Quarterly report [Sections 13 or 15(d)]

Financial Instruments and Risk Management (Tables)

v3.25.3
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 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) September 30, 2025 December 31, 2024 September 30, 2024
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 758,572  $ 550,591  $ 581,848 
Derivative instruments not designated as hedges:
Currency forward contracts $ 462,521  $ 263,103  $ 471,927 
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 September 30, 2025 December 31, 2024 September 30, 2024
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 5,589  $ 20,890  $ 3,311 
Currency forward contracts Other non-current assets $ 1,388  $ 9,137  $ 817 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 8,532  $ 853  $ 3,657 
Currency forward contracts Other long-term liabilities $ 6,117  $ 13  $ 1,264 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 1,310  $ 3,739  $ 1,443 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 2,057  $ 872  $ 1,441 
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 September 30,
Nine Months Ended September 30,
(in thousands) 2025 2024 2025 2024
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
 — $ 7,590  $ (9,895) $ (22,385) $ 7,283 
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
 Net sales $ 257  $ (480) $ (223) $ (822)
Gain reclassified from accumulated other comprehensive loss to net income for the effective portion
 Cost of sales $ 3,053  $ 7,265  $ 8,719  $ 12,241 
Gain (loss) reclassified from accumulated other comprehensive loss to net income as a result of cash flow hedge discontinuance
Other non-operating income, net
 $ —  $ 62  $ (54) $ 130 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in net income
Other non-operating income, net
 $ 1,574  $ (4,369) $ (387) $ 160