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Derivatives | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024, our foreign exchange forward contracts consisted of the following:
| June 30, 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 | $ | 228,764 |  |  | $ | 1,167 |  |  | Other current assets |  | $ | 254,783 |  |  | $ | 10 |  |  | Other current assets
Korean won | 117,921 |  |  | (31) |  |  | Accrued expenses |  | 80,260 |  |  | (472) |  |  | Accrued expenses
Philippine peso | 5,999 |  |  | 1 |  |  | Other current assets |  | 8,431 |  |  | (29) |  |  | Accrued expenses
Singapore dollar | 12,360 |  |  | 47 |  |  | Other current assets |  | 8,454 |  |  | (39) |  |  | Accrued expenses
Taiwan dollar | 32,772 |  |  | (244) |  |  | Accrued expenses |  | 31,150 |  |  | (70) |  |  | Accrued expenses
Total forward contracts not designated as hedging instruments | $ | 397,816 |  |  | $ | 940 |  |  |  |  | $ | 383,078 |  |  | $ | (600) |  |  |
| June 30, 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 | $ | 133,740 |  |  | $ | (695) |  |  | Accrued expenses |  | $ | 123,042 |  |  | $ | (83) |  |  | Accrued expenses
Total forward contracts designated as net investment hedging instruments | $ | 133,740 |  |  | $ | (695) |  |  |  |  | $ | 123,042 |  |  | $ | (83) |  |  |
For the three and six months ended June 30, 2025, we incurred a net loss of $3.7 million and $6.6 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the related hedged items. 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, 2025, a gain of $1.3 million and $2.7 million, respectively, was recognized in other (income) expense, net of the difference between the forward rate and the spot rate of the net investment hedge. For the three and six months ended June 30, 2025, a loss of $4.1 million and $8.9 million, respectively, was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedges. For the three and six months ended June 30, 2024, a gain of $1.1 million was recognized in other (income) expense, net of 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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