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Derivative Financial Instruments and Hedging (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The gross notional amounts of the Company’s forward contracts are USD denominated. The notional amounts of outstanding forward contracts in USD as of the periods presented were as follows:

			As of December 31,
			2023						2022
			(in thousands)
Derivatives designated as hedging instruments:
Forward contracts			$	350,000					$	—
Derivatives not designated as hedging instruments:
Forward contracts			—						956,191
Total derivative instruments			$	350,000					$	956,191

The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of December 31, 2023, and their effect on other comprehensive income for the year ended December 31, 2023:

			Year Ended December 31, 2023
			(in thousands)
Beginning balance			$	—
Amount of net losses recorded in other comprehensive income			(7,205)
Amount of net losses reclassified from other comprehensive income to earnings			5,032
Ending balance			$	(2,173)

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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