 

$

5.2

 

 

$

(2.2

)

 

$

3.0