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Derivative Financial Instruments (Tables) | 3 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 |
|  | December 31, 2023 |  |  | September 30, 2023 |  |  | December 31, 2023 |  |  | September 30, 2023 |
Derivative assets(1): |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | — |  |  | $ | 3,770 |  |  | $ | 1,473 |  |  | $ | 3,570 |
Derivative liabilities(2): |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 3,051 |  |  | $ | — |  |  | $ | 2,533 |  |  | $ | 3,158 |
(1) As of December 31, 2023 and September 30, 2023, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2) As of December 31, 2023 and September 30, 2023, current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.
Schedule of Notional Amounts of Outstanding Forward Contracts and Options | As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following:
Currency Hedged (in thousands) |  | December 31, 2023 |  |  | September 30, 2023 |
Canadian Dollar / U.S. Dollar |  | $ | 2,547 |  |  | $ | 5,135 |
Euro / U.S. Dollar |  |  | 437,668 |  |  |  | 383,227 |
British Pound / U.S. Dollar |  |  | 5,359 |  |  |  | 6,058 |
Israeli Shekel / U.S. Dollar |  |  | 9,264 |  |  |  | 11,852 |
Japanese Yen / U.S. Dollar |  |  | — |  |  |  | 4,770 |
Swiss Franc / U.S. Dollar |  |  | 11,303 |  |  |  | 32,766 |
Swedish Krona / U.S. Dollar |  |  | 14,229 |  |  |  | 35,085 |
Chinese Renminbi / U.S. Dollar |  |  | 5,180 |  |  |  | 16,660 |
New Taiwan Dollar / U.S. Dollar |  |  | 18,492 |  |  |  | 11,855 |
Korean Won / U.S. Dollar |  |  | — |  |  |  | 6,157 |
Danish Krone / U.S. Dollar |  |  | 5,358 |  |  |  | 6,731 |
All other |  |  | 4,609 |  |  |  | 3,340 |
Total |  | $ | 514,009 |  |  | $ | 523,636 |
As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:
Currency Hedged (in thousands) |  | December 31, 2023 |  |  | September 30, 2023 |
Euro / U.S. Dollar |  | $ | 373,527 |  |  | $ | 337,923 |
Japanese Yen / U.S. Dollar |  |  | 10,522 |  |  |  | 10,285 |
Total |  | $ | 384,049 |  |  | $ | 348,208 |
Schedule of Net Gains and Losses on Foreign Currency Exposures | The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022:
(in thousands) |  |  |  | Three months ended |
|  | Location of Gain (Loss) |  | December 31, 2023 |  |  | December 31, 2022 |
Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged |  | Other income (expense), net |  | $ | (3,735 | ) |  | $ | (11,009 | )
The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022:
(in thousands) |  |  |  | Three months ended |
|  | Location of Gain (Loss) |  | December 31, 2023 |  |  | December 31, 2022 |
Loss recognized in OCI |  | OCI |  | $ | (15,304 | ) |  | $ | (15,305 | )
Gain (loss) reclassified from OCI to earnings |  | n/a |  | $ | - |  |  | $ | - |
Gain recognized, excluded portion |  | Other income (expense), net |  | $ | 1,136 |  |  | $ | 969 |
Schedule of Offsetting Assets | The following table sets forth the offsetting of derivative assets as of December 31, 2023:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of December 31, 2023 |  | 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 |  | $ | 1,473 |  |  | $ | — |  |  | $ | 1,473 |  |  | $ | (1,473 | ) |  | $ | — |  |  | $ | — |
Schedule of Offsetting Liabilities | The following table sets forth the offsetting of derivative liabilities as of December 31, 2023:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of December 31, 2023 |  | 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 |  | $ | 5,584 |  |  | $ | — |  |  | $ | 5,584 |  |  | $ | (1,473 | ) |  | $ | — |  |  | $ | 4,111 |

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