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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Foreign Currency Derivatives As of March 31, 2025, we had the following outstanding foreign currency forward contracts, which had the below hedge accounting designation in accordance with FASB ASC Topic 815, Derivatives and Hedging:
Notional (in millions) |  | Effective Date(s) |  | Maturity Date(s) |  | Index (Exchange Rates) |  | Weighted-Average Strike Rate |  | Hedge Designation (1)
354.8 EUR |  | Various from April 2023 to March 2025 |  | Various from April 2025 to March 2027 |  | Euro ("EUR") to USD |  | 1.10 USD |  | Cash flow hedge
3,662.9 MXN |  | Various from April 2023 to March 2025 |  | Various from April 2025 to March 2027 |  | USD to Mexican Peso ("MXN") |  | 19.90 MXN |  | Cash flow hedge
59.0 GBP |  | Various from April 2023 to March 2025 |  | Various from April 2025 to March 2027 |  | British Pound Sterling ("GBP") to USD |  | 1.27 USD |  | Cash flow hedge
Notional (in millions) |  | Effective Date(s) |  | Maturity Date(s) |  | Index (Exchange Rates) |  | Weighted-Average Strike Rate |  | Hedge Designation (1)
53.5 EUR |  | March 27, 2025 |  | April 30, 2025 |  | EUR to USD |  | 1.08 USD |  | Not designated
426.0 CNY |  | March 26, 2025 |  | April 30, 2025 |  | USD to Chinese Renminbi ("CNY") |  | 7.15 CNY |  | Not designated
199.3 USD |  | Various from March 2024 to May 2024 |  | Various from April 2025 to May 2026 |  | USD to CNY |  | 6.99 CNY |  | Not designated
1,393.8 CNY |  | Various September 2024 |  | Various from April 2025 to May 2026 |  | USD to CNY |  | 6.82 CNY |  | Not designated
39,416.5 KRW |  | Various from May 2023 to September 2024 |  | Various from April 2025 to July 2026 |  | USD to Korean Won ("KRW") |  | 1,312.27 KRW |  | Not designated
181.0 MXN |  | March 27, 2025 |  | April 30, 2025 |  | USD to MXN |  | 20.45 MXN |  | Not designated
3.1 GBP |  | March 27, 2025 |  | April 30, 2025 |  | GBP to USD |  | 1.29 USD |  | Not designated
___________________________________ (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. As of March 31, 2025, we estimate that $12.1 million of net losses will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending March 31, 2026. Commodity Risk Derivatives As of March 31, 2025, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment:
Commodity |  | Notional |  | Remaining Contracted Periods |  | Weighted-Average Strike Price Per Unit
Silver |  | 634,228 troy oz. |  | April 2025 to February 2027 |  | $29.66
Copper |  | 5,028,817 pounds |  | April 2025 to February 2027 |  | $4.25
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, 2025 and December 31, 2024:
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024 |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Derivatives designated as hedging instruments |  |  |  |  |  |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | $ | 5,590 |  |  | $ | 15,717 |  |  | Accrued expenses and other current liabilities |  | $ | 11,802 |  |  | $ | 17,018 |
Foreign currency forward contracts | Other assets |  | 938 |  |  | 2,936 |  |  | Other long-term liabilities |  | 2,521 |  |  | 4,042 |
Total |  |  | $ | 6,528 |  |  | $ | 18,653 |  |  |  |  | $ | 14,323 |  |  | $ | 21,060 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Commodity forward contracts | Prepaid expenses and other current assets |  | $ | 3,226 |  |  | $ | 1,413 |  |  | Accrued expenses and other current liabilities |  | $ | 220 |  |  | $ | 902 |
Commodity forward contracts | Other assets |  | 577 |  |  | 73 |  |  | Other long-term liabilities |  | 36 |  |  | 360 |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | 4,853 |  |  | 457 |  |  | Accrued expenses and other current liabilities |  | 9,487 |  |  | 4,828 |
Foreign currency forward contracts | Other assets |  | 393 |  |  | — |  |  | Other long-term liabilities |  | 1,135 |  |  | 1,760 |
Total |  |  | $ | 9,049 |  |  | $ | 1,943 |  |  |  |  | $ | 10,878 |  |  | $ | 7,850 |
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, 2025 and 2024:
Derivatives designated as hedging instruments |  | Amount of Deferred (Loss)/Gain Recognized in Other Comprehensive Loss |  | Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income |  | Amount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
| 2025 |  | 2024 |  |  | 2025 |  | 2024
Foreign currency forward contracts |  | $ | (11,724) |  |  | $ | 10,965 |  |  | Net revenue |  | $ | 5,027 |  |  | $ | 108 |
Foreign currency forward contracts |  | $ | 7,526 |  |  | $ | 8,952 |  |  | Cost of revenue |  | $ | (3,114) |  |  | $ | 7,354 |
Derivatives not designated as hedging instruments |  | Amount of Gain/(Loss) Recognized in Net Income |  | Location of Gain/(Loss) Recognized in Net Income
| 2025 |  | 2024 |
Commodity forward contracts |  | $ | 4,419 |  |  | $ | 1,099 |  |  | Other, net
Foreign currency forward contracts |  | $ | (1,576) |  |  | $ | 680 |  |  | 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, 2025, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $25.3 million. As of March 31, 2025, 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.

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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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