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Derivatives | 6 Months Ended
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Jun. 30, 2024
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. In April 2024, we started to hedge certain net investment positions in foreign subsidiaries by entering into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments. The difference between the forward rate and the spot rate of the net investment hedge forward contracts is excluded from the assessment of hedge effectiveness and subsequently reported in other (income) expense, net on a straight-line basis over the life of the forward contracts. Changes in the fair value of the forward contracts are recognized in other comprehensive income (loss) within foreign currency translation. As of June 30, 2024 and December 31, 2023, our foreign exchange forward contracts consisted of the following:
| June 30, 2024 |  | December 31, 2023
| Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location |  | Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location
| (In thousands)
Forward contracts not designated as hedging instruments
Japanese yen | $ | 198,258 |  |  | $ | (1,534) |  |  | Accrued expenses |  | $ | 279,027 |  |  | $ | 2,745 |  |  | Other current assets
Korean won | 76,373 |  |  | 303 |  |  | Other current assets |  | 59,036 |  |  | (97) |  |  | Accrued expenses
Philippine peso | 7,149 |  |  | (5) |  |  | Accrued expenses |  | 6,553 |  |  | (20) |  |  | Accrued expenses
Singapore dollar | 7,373 |  |  | (11) |  |  | Accrued expenses |  | 11,506 |  |  | 20 |  |  | Other current assets
Taiwan dollar | 40,535 |  |  | 58 |  |  | Other current assets |  | 37,914 |  |  | 89 |  |  | Other current assets
Total forward contracts not designated as hedging instruments | $ | 329,688 |  |  | $ | (1,189) |  |  |  |  | $ | 394,036 |  |  | $ | 2,737 |  |  |
| June 30, 2024 |  | December 31, 2023
| Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location |  | Notional Value |  | Fair Value (Level 2) |  | Balance Sheet Location
| (In thousands)
Forward contracts designated as net investment hedging instruments
Japanese yen | $ | 121,436 |  |  | $ | 935 |  |  | Other current assets |  | $ | — |  |  | $ | — |  |  | N/A
Total forward contracts designated as net investment hedging instruments | $ | 121,436 |  |  | $ | 935 |  |  |  |  | $ | — |  |  | $ | — |  |  |
For the three and six months ended June 30, 2024, the derivatives not designated as hedging instruments resulted in a net loss of $19.1 million and $46.6 million, respectively, which were nearly offset by the foreign currency gains associated with the underlying net liabilities. For the three and six months ended June 30, 2023, the derivatives not designated as hedging instruments resulted in a net loss of $26.4 million and $38.4 million, respectively, which were partially offset by the foreign currency gains associated with the underlying net liabilities. For the three and six months ended June 30, 2024, a gain of $1.1 million was recognized in other (income) expense, net for the difference between the forward rate and the spot rate of the net investment hedge. For the three and six months ended June 30, 2024, a gain of $3.1 million was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedges.

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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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