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Derivative Instruments | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | 3. Derivative Instruments The primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts are entered into as hedges against unfavorable fluctuations in the U.S. dollar to Swedish krona (SEK) exchange rates. The Company does not apply hedge accounting to these contracts because these derivative instruments are not qualified as accounting hedges; therefore the changes in fair value are recorded in the condensed consolidated statements of operations and comprehensive income (loss). By using derivative instruments to mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty to perform under the terms of the contract. The credit or repayment risk is minimized by entering into transactions with high-quality counterparties. The notional amounts of the outstanding contracts at March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | U.S. Dollar Amount |  |  | SEK Amount |
May 2025 |  |  | 26,481 |  |  |  | 289,967 |
September 2025 |  |  | 62,550 |  |  |  | 679,418 |
|  |  | 89,031 |  |  |  | 969,385 |
The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheet were as follows (in thousands):
(in thousands) |  |  |  | March 31, 2025 |  |  | December 31, 2024 |
Derivatives not designated or not qualifying as hedging instruments |  | Balance Sheet Location |  |  |  |  |  |
Foreign exchange forward contracts |  | Other current assets |  | $ | — |  |  | $ | 287 |
Foreign exchange forward contracts |  | Accrued liabilities |  | $ | 8,188 |  |  | $ | — |
The effects of derivative instruments on the condensed consolidated statements of operations and comprehensive income (loss) were as follows (in thousands):
|  |  |  | Three Months Ended March 31, |
Amount of Gain Recognized on Derivatives |  |  |  | 2025 |  |  | 2024 |
Derivatives not designated or not qualifying as hedging instruments |  | Location of loss recognized on derivatives |  |  |  |  |  |
Foreign exchange forward contracts |  | Other expenses, net |  | $ | (8,223 | ) |  | $ | — |

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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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