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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the Consolidated Statements of Income. At December 31, 2023, the notional amount of open forward contracts was $110.9 million and there were no unrealized gains/losses on these contracts. All open forward contracts will mature during the first quarter of 2024. The following table presents the Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts: prepaid expenses and other current assets |  | $ | 2,210 |  |  | $ | 724 |
Foreign exchange contracts: other current liabilities |  | $ | 242 |  |  | $ | 85 |
The following table presents the Consolidated Statements of Income and Consolidated Statements of Cash Flows location and impact of derivative financial instruments:
|  | Year ended December 31,
2023 |  | 2022
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts: currency exchange losses, net |  | $ | (398) |  |  | $ | 6,656 |

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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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