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Derivative Financial Instruments (Tables) | 9 Months Ended
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Jun. 30, 2024
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 |
|  | June 30, 2024 |  |  | September 30, 2023 |  |  | June 30, 2024 |  |  | September 30, 2023 |
Derivative assets(1): |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 81 |  |  | $ | 3,770 |  |  | $ | 100 |  |  | $ | 3,570 |
Derivative liabilities(2): |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  | $ | 681 |  |  | $ | — |  |  | $ | 1,422 |  |  | $ | 3,158 |
(1) As of June 30, 2024 and September 30, 2023, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2) As of June 30, 2024 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 June 30, 2024 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) |  | June 30, 2024 |  |  | September 30, 2023 |
Canadian Dollar / U.S. Dollar |  | $ | 5,125 |  |  | $ | 5,135 |
Euro / U.S. Dollar |  |  | 396,345 |  |  |  | 383,227 |
British Pound / U.S. Dollar |  |  | 13,460 |  |  |  | 6,058 |
Israeli Shekel / U.S. Dollar |  |  | 12,091 |  |  |  | 11,852 |
Japanese Yen / U.S. Dollar |  |  | 27,914 |  |  |  | 4,770 |
Swiss Franc / U.S. Dollar |  |  | 16,743 |  |  |  | 32,766 |
Swedish Krona / U.S. Dollar |  |  | 21,841 |  |  |  | 35,085 |
Chinese Renminbi / U.S. Dollar |  |  | 4,209 |  |  |  | 16,660 |
New Taiwan Dollar / U.S. Dollar |  |  | 8,915 |  |  |  | 11,855 |
Korean Won / U.S. Dollar |  |  | — |  |  |  | 6,157 |
Danish Krone / U.S. Dollar |  |  | 3,353 |  |  |  | 6,731 |
All other |  |  | 4,854 |  |  |  | 3,340 |
Total |  | $ | 514,850 |  |  | $ | 523,636 |
As of June 30, 2024 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) |  | June 30, 2024 |  |  | September 30, 2023 |
Euro / U.S. Dollar |  | $ | 429,516 |  |  | $ | 337,923 |
Japanese Yen / U.S. Dollar |  |  | 9,495 |  |  |  | 10,285 |
Total |  | $ | 439,011 |  |  | $ | 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 and nine months ended June 30, 2024 and June 30, 2023:
(in thousands) |  |  |  | Three months ended |  |  | Nine months ended |
|  | Location of Gain (Loss) |  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged |  | Other income (expense), net |  | $ | (1,590 | ) |  | $ | (1,006 | ) |  | $ | (6,611 | ) |  | $ | (13,437 | )
The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 30, 2024 and June 30, 2023:
(in thousands) |  |  |  | Three months ended |  |  | Nine months ended |
|  | Location of Gain (Loss) |  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
Gain (loss) recognized in OCI |  | OCI |  | $ | 3,047 |  |  | $ | (695 | ) |  | $ | (3,705 | ) |  | $ | (18,663 | )
Gain (loss) reclassified from OCI to earnings |  | n/a |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Gain recognized, excluded portion |  | Other income (expense), net |  | $ | 946 |  |  | $ | 1,124 |  |  | $ | 3,161 |  |  | $ | 3,272 |
Schedule of Offsetting Assets | The following table sets forth the offsetting of derivative assets as of June 30, 2024:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of June 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 |  | $ | 181 |  |  | $ | — |  |  | $ | 181 |  |  | $ | (181 | ) |  | $ | — |  |  | $ | — |
Schedule of Offsetting Liabilities | The following table sets forth the offsetting of derivative liabilities as of June 30, 2024:
(in thousands) |  | Gross Amounts Offset in the Consolidated Balance Sheets |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |  |  |
As of June 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 |  | $ | 2,103 |  |  | $ | — |  |  | $ | 2,103 |  |  | $ | (181 | ) |  | $ | — |  |  | $ | 1,922 |

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