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Derivatives
12 Months Ended
Dec. 31, 2024
Derivatives [Abstract]  
Derivatives

10. Derivatives

 

We enter into foreign currency exchange forward contracts with terms of one to three months in order to manage currency exposures related to monetary assets and liabilities denominated in a currency other than an entity’s functional currency. Any foreign currency remeasurement gains or losses recognized in earnings are generally offset with gains or losses on the foreign currency exchange forward contracts in the same reporting period. Outstanding contracts are recorded on the consolidated balance sheets at fair value as of the end of the reporting period. The aggregate notional amounts of these contracts were $27.9 million and $25.0 million as of December 31, 2024 and 2023, respectively.

 

Current derivative assets of $0 and $0.4 million as of December 31, 2024 and 2023, respectively, were included in Prepaid expenses and other current assets on our consolidated balance sheets. Current derivative liabilities of $0.4 million and $0.2 million as of December 31, 2024 and 2023, respectively, were included in Other current liabilities in our consolidated balance sheets. (Losses) gains from these derivative instruments of $(1.6) million, $0.2 million and $(1.2) million for the years ended December 31, 2024, 2023 and 2022, respectively, were recognized in Other income, net in our consolidated statements of operations.