v3.25.2
Derivatives (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Financial Instruments

The following summarizes the fair value of derivative financial instruments as of June 30, 2025 and December 31, 2024:
 

 

June 30, 2025

 

December 31, 2024

 

 

(in thousands)

 

Prepaid expenses and other current assets

 

 

 

 

Cash flow hedges

$

762

 

$

 

Balance sheet hedges

 

124

 

 

 

Total

$

886

 

$

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

 

 

 

Cash flow hedges

$

913

 

$

584

 

Total

$

913

 

$

584

 

Schedule of Derivatives and Impact on AOCI

The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI:
 

 

Six Months Ended June 30,

 

 

2025

 

2024

 

 

(in thousands)

 

Beginning balance at January 1

$

921

 

$

 

  Net losses recognized in other comprehensive income, net of tax

 

(948

)

 

501

 

  Net losses reclassified from AOCI to earnings

 

(559

)

 

(56

)

Ending balance at June 30

$

(586

)

$

445

 

Schedule of Effect of Hedges on Consolidated Statements of Operations

The effect of hedges on the consolidated statements of operations are as follows:
 

 

Three Months
Ended June 30,

 

Six Months Ended
June 30,

 

 

2025

 

2024

 

2025

 

2024

 

 

(in thousands)

 

Losses reclassified from AOCI related to cash flow hedges

 

 

 

 

 

 

 

 

Revenue

$

(189

)

$

(56

)

$

(559

)

$

(56

)

 

 

 

 

 

 

 

 

 

Gains related to non-designated hedges

 

 

 

 

 

 

 

 

Other income (expense), net

$

1,976

 

$

 

$

1,973

 

$