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Derivative Financial Instruments | 12 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 16. Derivative Financial Instruments 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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Derivative assets:(1) |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 181 |  |  | $ | 3,770 |  |  | $ | 1,021 |  |  | $ | 3,570 |
Derivative liabilities:(2) |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 630 |  |  | $ | — |  |  | $ | 3,536 |  |  | $ | 3,158 |
(1) As of September 30, 2024 and 2023, current derivative assets are recorded in Other current assets on the Consolidated Balance Sheets. (2) As of September 30, 2024 and 2023, current derivative liabilities are recorded in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. Non-Designated Hedges As of September 30, 2024 and 2023, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following:
|  | September 30, |
Currency Hedged (in thousands) |  | 2024 |  |  | 2023 |
Euro / U.S. Dollar |  | $ | 781,398 |  |  | $ | 383,227 |
British Pound / U.S. Dollar |  |  | 24,810 |  |  |  | 6,058 |
Israeli Shekel / U.S. Dollar |  |  | 12,535 |  |  |  | 11,852 |
Japanese Yen / U.S. Dollar |  |  | 42,340 |  |  |  | 4,770 |
Swiss Franc / U.S. Dollar |  |  | 74,939 |  |  |  | 32,766 |
Swedish Krona / U.S. Dollar |  |  | 48,596 |  |  |  | 35,085 |
Chinese Renminbi / U.S. Dollar |  |  | 32,124 |  |  |  | 16,660 |
New Taiwan Dollar / U.S. Dollar |  |  | 16,368 |  |  |  | 11,855 |
All other |  |  | 25,368 |  |  |  | 21,363 |
Total |  | $ | 1,058,478 |  |  | $ | 523,636 |
The following table shows the effect of our non-designated hedges, including forward contracts and options, on the Consolidated Statements of Operations for the years ended September 30, 2024, 2023 and 2022:
(in thousands) |  |  |  | Year ended September 30, |
|  | Location of Gain (Loss) |  | 2024 |  |  | 2023 |  |  | 2022 |
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged |  | Other income, net |  | $ | (6,238 | ) |  | $ | (11,757 | ) |  | $ | 14,603 |
In 2024, 2023 and 2022, foreign currency losses, net were $1.8 million, $2.1 million and $0.9 million, respectively. Net Investment Hedges As of September 30, 2024 and 2023, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:
|  | September 30, |
Currency Hedged (in thousands) |  | 2024 |  |  | 2023 |
Euro / U.S. Dollar |  | $ | 462,894 |  |  | $ | 337,923 |
Japanese Yen / U.S. Dollar |  |  | 10,739 |  |  |  | 10,285 |
Total |  | $ | 473,633 |  |  | $ | 348,208 |
The following table shows the effect of our derivative instruments designated as net investment hedges on the Consolidated Statements of Operations for the years ended September 30, 2024, 2023, and 2022:
(in thousands) |  |  |  | Year ended September 30, |
|  | Location of Gain (Loss) |  | 2024 |  |  | 2023 |  |  | 2022 |
Gain (loss) recognized in OCI |  | OCI |  | $ | (21,643 | ) |  | $ | (10,033 | ) |  | $ | 23,379 |
Gain (loss) reclassified from OCI to earnings |  | n/a |  | $ | — |  |  | $ | — |  |  | $ | — |
Gain recognized, excluded portion |  | Other income, net |  | $ | 4,346 |  |  | $ | 4,241 |  |  | $ | 1,797 |
As of September 30, 2024, 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. Offsetting Derivative Assets and Liabilities We have entered into master netting arrangements for our forward contracts 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, 2024:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of September 30, 2024 |  | 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 |  | $ | 1,202 |  |  | $ | — |  |  | $ | 1,202 |  |  | $ | (1,202 | ) |  | $ | — |  |  | $ | — |
The following table sets forth the offsetting of derivative liabilities as of September 30, 2024:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of September 30, 2024 |  | 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 |  | $ | 4,166 |  |  | $ | — |  |  | $ | 4,166 |  |  | $ | (1,202 | ) |  | $ | — |  |  | $ | 2,964 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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