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Foreign Currency Contracts | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Foreign Currency Contracts | 7. Foreign Currency Contracts The Company addresses market risks from changes in foreign currency exchange rates through a risk management program that includes the use of derivative financial instruments to mitigate certain foreign currency transaction exposures from future settlement of non-functional currency monetary assets and liabilities as of the end of a period. The Company does not enter into derivative transactions for speculative purposes. Gains and losses on derivative financial instruments substantially offset losses and gains on the underlying hedged exposures. Furthermore, the Company manages its exposures to counterparty risks on derivative instruments by entering into contracts with a diversified group of major financial institutions and by actively monitoring outstanding positions. As of September 30, 2022, the aggregate notional amount and fair value of the Company’s foreign currency forward contracts was $87.3 million and a net gain of $0.7 million, respectively. As of December 31, 2021, the aggregate notional amount and fair value of the Company’s foreign currency forward contracts was $50.0 million and a net loss of less than $0.1 million, respectively. The Company recognized an aggregate net lo ss of $0.8 million and $2.3 million for t he three and nine months ended September 30, 2022, respectively. The Company recognized an aggregate net gain of $0.3 million and of $0.9 million for the three and nine months ended October 1, 2021, respectively. These amounts were included in foreign exchange transaction gains (losses) in the consolidated statements of operations.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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