Derivative Financial Instruments (Tables)
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9 Months Ended |
Jun. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:
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(in thousands) |
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Fair Value of Derivatives Designated As Hedging Instruments |
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Fair Value of Derivatives Not Designated As Hedging Instruments |
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June 30, 2025 |
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September 30, 2024 |
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June 30, 2025 |
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September 30, 2024 |
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Derivative assets(1): |
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Forward contracts |
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$ |
— |
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$ |
181 |
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$ |
6,198 |
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$ |
1,021 |
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Derivative liabilities(2): |
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Forward contracts |
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$ |
7,895 |
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$ |
630 |
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$ |
6,519 |
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$ |
3,536 |
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(1)As of June 30, 2025 and September 30, 2024, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets. (2)As of June 30, 2025 and September 30, 2024, current derivative liabilities are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.
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| Schedule of Notional Amounts of Outstanding Forward Contracts and Options |
As of June 30, 2025 and September 30, 2024, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following:
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Currency Hedged (in thousands) |
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June 30, 2025 |
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September 30, 2024 |
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Euro / U.S. Dollar |
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$ |
768,217 |
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$ |
781,398 |
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British Pound / U.S. Dollar |
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16,152 |
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24,810 |
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Israeli Shekel / U.S. Dollar |
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12,119 |
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12,535 |
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Indian Rupee / U.S. Dollar |
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54,321 |
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— |
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Japanese Yen / U.S. Dollar |
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— |
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42,340 |
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Swiss Franc / U.S. Dollar |
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20,632 |
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74,939 |
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Swedish Krona / U.S. Dollar |
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13,639 |
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48,596 |
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Chinese Renminbi / U.S. Dollar |
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3,782 |
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32,124 |
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New Taiwan Dollar / U.S. Dollar |
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1,364 |
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16,368 |
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All other |
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11,690 |
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25,368 |
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Total |
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$ |
901,916 |
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$ |
1,058,478 |
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As of June 30, 2025 and September 30, 2024, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:
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Currency Hedged (in thousands) |
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June 30, 2025 |
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September 30, 2024 |
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Euro / U.S. Dollar |
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$ |
471,940 |
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$ |
462,894 |
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Japanese Yen / U.S. Dollar |
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10,412 |
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10,739 |
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Total |
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$ |
482,352 |
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$ |
473,633 |
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| Schedule of Net Gains and Losses on Foreign Currency Exposures |
The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and June 30, 2024:
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(in thousands) |
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Three months ended |
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Nine months ended |
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Location of Gain (Loss) |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged |
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Other income (expense), net |
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$ |
4,021 |
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$ |
(1,590 |
) |
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$ |
3,661 |
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$ |
(6,611 |
) |
The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and June 30, 2024:
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(in thousands) |
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Three months ended |
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Nine months ended |
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Location of Gain (Loss) |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Gain (loss) recognized in Other comprehensive income (loss) ("OCI") |
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OCI |
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$ |
(39,628 |
) |
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$ |
3,047 |
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$ |
(26,078 |
) |
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$ |
(3,705 |
) |
Gain (loss) reclassified from OCI to earnings |
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n/a |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Gain recognized, excluded portion |
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Other income (expense), net |
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$ |
1,743 |
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$ |
946 |
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$ |
4,072 |
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$ |
3,161 |
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| Schedule of Offsetting Assets |
The following table sets forth the offsetting of derivative assets as of June 30, 2025:
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(in thousands) |
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Gross Amounts Offset in the Consolidated Balance Sheets |
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Gross Amounts Not Offset in the Consolidated Balance Sheets |
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As of June 30, 2025 |
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Gross
Amount of
Recognized
Assets |
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Gross
Amounts
Offset in the
Consolidated
Balance
Sheets |
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Net Amounts of
Assets
Presented in
the
Consolidated
Balance Sheets |
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Financial
Instruments |
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Cash
Collateral
Received |
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Net
Amount |
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Forward contracts |
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$ |
6,198 |
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|
$ |
— |
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$ |
6,198 |
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$ |
(6,198 |
) |
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$ |
— |
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$ |
— |
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| Schedule of Offsetting Liabilities |
The following table sets forth the offsetting of derivative liabilities as of June 30, 2025:
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(in thousands) |
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Gross Amounts Offset in the Consolidated Balance Sheets |
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Gross Amounts Not Offset in the Consolidated Balance Sheets |
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As of June 30, 2025 |
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Gross
Amount of
Recognized
Liabilities |
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Gross
Amounts
Offset in the
Consolidated
Balance
Sheets |
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Net Amounts of
Liabilities
Presented in
the
Consolidated
Balance Sheets |
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Financial
Instruments |
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Cash
Collateral
Pledged |
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Net
Amount |
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Forward contracts |
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$ |
14,414 |
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$ |
— |
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$ |
14,414 |
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$ |
(6,198 |
) |
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$ |
— |
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$ |
8,216 |
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