Quarterly report [Sections 13 or 15(d)]

Financial Instruments and Risk Management (Tables)

v3.26.3
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026 December 31, 2025
Derivative instruments designated as cash flow hedges:
Currency forward contracts $ 768,384  $ 808,875 
Derivative instruments not designated as hedges:
Currency forward contracts $ 479,963  $ 261,805 
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, 2026 December 31, 2025
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 9,142  $ 5,895 
Currency forward contracts Other non-current assets $ 8,224  $ 2,788 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 6,516  $ 9,119 
Currency forward contracts Other long-term liabilities $ 3,827  $ 5,732 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 3,181  $ 1,144 
Derivative instruments in liability positions:
Currency forward contracts Accrued liabilities $ 1,563  $ 676 
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) 2026 2025 2026 2025
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
 — $ (2,405) $ 7,590  $ 10,305  $ (22,385)
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
 Net sales $ (527) $ 257  $ (489) $ (223)
Gain reclassified from accumulated other comprehensive loss to net income for the effective portion
 Cost of sales $ 346  $ 3,053  $ 311  $ 8,719 
Loss reclassified from accumulated other comprehensive loss to net income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
 $ —  $ —  $ —  $ (54)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in net income
Other non-operating income (expense), net
 $ (533) $ 1,574  $ 286  $ (387)