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Derivative Financial Instruments | 9 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Note 6. Derivative Financial Instruments We operate internationally and, in the normal course of business, are exposed to fluctuations in foreign currency exchange rates related to third-party vendor and intercompany payments for goods and services within our non-U.S. subsidiaries. We use foreign exchange forward contracts that are not designated as hedges to manage currency risk. The contracts can have maturities up to three years. At June 30, 2022, the total notional amount of forward contracts was $68.1 million. At June 30, 2022, the weighted-average remaining maturity of these instruments was approximately 11.9 months. The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments as of June 30, 2022 and September 30, 2021 (dollars in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedges |  | Classification |  | June 30, 2022 |  |  | September 30, 2021 |
Foreign currency forward contracts |  | Prepaid expenses and other current assets |  | $ | 1,653 |  |  | $ | 1,235 |
Foreign currency forward contracts |  | Other assets |  |  | 579 |  |  |  | 365 |
Foreign currency forward contracts |  | Accrued expenses and other current liabilities |  |  | 463 |  |  |  | 131 |
Foreign currency forward contracts |  | Other liabilities |  | $ | 231 |  |  | $ | 148 |
The following tables display a summary of the income (loss) related to foreign currency forward contracts for the three and nine months ended June 30, 2022 and 2021 (dollars in thousand):
|  |  |  | Gain recognized in earnings |
|  |  |  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
Derivatives not designated as hedges |  | Classification |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Foreign currency forward contracts |  | Other income (expense), net |  | $ | 272 |  |  | $ | 649 |  |  | $ | 2,736 |  |  | $ | 2,419 |

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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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