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Derivative Financial Instruments | 6 Months Ended
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Mar. 31, 2023
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. As of March 31, 2023 and September 30, 2022, the total notional amount of forward contracts was $116.9 million and $63.3 million, respectively. As of March 31, 2023 and September 30, 2022, the weighted-average remaining maturity of these instruments was approximately 11.6 and 10.5 months, respectively. The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheet for derivative instruments as of March 31, 2023 and September 30, 2022 (dollars in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedges |  | Classification |  | March 31, 2023 |  |  | September 30, 2022 |
Foreign currency forward contracts |  | Prepaid expenses and other current assets |  | $ | 484 |  |  | $ | 1,627 |
Foreign currency forward contracts |  | Other assets |  |  | 93 |  |  |  | 660 |
Foreign currency forward contracts |  | Accrued expenses and other current liabilities |  |  | 1,422 |  |  |  | 1,812 |
Foreign currency forward contracts |  | Other liabilities |  |  | 561 |  |  |  | 711 |
The following tables display a summary of the (loss) income related to foreign currency forward contracts for the three and six months ended March 31, 2023 and 2022 (dollars in thousand):
|  |  |  | (Loss) income recognized in earnings |
|  |  |  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
Derivatives not designated as hedges |  | Classification |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Foreign currency forward contracts |  | Other income (expense), net |  | $ | (313 | ) |  | $ | 1,347 |  |  | $ | (1,766 | ) |  | $ | 2,464 |

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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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