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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Derivative Instruments | As of March 31, 2024, we had the following outstanding foreign currency forward contracts:
Notional (in millions) |  | Effective Date(s) |  | Maturity Date(s) |  | Index (Exchange Rates) |  | Weighted-Average Strike Rate |  | Hedge Designation (1)
33.5 EUR |  | March 26, 2024 |  | April 30, 2024 |  | Euro ("EUR") to USD |  | 1.09 USD |  | Not designated
407.2 EUR |  | Various from April 2022 to March 2026 |  | Various from April 2024 to March 2026 |  | EUR to USD |  | 1.10 USD |  | Cash flow hedge
624.0 CNY |  | March 26, 2024 |  | April 30, 2024 |  | USD to Chinese Renminbi ("CNY") |  | 7.10 CNY |  | Not designated
66.9 USD |  | Various from February 2024 to March 2024 |  | Various from April 2024 to March 2026 |  | USD to CNY |  | 7.01 CNY |  | Cash flow hedge
1,145.0 JPY |  | March 26, 2024 |  | April 30, 2024 |  | USD to Japanese Yen ("JPY") |  | 150.62 JPY |  | Not designated
34,691.4 KRW |  | Various from May 2022 to March 2024 |  | Various from April 2024 to February 2026 |  | USD to Korean Won ("KRW") |  | 1,291.93 KRW |  | Cash flow hedge
18.0 MYR |  | March 25, 2024 |  | April 30, 2024 |  | USD to Malaysian Ringgit ("MYR") |  | 4.71 MYR |  | Not designated
109.0 MXN |  | March 25, 2024 |  | April 30, 2024 |  | USD to Mexican Peso ("MXN") |  | 16.84 MXN |  | Not designated
4,380.2 MXN |  | Various from April 2022 to March 2024 |  | Various from April 2024 to March 2026 |  | USD to Mexican Peso ("MXN") |  | 19.45 MXN |  | Cash flow hedge
9.6 GBP |  | March 26, 2024 |  | April 30, 2024 |  | British Pound Sterling ("GBP") to USD |  | 1.27 USD |  | Not designated
73.7 GBP |  | Various from April 2022 to March 2024 |  | Various from April 2024 to March 2026 |  | GBP to USD |  | 1.25 USD |  | Cash flow hedge
___________________________________ (1) Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes. We may also enter into intercompany derivative instruments with our wholly-owned subsidiaries in order to hedge certain forecasted expenses. As of March 31, 2024, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment in accordance with FASB ASC Topic 815, Derivatives and Hedging:
Commodity |  | Notional |  | Remaining Contracted Periods |  | Weighted-Average Strike Price Per Unit
Silver |  | 746,290 troy oz. |  | April 2024 to March 2026 |  | $24.44
Copper |  | 6,667,782 pounds |  | April 2024 to March 2026 |  | $3.90
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023 |  | Balance Sheet Location |  | March 31, 2024 |  | December 31, 2023
Derivatives designated as hedging instruments |  |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 28,299 |  |  | $ | 25,176 |  |  | Accrued expenses and other current liabilities |  | $ | 2,022 |  |  | $ | 6,746 |
Foreign currency forward contracts | Other assets |  | 5,496 |  |  | 3,554 |  |  | Other long-term liabilities |  | 202 |  |  | 1,806 |
Total |  |  | $ | 33,795 |  |  | $ | 28,730 |  |  |  |  | $ | 2,224 |  |  | $ | 8,552 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity forward contracts | Prepaid expenses and other current assets |  | $ | 1,690 |  |  | $ | 1,314 |  |  | Accrued expenses and other current liabilities |  | $ | 211 |  |  | $ | 719 |
Commodity forward contracts | Other assets |  | 423 |  |  | 143 |  |  | Other long-term liabilities |  | 37 |  |  | 76 |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | 202 |  |  | 141 |  |  | Accrued expenses and other current liabilities |  | 238 |  |  | 444 |
Total |  |  | $ | 2,315 |  |  | $ | 1,598 |  |  |  |  | $ | 486 |  |  | $ | 1,239 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2024 and 2023:
Derivatives designated as hedging instruments |  | Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income |  | Location of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income |  | Amount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income
| 2024 |  | 2023 |  |  | 2024 |  | 2023
Foreign currency forward contracts |  | $ | 10,965 |  |  | $ | (3,588) |  |  | Net revenue |  | $ | 108 |  |  | $ | 6,639 |
Foreign currency forward contracts |  | $ | 8,952 |  |  | $ | 15,708 |  |  | Cost of revenue |  | $ | 7,354 |  |  | $ | 1,697 |
Derivatives not designated as hedging instruments |  | Amount of Gain Recognized in Net Income |  | Location of Gain Recognized in Net Income
| 2024 |  | 2023 |
Commodity forward contracts |  | $ | 1,099 |  |  | $ | 1,899 |  |  | Other, net
Foreign currency forward contracts |  | $ | 680 |  |  | $ | 184 |  |  | Other, net

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