Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:

 

 

 

Significant Other
Observable
Inputs (Level 2)
Fair Value as of
March 31,
2024

 

 

Significant Other
Observable
Inputs (Level 2)
Fair Value as of
December 31,
2023

 

 

Balance Sheet Location

 

 

(in millions)

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

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

 

$

0.3

 

 

$

—

 

 

Prepaid expenses and other current assets

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

 

2.0

 

 

 

0.7

 

 

Prepaid expenses and other current assets

 

 

$

2.3

 

 

$

0.7

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

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

 

$

4.3

 

 

$

3.3

 

 

Other current liabilities

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

 

2.6

 

 

 

1.3

 

 

Other current liabilities

 

 

$

6.9

 

 

$

4.6

 

 

 
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 condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

 

 

 

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)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

2.3

 

 

$

(1.7

)

 

$

0.6

 

Total

 

$

2.3

 

 

$

(1.7

)

 

$

0.6

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

0.7

 

 

$

(0.7

)

 

$

—

 

Total

 

$

0.7

 

 

$

(0.7

)

 

$

—

 
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)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

6.9

 

 

$

(1.7

)

 

$

5.2

 

Total

 

$

6.9

 

 

$

(1.7

)

 

$

5.2

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Foreign exchange currency contracts

 

$

4.6

 

 

$

(0.7

)

 

$

3.9

 

Total

 

$

4.6

 

 

$

(0.7

)

 

$

3.9