XML 42 R25.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Derivative Financial Instruments | 12 Months Ended
--- | ---
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 17. Derivative Financial Instruments Non-Designated Hedges As of September 30, 2022 and 2021, we had outstanding forward contracts for derivatives not designated as hedging instruments with notional amounts equivalent to the following:
|  | September 30, |
Currency Hedged (in thousands) |  | 2022 |  |  | 2021 |
Canadian / U.S. Dollar |  | $ | 2,731 |  |  | $ | 4,894 |
Euro / U.S. Dollar |  |  | 316,869 |  |  |  | 387,466 |
British Pound / U.S. Dollar |  |  | 7,368 |  |  |  | 23,141 |
Israeli Shekel / U.S. Dollar |  |  | 12,052 |  |  |  | 10,475 |
Japanese Yen / U.S. Dollar |  |  | 25,566 |  |  |  | 46,450 |
Swiss Franc / U.S. Dollar |  |  | 25,559 |  |  |  | 18,039 |
Swedish Krona / U.S. Dollar |  |  | 35,713 |  |  |  | 34,196 |
Singapore Dollar / U.S. Dollar |  |  | 3,637 |  |  |  | 3,498 |
Chinese Renminbi / U.S. Dollar |  |  | 23,965 |  |  |  | 23,297 |
New Taiwan Dollar / U.S. Dollar |  |  | 13,906 |  |  |  | 3,369 |
Russian Ruble/ U.S. Dollar |  |  | — |  |  |  | 2,614 |
Korean Won/ U.S. Dollar |  |  | 4,919 |  |  |  | — |
Danish Krone/ U.S. Dollar |  |  | 3,192 |  |  |  | 2,380 |
Australian Dollar/ U.S. Dollar |  |  | 3,269 |  |  |  | 2,086 |
All other |  |  | 4,432 |  |  |  | 2,016 |
Total |  | $ | 483,178 |  |  | $ | 563,921 |
The following table shows the effect of our non-designated hedges, all of which were forward contracts, on the Consolidated Statements of Operations for the years ended September 30, 2022, 2021 and 2020:
(in thousands) |  |  |  | Year ended September 30, |
|  | Location of gain (loss) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged |  | Other income, net |  | $ | 11,950 |  |  | $ | (3,758 | ) |  | $ | 3,518 |
Net Investment Hedges As of September 30, 2022 and 2021, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:
|  | September 30, |
Currency Hedged (in thousands) |  | 2022 |  |  | 2021 |
Euro / U.S. Dollar |  | $ | 110,466 |  |  | $ | 128,103 |
The following table shows the effect of our derivative instruments designated as net investment hedges, all of which were forward contracts, on the Consolidated Statements of Operations for the years ended September 30, 2022, 2021, and 2020:
(in thousands) |  |  |  | Year ended September 30, |
|  | Location of gain (loss) |  | 2022 |  |  | 2021 |  |  | 2020 |
Gain (loss) recognized in OCI—effective portion |  | OCI |  | $ | (1,478 | ) |  | $ | 695 |  |  | $ | (5,483 | )
Gain (loss) reclassified from OCI—effective portion |  | OCI |  | $ | (17,466 | ) |  | $ | 2,723 |  |  | $ | 109 |
Gain recognized—portion excluded from effectiveness testing |  | Other income, net |  | $ | 1,862 |  |  | $ | 1,249 |  |  | $ | 3,506 |
As of September 30, 2022, we estimate that all amounts reported in Accumulated other comprehensive loss will be applied against exposed balance sheet accounts upon translation within the next three months. The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:
(in thousands) |  | Fair Value of Derivatives Designated As Hedging Instruments |  |  | Fair Value of Derivatives Not Designated As Hedging Instruments |
|  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Derivative assets:(1) |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 1,960 |  |  | $ | 1,641 |  |  | $ | 7,098 |  |  | $ | 3,722 |
Derivative liabilities:(2) |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | — |  |  | $ | — |  |  | $ | 2,908 |  |  | $ | 3,318 |
(1) As of September 30, 2022 and 2021, current derivative assets of $9.1 million and $5.4 million, respectively, are recorded in Other current assets on the Consolidated Balance Sheets. (2) As of September 30, 2022 and 2021, current derivative liabilities of $2.9 million and $3.3 million, respectively, are recorded in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. Offsetting Derivative Assets and Liabilities We have entered into master netting arrangements that allow net settlements under certain conditions. Although netting is permitted, it is currently our policy and practice to record all derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets. The following table sets forth the offsetting of derivative assets as of September 30, 2022:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of September 30, 2022 |  | Gross Amount of Recognized Assets |  |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets |  |  | Financial Instruments |  |  | Cash Collateral Received |  |  | Net Amount |
Forward Contracts |  | $ | 9,058 |  |  | $ | — |  |  | $ | 9,058 |  |  | $ | (2,908 | ) |  | $ | — |  |  | $ | 6,150 |
The following table sets forth the offsetting of derivative liabilities as of September 30, 2022:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of September 30, 2022 |  | Gross Amount of Recognized Liabilities |  |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets |  |  | Financial Instruments |  |  | Cash Collateral Pledged |  |  | Net Amount |
Forward Contracts |  | $ | 2,908 |  |  | $ | — |  |  | $ | 2,908 |  |  | $ | (2,908 | ) |  | $ | — |  |  | $ | — |
Net gains and losses on foreign currency exposures, including realized and unrealized gains and losses on forward contracts, included in Other income, net, were net losses of $0.9 million, $8.0 million and $1.7 million in 2022, 2021 and 2020, respectively. Net realized and unrealized gains and losses on forward contracts included in Other income, net were a net gain of $16.4 million and $7.0 million in 2022 and 2020, and net loss of $4.9 million in 2021.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration