XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

Derivatives and Hedging | 9 Months Ended
--- | ---
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and HedgingAs of September 30, 2023, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with a total sell notional value of $237.7 million. The notional value represents the amount that will be sold upon maturity of the forward contract. As of September 30, 2023, these contracts had maturities of up to seventeen months. Gains and losses associated with these foreign currency forward contracts were as follows:
|  | Condensed Consolidated Statement of Operations and Statement of Comprehensive Loss |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
|  |  |  |  |  |  |  | (In thousands) |  |
Losses recognized in OCI |  | Net change in market value of effective foreign currency forward exchange contracts |  |  |  |  |  | $ | (8,626) |  |  | $ | (19,196) |  |  | $ | (7,458) |  |  | $ | (34,154) |  |  |
(Losses) gains recognized in income due to instruments maturing |  | Cost of revenue |  |  |  |  |  | $ | (325) |  |  | $ | (16,357) |  |  | $ | 2,571 |  |  | $ | (25,520) |  |  |
The Company is subject to master netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company’s policy to present the derivatives at gross in its condensed consolidated balance sheets. The Company’s foreign currency forward contracts are not subject to any credit contingent features or collateral requirements. The Company manages its exposure to counterparty risk by entering into contracts with a diversified group of major financial institutions and by actively monitoring its outstanding positions. As of September 30, 2023, the Company did not have any offsetting arrangements.

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://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
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration