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Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Hedges of Foreign Currency Risk
For the three months ended March 31, 2024 and 2023, amounts excluded from the assessment of effectiveness of our foreign currency forward contracts that are designated as cash flow hedges were not material. As of March 31, 2024, we estimated that $29.6 million of net gains will be reclassified from accumulated other comprehensive income to earnings during the twelve-month period ending March 31, 2025.
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 EURMarch 26, 2024April 30, 2024Euro ("EUR") to USD1.09 USDNot designated
407.2 EURVarious from April 2022 to March 2026Various from April 2024 to March 2026EUR to USD1.10 USDCash flow hedge
624.0 CNYMarch 26, 2024April 30, 2024USD to Chinese Renminbi ("CNY")7.10 CNYNot designated
66.9 USDVarious from February 2024 to March 2024Various from April 2024 to March 2026USD to CNY7.01 CNYCash flow hedge
1,145.0 JPYMarch 26, 2024April 30, 2024USD to Japanese Yen ("JPY")150.62 JPYNot designated
34,691.4 KRWVarious from May 2022 to March 2024Various from April 2024 to February 2026USD to Korean Won ("KRW")1,291.93 KRWCash flow hedge
18.0 MYRMarch 25, 2024April 30, 2024USD to Malaysian Ringgit ("MYR")4.71 MYRNot designated
109.0 MXNMarch 25, 2024April 30, 2024USD to Mexican Peso ("MXN")16.84 MXNNot designated
4,380.2 MXNVarious from April 2022 to March 2024Various from April 2024 to March 2026USD to Mexican Peso ("MXN")19.45 MXNCash flow hedge
9.6 GBPMarch 26, 2024April 30, 2024British Pound Sterling ("GBP") to USD1.27 USDNot designated
73.7 GBPVarious from April 2022 to March 2024Various from April 2024 to March 2026GBP to USD1.25 USDCash flow hedge
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(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.
Hedges of Commodity Risk
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:
CommodityNotionalRemaining Contracted PeriodsWeighted-Average Strike Price Per Unit
Silver746,290 troy oz.April 2024 to March 2026$24.44
Copper6,667,782 poundsApril 2024 to March 2026$3.90
Financial Instrument Presentation
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 DerivativesLiability Derivatives
 Balance Sheet LocationMarch 31,
2024		December 31,
2023		Balance Sheet LocationMarch 31,
2024		December 31,
2023
Derivatives designated as hedging instruments
Foreign currency forward contractsPrepaid expenses and other current assets$28,299 $25,176 Accrued expenses and other current liabilities$2,022 $6,746 
Foreign currency forward contractsOther assets5,496 3,554 Other long-term liabilities202 1,806 
Total$33,795 $28,730 $2,224 $8,552 
Derivatives not designated as hedging instruments
Commodity forward contractsPrepaid expenses and other current assets$1,690 $1,314 Accrued expenses and other current liabilities$211 $719 
Commodity forward contractsOther assets423 143 Other long-term liabilities37 76 
Foreign currency forward contractsPrepaid expenses and other current assets202 141 Accrued expenses and other current liabilities238 444 
Total$2,315 $1,598 $486 $1,239 
These fair value measurements were all categorized within Level 2 of the fair value hierarchy.
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)/IncomeLocation of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net IncomeAmount of Net Gain Reclassified from Accumulated Other Comprehensive Income into Net Income
2024202320242023
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 IncomeLocation of Gain Recognized in Net Income
20242023
Commodity forward contracts$1,099 $1,899 Other, net
Foreign currency forward contracts$680 $184 Other, net
Credit Risk Related Contingent Features
We have agreements with our derivative counterparties that contain a provision whereby if we default on our indebtedness and repayment of the indebtedness has been accelerated by the lender, then we could also be declared in default on our derivative obligations.
As of March 31, 2024, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $2.8 million. As of March 31, 2024, we had not posted any cash collateral related to these agreements. If we breach any of the default provisions on any of our indebtedness as described above, we could be required to settle our obligations under the derivative agreements at their termination values.