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Derivative Instruments | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company’s foreign currency risk management strategy is designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities of generally up to three months but not greater than one year to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment. The Company had the following outstanding forward contracts (in thousands):
| December 31, 2025 |  | December 31, 2024
Currency | Notional Value | USD Equivalent |  | Notional Value | USD Equivalent
Derivatives Not Designated as Hedging Instruments:
Mexican Peso | 160,000 |  | $ | 8,881 |  |  | 220,000 |  | $ | 10,701 |
Hungarian Forint | 2,500,000 |  | 7,600 |  |  | 2,360,000 |  | 5,951 |
Korean Won | 9,000,000 |  | 6,239 |  |  | — |  | — |
British Pound | 4,000 |  | 5,383 |  |  | 3,200 |  | 4,008 |
Indian Rupee | 400,000 |  | 4,436 |  |  | — |  | — |
Chinese Renminbi | 20,000 |  | 2,865 |  |  | 95,000 |  | 12,990 |
Japanese Yen | 400,000 |  | 2,563 |  |  | 2,000,000 |  | 12,789 |
Singapore Dollar (1) | — |  | — |  |  | 40,000 |  | 29,457 |
Euro | — |  | — |  |  | 25,000 |  | 26,029 |
Swiss Franc | — |  | — |  |  | 2,200 |  | 2,432 |
Canadian Dollar | — |  | — |  |  | 2,000 |  | 1,390 |
(1) In January 2026, the Company entered into a forward contract for the Singapore Dollar with a notional value of S$34 million and a USD equivalent of $27 million.
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  |  |  | Fair Value |  | Balance Sheet Location |  |  |  | Fair Value
|  | Fair Value Level |  | December 31, 2025 |  | December 31, 2024 |  |  | Fair Value Level |  | December 31, 2025 |  | December 31, 2024
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contracts | Prepaid expenses and other current assets |  | Level 2 |  | $ | 791 |  |  | $ | 689 |  |  | Accrued expenses |  | Level 2 |  | $ | 367 |  |  | $ | 757 |
The following table summarizes the gross activity for all derivative assets and liabilities which were presented on a net basis on the Consolidated Balance Sheets due to the right of offset with each counterparty (in thousands):
Asset Derivatives |  | Liability Derivatives
|  | December 31, 2025 |  | December 31, 2024 |  |  |  | December 31, 2025 |  | December 31, 2024
Gross amounts of recognized assets |  | $ | 791 |  |  | $ | 689 |  |  | Gross amounts of recognized liabilities |  | $ | 367 |  |  | $ | 757 |
Gross amounts offset |  | — |  |  | — |  |  | Gross amounts offset |  | — |  |  | — |
Net amount of assets presented |  | $ | 791 |  |  | $ | 689 |  |  | Net amount of liabilities presented |  | $ | 367 |  |  | $ | 757 |
Information regarding the effect of derivative instruments, net of the underlying exposure, on the consolidated financial statements was as follows (in thousands):
| Location in Financial Statements |  | Year Ended December 31,
2025 |  | 2024 |  | 2023
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operations | Foreign currency gain (loss) |  | $ | 1,368 |  |  | $ | 1,945 |  |  | $ | (10,023) |

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