Annual report [Section 13 and 15(d), not S-K Item 405]

Financial Instruments and Risk Management (Tables)

v3.25.4
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 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 December 31,
(in thousands) 2025 2024
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 808,875  $ 550,591 
Derivative instruments not designated as hedges:
Currency forward contracts $ 261,805  $ 263,103 
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 December 31,
(in thousands) Balance Sheet Classification 2025 2024
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 5,895  $ 20,890 
Currency forward contracts Other non-current assets $ 2,788  $ 9,137 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 9,119  $ 853 
Currency forward contracts Other long-term liabilities $ 5,732  $ 13 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 1,144  $ 3,739 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 676  $ 872 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Year Ended December 31,
(in thousands) 2025 2024 2023
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
 — $ (20,081) $ 31,252  $ (849)
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
 Net sales $ 332  $ (1,655) $ 60 
Gain reclassified from accumulated other comprehensive loss to net income for the effective portion
 Cost of sales $ 9,779  $ 17,688  $ 23,307 
Gain reclassified from accumulated other comprehensive loss to net income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
 $ 186  $ 130  $ 521 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in net income
Other non-operating income (expense), net
 $ 1,385  $ 5,824  $ (1,822)