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Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross Notional Amount of Outstanding Derivatives | The following table presents the gross notional amount of outstanding derivative instruments:
|  | As of
(in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |
Currency forward contracts |  | $ | 696,672 |  |  | $ | 550,591 |  |  | $ | 597,355 |
Derivative instruments not designated as hedges: |  |  |  |  |  |
Currency forward contracts |  | $ | 308,063 |  |  | $ | 263,103 |  |  | $ | 231,449 |
Balance Sheet Classification and Fair Value of Derivative Instruments | The following table presents the balance sheet classification and fair value of derivative instruments:
|  |  | As of
(in thousands) | Balance Sheet Classification |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |
Derivative instruments in asset positions: |  |  |  |  |  |  |
Currency forward contracts | Prepaid expenses and other current assets |  | $ | 14,479 |  |  | $ | 20,890 |  |  | $ | 12,864 |
Currency forward contracts | Other non-current assets |  | $ | 4,929 |  |  | $ | 9,137 |  |  | $ | 5,423 |
Derivative instruments in liability positions: |  |  |  |  |  |  |
Currency forward contracts | Accrued liabilities |  | $ | 939 |  |  | $ | 853 |  |  | $ | 1,090 |
Currency forward contracts | Other long-term liabilities |  | $ | 1,748 |  |  | $ | 13 |  |  | $ | 155 |
Derivative instruments not designated as cash flow hedges: |  |  |  |  |  |  |
Derivative instruments in asset positions: |  |  |  |  |  |  |
Currency forward contracts | Prepaid expenses and other current assets |  | $ | 2,780 |  |  | $ | 3,739 |  |  | $ | 1,978 |
Derivative instruments in liability positions: |  |  |  |  |  |  |
Currency forward contracts | Accrued liabilities |  | $ | 438 |  |  | $ | 872 |  |  | $ | 828 |
Effect and Classification of Derivative Instruments | The following table presents the statement of operations effect and classification of derivative instruments:
| Statement Of Operations Classification |  | Three Months Ended March 31, |  |
(in thousands) |  | 2025 |  | 2024 |  |
Currency forward contracts: |  |  |  |  |  |  |
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |
Gain (loss) recognized in other comprehensive income (loss), net of tax | — |  | $ | (5,910) |  |  | $ | 11,727 |  |  |
Loss reclassified from accumulated other comprehensive loss to income for the effective portion | Net sales |  | $ | (441) |  |  | $ | (282) |  |  |
Gain reclassified from accumulated other comprehensive loss to income for the effective portion | Cost of sales |  | $ | 3,131 |  |  | $ | 2,971 |  |  |
Gain reclassified from accumulated other comprehensive loss to income as a result of cash flow hedge discontinuance | Other non-operating income, net |  | $ | — |  |  | $ | 68 |  |  |
Derivative instruments not designated as cash flow hedges: |  |  |  |  |  |  |
Gain (loss) recognized in income | Other non-operating income, net |  | $ | (612) |  |  | $ | 2,925 |  |  |

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