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Derivatives | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The following table sets forth the total net fair value of derivatives:
|  | March 31, 2025 |  | December 31, 2024
|  | Fair Value Measurement Using |  | Total Balance |  | Fair Value Measurement Using |  | Total Balance
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Level 1 |  | Level 2 |  | Level 3 |
Foreign currency exchange contracts |  | $ | — |  |  | $ | (131) |  |  | $ | — |  |  | $ | (131) |  |  | $ | — |  |  | $ | (249) |  |  | $ | — |  |  | $ | (249) |
We held foreign currency exchange contracts, which resulted in a net pre-tax loss of $0.2 million and $20 thousand for the three months ended March 31, 2025 and 2024, respectively. Details of foreign currency exchange contracts held were as follows:
Date Held |  | Currency |  | Position Held |  | Notional Value (in millions) |  | Forward Rate |  | Unrealized Gain/(Loss) Recorded at Balance Sheet Date (in thousands)(1) |  | Settlement Date
March 31, 2025 |  | USD/CNY |  | CNY |  | $ | 28.0 |  |  | 7.2219 |  |  | $ | (123) |  |  | April 25, 2025
March 31, 2025 |  | USD/EUR |  | USD |  | $ | 8.0 |  |  | 1.0818 |  |  | $ | (8) |  |  | April 25, 2025
December 31, 2024 |  | USD/CNY |  | CNY |  | $ | 28.0 |  |  | 7.2316 |  |  | $ | (406) |  |  | January 10, 2025
December 31, 2024 |  | USD/EUR |  | USD |  | $ | 8.0 |  |  | 1.0569 |  |  | $ | 157 |  |  | January 10, 2025
(1)Unrealized gains on foreign currency exchange contracts are recorded in prepaid expenses and other current assets. Unrealized losses on foreign currency exchange contracts are recorded in other accrued liabilities.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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