v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivative Instruments
As of March 31, 2025, we had the following outstanding foreign currency forward contracts, which had the below hedge accounting designation in accordance with FASB ASC Topic 815, Derivatives and Hedging:
Notional
(in millions)		Effective Date(s)Maturity Date(s)Index (Exchange Rates)Weighted-Average Strike Rate
Hedge
Designation (1)
354.8 EURVarious from April 2023 to March 2025Various from April 2025 to March 2027Euro ("EUR") to USD1.10 USDCash flow hedge
3,662.9 MXNVarious from April 2023 to March 2025Various from April 2025 to March 2027USD to Mexican Peso ("MXN")19.90 MXNCash flow hedge
59.0 GBPVarious from April 2023 to March 2025Various from April 2025 to March 2027British Pound Sterling ("GBP") to USD1.27 USDCash flow hedge
Notional
(in millions)		Effective Date(s)Maturity Date(s)Index (Exchange Rates)Weighted-Average Strike Rate
Hedge
Designation (1)
53.5 EURMarch 27, 2025April 30, 2025EUR to USD1.08 USDNot designated
426.0 CNYMarch 26, 2025April 30, 2025USD to Chinese Renminbi ("CNY")7.15 CNYNot designated
199.3 USDVarious from March 2024 to May 2024Various from April 2025 to May 2026USD to CNY6.99 CNYNot designated
1,393.8 CNYVarious September 2024Various from April 2025 to May 2026USD to CNY6.82 CNYNot designated
39,416.5 KRWVarious from May 2023 to September 2024Various from April 2025 to July 2026USD to Korean Won ("KRW")1,312.27 KRWNot designated
181.0 MXNMarch 27, 2025April 30, 2025USD to MXN20.45 MXNNot designated
3.1 GBPMarch 27, 2025April 30, 2025GBP to USD1.29 USDNot designated
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(1)    Derivative financial instruments not designated as hedges are used to manage our exposure to currency exchange rate risk. They are intended to preserve economic value, and they are not used for trading or speculative purposes.
As of March 31, 2025, we had the following outstanding commodity forward contracts, none of which were designated for hedge accounting treatment:
CommodityNotionalRemaining Contracted PeriodsWeighted-Average Strike Price Per Unit
Silver634,228 troy oz.April 2025 to February 2027$29.66
Copper5,028,817 poundsApril 2025 to February 2027$4.25
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024:
 Asset DerivativesLiability Derivatives
 Balance Sheet LocationMarch 31,
2025		December 31,
2024		Balance Sheet LocationMarch 31,
2025		December 31,
2024
Derivatives designated as hedging instruments
Foreign currency forward contractsPrepaid expenses and other current assets$5,590 $15,717 Accrued expenses and other current liabilities$11,802 $17,018 
Foreign currency forward contractsOther assets938 2,936 Other long-term liabilities2,521 4,042 
Total$6,528 $18,653 $14,323 $21,060 
Derivatives not designated as hedging instruments
Commodity forward contractsPrepaid expenses and other current assets$3,226 $1,413 Accrued expenses and other current liabilities$220 $902 
Commodity forward contractsOther assets577 73 Other long-term liabilities36 360 
Foreign currency forward contractsPrepaid expenses and other current assets4,853 457 Accrued expenses and other current liabilities9,487 4,828 
Foreign currency forward contractsOther assets393 — Other long-term liabilities1,135 1,760 
Total$9,049 $1,943 $10,878 $7,850 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025 and 2024:
Derivatives designated as
hedging instruments		Amount of Deferred (Loss)/Gain Recognized in Other Comprehensive LossLocation of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net IncomeAmount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
2025202420252024
Foreign currency forward contracts$(11,724)$10,965 Net revenue$5,027 $108 
Foreign currency forward contracts$7,526 $8,952 Cost of revenue$(3,114)$7,354 
Derivatives not designated as
hedging instruments		Amount of Gain/(Loss) Recognized in Net IncomeLocation of Gain/(Loss) Recognized in Net Income
20252024
Commodity forward contracts$4,419 $1,099 Other, net
Foreign currency forward contracts$(1,576)$680 Other, net