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Derivatives | 3 Months Ended
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Mar. 31, 2025
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. 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 March 31, 2025 and December 31, 2024, our foreign exchange forward contracts consisted of the following:
| March 31, 2025 |  | December 31, 2024
| 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 | $ | 243,348 |  |  | $ | 648 |  |  | Other current assets |  | $ | 254,783 |  |  | $ | 10 |  |  | Other current assets
Korean won | 76,498 |  |  | (220) |  |  | Accrued expenses |  | 80,260 |  |  | (472) |  |  | Accrued expenses
Philippine peso | 10,624 |  |  | (3) |  |  | Accrued expenses |  | 8,431 |  |  | (29) |  |  | Accrued expenses
Singapore dollar | 22,953 |  |  | (94) |  |  | Accrued expenses |  | 8,454 |  |  | (39) |  |  | Accrued expenses
Taiwan dollar | 31,535 |  |  | 12 |  |  | Other current assets |  | 31,150 |  |  | (70) |  |  | Accrued expenses
Total forward contracts not designated as hedging instruments | $ | 384,958 |  |  | $ | 343 |  |  |  |  | $ | 383,078 |  |  | $ | (600) |  |  |
| March 31, 2025 |  | December 31, 2024
| 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 | $ | 128,739 |  |  | $ | (367) |  |  | Accrued expenses |  | $ | 123,042 |  |  | $ | (83) |  |  | Accrued expenses
Total forward contracts designated as net investment hedging instruments | $ | 128,739 |  |  | $ | (367) |  |  |  |  | $ | 123,042 |  |  | $ | (83) |  |  |
For the three months ended March 31, 2025, we incurred a net loss of $2.9 million due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the related hedged items. For the three months ended March 31, 2024, the derivatives not designated as hedging instruments resulted in a net loss of $27.5 million, which were partially offset by the foreign currency gains associated with the underlying net liabilities. For the three months ended March 31, 2025, a gain of $1.3 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 months ended March 31, 2025, a loss of $4.7 million was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedges. There was no activity related to net investment hedges for the three months ended March 31, 2024.

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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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