Quarterly report [Sections 13 or 15(d)]

Financial Instruments and Risk Management (Tables)

v3.25.2
Financial Instruments and Risk Management (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments:

 As of
(in thousands) June 30, 2025 December 31, 2024 June 30, 2024
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 770,702  $ 550,591  $ 488,039 
Derivative instruments not designated as hedges:
Currency forward contracts $ 279,092  $ 263,103  $ 377,391 
Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:

 As of
(in thousands) Balance Sheet Classification June 30, 2025 December 31, 2024 June 30, 2024
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 4,227  $ 20,890  $ 10,688 
Currency forward contracts Other non-current assets $ 844  $ 9,137  $ 6,492 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 10,764  $ 853  $ 1,106 
Currency forward contracts Other long-term liabilities $ 12,371  $ 13  $ 65 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 1,648  $ 3,739  $ 6,046 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 1,478  $ 872  $ 993 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands) 2025 2024 2025 2024
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
 — $ (24,065) $ 5,451  $ (29,975) $ 17,178 
Loss reclassified from accumulated other comprehensive loss to income for the effective portion
 Net sales $ (39) $ (60) $ (480) $ (342)
Gain reclassified from accumulated other comprehensive loss to income for the effective portion
 Cost of sales $ 2,535  $ 2,005  $ 5,666  $ 4,976 
Gain (loss) reclassified from accumulated other comprehensive loss to income as a result of cash flow hedge discontinuance
Other non-operating income, net
 $ (54) $ —  $ (54) $ 68 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income, net
 $ (1,349) $ 1,604  $ (1,961) $ 4,529