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Derivatives | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The following table sets forth the total net fair value of derivatives:
|  | June 30, 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 |  | $ | — |  |  | $ | (79) |  |  | $ | — |  |  | $ | (79) |  |  | $ | — |  |  | $ | (249) |  |  | $ | — |  |  | $ | (249) |
We held foreign currency exchange contracts, which resulted in a net pre-tax loss of $0.4 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, we had a pre-tax loss of $0.6 million and $0.2 million, 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
June 30, 2025 |  | USD/CNY |  | CNY |  | $ | 40.0 |  |  | 7.1388 |  |  | $ | (22) |  |  | July 31, 2025
June 30, 2025 |  | USD/EUR |  | USD |  | $ | 5.0 |  |  | 1.1669 |  |  | $ | (57) |  |  | July 31, 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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