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Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
We use foreign currency forward contracts to mitigate foreign currency risk of certain assets and monetary 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.

We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we enter into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments.
As of December 31, 2024 and 2023, our foreign exchange forward contracts consisted of the following:
December 31, 2024December 31, 2023
Notional ValueFair Value (Level 2)Balance Sheet LocationNotional ValueFair Value (Level 2)Balance Sheet Location
(In thousands)
Forward contracts not designated as hedging instruments
Japanese yen$254,783 $10 Other current assets$279,027 $2,745 Other current assets
Korean won80,260 (472)Accrued expenses59,036 (97)Accrued expenses
Philippine peso8,431 (29)Accrued expenses6,553 (20)Accrued expenses
Singapore dollar8,454 (39)Accrued expenses11,506 20 Other current assets
Taiwan dollar31,150 (70)Accrued expenses37,914 89 Other current assets
Total forward contracts not designated as hedging instruments$383,078 $(600)$394,036 $2,737 

December 31, 2024December 31, 2023
Notional ValueFair Value (Level 2)Balance Sheet LocationNotional ValueFair Value (Level 2)Balance Sheet Location
(In thousands)
Forward contracts designated as net investment hedging instruments
Japanese yen$123,042 $(83)Accrued expenses$— $— N/A
Total forward contracts designated as net investment hedging instruments$123,042 $(83)$— $— 

For the year ended December 31, 2024, we incurred a net loss of $14.0 million due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the related hedged items. For the years ended December 31, 2023 and 2022, the derivatives not designated as hedging instruments resulted in a net loss of $38.6 million and $60.2 million, respectively, which were partially offset by the foreign currency gains associated with the underlying net liabilities.
For the year ended December 31, 2024, a gain of $4.4 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 year ended December 31, 2024, a gain of $1.0 million was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedge. There was no activity related to net investment hedges for the years ended December 31, 2023 and 2022.