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Derivatives | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives We use foreign currency forward contracts to mitigate foreign currency risk of certain monetary assets and liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments. As of September 30, 2023 and December 31, 2022, our foreign exchange forward contracts consisted of the following:
| September 30, 2023 |  | December 31, 2022
| Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location |  | Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location
| (In thousands)
Japanese yen | $ | 174,394 |  |  | $ | (628) |  |  | Accrued expenses |  | $ | 330,179 |  |  | $ | 6,284 |  |  | Other current assets
Korean won | 92,186 |  |  | 201 |  |  | Other current assets |  | 65,927 |  |  | 333 |  |  | Other current assets
Philippine peso | 7,881 |  |  | (4) |  |  | Accrued expenses |  | 3,085 |  |  | (6) |  |  | Accrued expenses
Singapore dollar | 15,434 |  |  | 29 |  |  | Other current assets |  | — |  |  | — |  |  | N/A
Taiwan dollar | 22,819 |  |  | 38 |  |  | Other current assets |  | 28,763 |  |  | (57) |  |  | Accrued expenses
Total forward contracts | $ | 312,714 |  |  | $ | (364) |  |  |  |  | $ | 427,954 |  |  | $ | 6,554 |  |  |
For the three and nine months ended September 30, 2023, the derivatives resulted in a net loss of $13.8 million and $52.2 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities. For the three and nine months ended September 30, 2022, the derivatives resulted in a net loss of $29.1 million and $94.2 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities.

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- 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
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