Foreign Currency Exchange Contracts and Hedging |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Foreign Currency Exchange Contracts and Hedging | 10. Foreign currency exchange contracts and hedging As of June 30, 2025 and June 30, 2024, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $18,266 and $12,923, respectively, and $38,804 and $0, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within to seven months. During the six months ended June 30, 2025 and 2024, these contracts had, net of tax, an unrealized loss of $1,435 and an unrealized gain or (loss) of $0, respectively. The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the six months ended June 30, 2025, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. During the six months ended June 30, 2024, there were no ineffective portions related to these hedges. As of June 30, 2025, the Company had six designated hedges and two non-designated hedges. As of June 30, 2024, the Company had no designated hedges and three non-designated hedges |