v3.26.1
Derivatives
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
We use foreign currency forward contracts to mitigate foreign currency risk of certain monetary assets and liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments.
We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we enter into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments.
As of June 30, 2026 and December 31, 2025, our foreign exchange forward contracts consisted of the following:
June 30, 2026December 31, 2025
Notional ValueFair Value (Level 2)Balance Sheet LocationNotional ValueFair Value (Level 2)Balance Sheet Location
(In thousands)
Forward contracts not designated as hedging instruments
Euro dollar$24,794 $25 Other current assets$17,880 $(6)Accrued expenses
Japanese yen196,123 (971)Accrued expenses253,313 (848)Accrued expenses
Korean won101,815 (18)Accrued expenses82,752 (601)Accrued expenses
Philippine peso9,117 (16)Accrued expenses13,114 (76)Accrued expenses
Singapore dollar22,930 52 Other current assets11,566 (27)Accrued expenses
Taiwan dollar49,545 15 Other current assets36,598 (59)Accrued expenses
Total forward contracts not designated as hedging instruments$404,324 $(913)$415,223 $(1,617)
June 30, 2026December 31, 2025
Notional ValueFair Value (Level 2)Balance Sheet LocationNotional ValueFair Value (Level 2)Balance Sheet Location
(In thousands)
Forward contracts designated as net investment hedging instruments
Japanese yen$119,592 $588 Other current assets$123,846 $425 Other current assets
Total forward contracts designated as net investment hedging instruments$119,592 $588 $123,846 $425 
For the three and six months ended June 30, 2026, we incurred a net loss of $2.4 million and $5.9 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the revaluation of the related hedged items. For the three and six months ended June 30, 2025, we incurred a net loss of $3.7 million and $6.6 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the revaluation of the related hedged items.
The following table presents the gain or loss recognized on our derivatives designated as net investment hedging instruments:
For the Three Months Ended June 30,For the Six Months Ended June 30,
Location on Consolidated Financial Statements2026202520262025
(In thousands)
Difference between forward rate and spot rate of the forward contractsOther (income) expense, net$(928)$(1,338)$(1,908)$(2,656)
Changes in fair value of forward contractsOther comprehensive income (loss)$2,239 $(4,146)$3,412 $(8,855)