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Derivative Financial Instruments

6 Months Ended

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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- References

No definition available.

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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

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