v3.25.2
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Foreign Currency Derivatives
As of June 30, 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)
342.5 EURVarious from July 2023 to June 2025Various from July 2025 to June 2027Euro ("EUR") to USD1.11 USDCash flow hedge
3,470.5 MXNVarious from July 2023 to June 2025Various from July 2025 to June 2027USD to Mexican Peso ("MXN")20.25 MXNCash flow hedge
58.4 GBPVarious from July 2023 to June 2025Various from July 2025 to June 2027British Pound Sterling ("GBP") to USD1.28 USDCash flow hedge
Notional
(in millions)		Effective Date(s)Maturity Date(s)Index (Exchange Rates)Weighted-Average Strike Rate
Hedge
Designation (1)
58.2 EURJune 26, 2025July 31, 2025EUR to USD1.17 USDNot designated
153.4 USDVarious from March 2024 to May 2024Various from July 2025 to May 2026USD to Chinese Renminbi ("CNY")6.98 CNYNot designated
1,071.4 CNYVarious September 2024Various from July 2025 to May 2026USD to CNY6.80 CNYNot designated
27,819.0 KRWVarious from August 2023 to September 2024Various from July 2025 to July 2026USD to Korean Won ("KRW")1,312.75 KRWNot designated
111.2 MXNJune 26, 2025July 31, 2025USD to MXN18.95 MXNNot 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 June 30, 2025, we estimate that $17.7 million of net losses will be reclassified from accumulated other comprehensive loss to earnings during the twelve-month period ending June 30, 2026.
Commodity Risk Derivatives
As of June 30, 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
Silver649,527 troy oz.July 2025 to June 2027$31.53
Copper5,131,320 poundsJuly 2025 to June 2027$4.30
Financial Instrument Presentation
The following table presents the fair values of our derivative financial instruments and their classification in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:
 Asset DerivativesLiability Derivatives
 Balance Sheet LocationJune 30,
2025		December 31,
2024		Balance Sheet LocationJune 30,
2025		December 31,
2024
Derivatives designated as hedging instruments
Foreign currency forward contractsPrepaid expenses and other current assets$8,252 $15,717 Accrued expenses and other current liabilities$19,757 $17,018 
Foreign currency forward contractsOther assets4,162 2,936 Other long-term liabilities6,481 4,042 
Total$12,414 $18,653 $26,238 $21,060 
Derivatives not designated as hedging instruments
Commodity forward contractsPrepaid expenses and other current assets$3,432 $1,413 Accrued expenses and other current liabilities$174 $902 
Commodity forward contractsOther assets856 73 Other long-term liabilities19 360 
Foreign currency forward contractsPrepaid expenses and other current assets2,335 457 Accrued expenses and other current liabilities6,419 4,828 
Foreign currency forward contractsOther assets3 — Other long-term liabilities4 1,760 
Total$6,626 $1,943 $6,616 $7,850 
These fair value measurements were all categorized within Level 2 of the fair value hierarchy.
The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three months ended June 30, 2025 and 2024:
Derivatives designated as
hedging instruments		Amount of Deferred (Loss)/Gain Recognized in Other Comprehensive Income/(Loss)Location of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net IncomeAmount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss into Net Income
2025202420252024
Foreign currency forward contracts$(27,360)$5,675 Net revenue$(764)$762 
Foreign currency forward contracts$19,128 $(16,407)Cost of revenue$(4,417)$8,485 
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$1,593 $4,977 Other, net
Foreign currency forward contracts$(2,519)$(1,837)Other, net
The following tables present the effect of our derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the six months ended June 30, 2025 and 2024:
Derivatives designated as
hedging instruments		Amount of Deferred (Loss)/Gain Recognized in Other Comprehensive Income/(Loss)Location of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net IncomeAmount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Net Income
2025202420252024
Foreign currency forward contracts$(39,084)$16,640 Net revenue$4,263 $870 
Foreign currency forward contracts$26,654 $(7,455)Cost of revenue$(7,531)$15,839 
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$6,012 $6,076 Other, net
Foreign currency forward contracts$(4,095)$(1,157)Other, net
Credit Risk Related Contingent Features
We have agreements with our derivative counterparties that contain a provision whereby if we default on our indebtedness and repayment of the indebtedness has been accelerated by the lender, then we could also be declared in default on our derivative obligations.
As of June 30, 2025, the termination value of outstanding derivatives in a liability position, excluding any adjustment for non-performance risk, was $33.0 million. As of June 30, 2025, we had not posted any cash collateral related to these agreements. If we breach any of the default provisions on any of our indebtedness as described above, we could be required to settle our obligations under the derivative agreements at their termination values.