XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | NOTE 5 – FINANCIAL INSTRUMENTS Non-marketable Equity Securities As of December 31, 2024 and 2023, other noncurrent assets included equity securities accounted for under the equity method with a carrying amount of $4.7 milli on and $4.9 million, respectively. No impairments to the carrying amount of the Company’s non-marketable equity securities were recognized in the years ended December 31, 2024, 2023, and 2022. Derivatives Instruments The Company uses a foreign exchange hedging strategy to hedge local currency expenses and reduce variability associated with anticipated cash flows. The Company’s derivative financial instruments consist of foreign currency forward contracts. The maturities of these instruments are generally less than twelve months. Fair values for derivative financial instruments are based on prices computed using third-party valuation models. All the significant inputs to the third-party valuation models are observable in active markets. Inputs include current market-based parameters such as forward rates, yield curves, and credit default swap pricing. Cash Flow Hedges The Company designates certain foreign currency forward contracts as hedging instruments pursuant to ASC 815, Derivatives and Hedging. The effective portion of the gain or loss on the derivatives are reported as a component of accumulated other comprehensive loss (“AOCL”) in stockholders’ equity and reclassified into earnings in the consolidated statements of operations in the period upon which the hedged transactions are settled. The notio nal and fair values of all derivative instruments were as follows (in thousands):
|  |  |  | December 31, |
|  | Location in Balance Sheet |  | 2024 |  |  | 2023 |
Derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |
Fair value—foreign exchange contract assets, net amount |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 1,184 |
Fair value—foreign exchange contract liabilities, net amount |  | Accrued liabilities |  | $ | 1,858 |  |  | $ | — |
Notional value held to buy U.S. dollars in exchange for other currencies |  |  |  | $ | 5,074 |  |  | $ | 738 |
Notional value held to sell U.S. dollars in exchange for other currencies |  |  |  | $ | 57,329 |  |  | $ | 45,468 |
All of the Company’s derivative financial instruments are eligible for netting arrangements that allow the Company and its counterparty to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company’s consolidated balance sheets on a net basis. The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s consolidated balance sheets were as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Gross amount of recognized assets |  | $ | 173 |  |  | $ | 1,300 |
Gross amount of recognized liabilities |  |  | (2,031 | ) |  |  | (116 | )
Net (liabilities) assets |  | $ | (1,858 | ) |  | $ | 1,184 |
The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 1,034 |  |  | $ | (94 | ) |  | $ | — |
Other comprehensive (loss) gain before reclassification |  |  | (2,107 | ) |  |  | 1,190 |  |  |  | (94 | )
Amounts reclassified from accumulated other comprehensive loss into net loss |  |  | (785 | ) |  |  | (62 | ) |  |  | — |
Net current period other comprehensive (loss) gain |  |  | (2,892 | ) |  |  | 1,128 |  |  |  | (94 | )
Ending balance |  | $ | (1,858 | ) |  | $ | 1,034 |  |  | $ | (94 | )
The following table summarizes the gains recognized upon settlement of the hedged transactions in the consolidated statement of operations for the years ended December 31, 2024 and 2023 (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 690 |  |  | $ | 841 |
Selling, general and administrative |  |  | 74 |  |  |  | 192 |
Total |  | $ | 764 |  |  | $ | 1,033 |
There were no gains or losses recognized in the year ended December 31, 2022 as there was no settlement of any hedged transactions. Undesignated Derivatives For derivatives that were not designated as hedge instruments, they were measured and reported at fair value as a derivative asset or liability in the consolidated balance sheets with their corresponding changes in the fair value recognized as gains or losses in interest and other income, net in the consolidated statements of operations. These instruments were all re-designated as foreign currency cash flow hedges in July 2023.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration