v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivative Instruments
As of June 30, 2026, 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)
387.7 EURVarious from July 2024 to June 2026Various from July 2026 to June 2028Euro ("EUR") to USD1.18 USDCash flow hedge
3,958.2 MXNVarious from July 2024 to June 2026Various from July 2026 to June 2028USD to Mexican Peso ("MXN")19.57 MXNCash flow hedge
65.4 GBPVarious from July 2024 to June 2026Various from July 2026 to June 2028British Pound Sterling ("GBP") to USD1.33 USDCash flow hedge
Notional
(in millions)		Effective Date(s)Maturity Date(s)Index (Exchange Rates)Weighted-Average Strike Rate
Hedge
Designation (1)
485.8 KRWVarious from August 2024 to September 2024Various from July 2026 to July 2026USD to Korean Won ("KRW")1,305.21 KRWNot 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.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
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, 2026 and December 31, 2025:
 Asset DerivativesLiability Derivatives
 Balance Sheet LocationJune 30,
2026		December 31,
2025		Balance Sheet LocationJune 30,
2026		December 31,
2025
Derivatives designated as hedging instruments
Foreign currency forward contractsPrepaid expenses and other current assets$22.9 $14.9 Accrued expenses and other current liabilities$3.3 $13.8 
Foreign currency forward contractsOther assets5.7 3.4 Other long-term liabilities0.4 1.7 
Total$28.5 $18.3 $3.7 $15.5 
Derivatives not designated as hedging instruments
Commodity forward contractsPrepaid expenses and other current assets$10.2 $17.0 Accrued expenses and other current liabilities$0.8 $0.3 
Commodity forward contractsOther assets0.3 4.2 Other long-term liabilities— — 
Foreign currency forward contractsPrepaid expenses and other current assets0.0 0.4 Accrued expenses and other current liabilities0.0 2.3 
Total$10.6 $21.6 $0.8 $2.6 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
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, 2026 and 2025:
Derivatives designated as
hedging instruments		Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive IncomeLocation of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/Loss into Net IncomeAmount of Net Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/Loss into Net Income
2026202520262025
Foreign currency forward contracts$4.0 $(27.4)Net revenue$(2.8)$(0.8)
Foreign currency forward contracts$8.5 $19.1 Cost of revenue$4.0 $(4.4)
Derivatives not designated as
hedging instruments		Amount of (Loss)/Gain Recognized in Net IncomeLocation of (Loss)/Gain Recognized in Net Income
20262025
Commodity forward contracts$(3.6)$1.6 Other, net
Foreign currency forward contracts$0.5 $(2.5)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, 2026 and 2025:
Derivatives designated as
hedging instruments		Amount of Deferred Gain/(Loss) Recognized in Other Comprehensive IncomeLocation of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Income/Loss into Net IncomeAmount of Net (Loss)/Gain Reclassified from Accumulated Other Comprehensive Income/Loss into Net Income
2026202520262025
Foreign currency forward contracts$14.9 $(39.1)Net revenue$(7.9)$4.3 
Foreign currency forward contracts$9.3 $26.7 Cost of revenue$5.3 $(7.5)
Derivatives not designated as
hedging instruments		Amount of (Loss)/Gain Recognized in Net IncomeLocation of (Loss)/Gain Recognized in Net Income
20262025
Commodity forward contracts$1.0 $6.0 Other, net
Foreign currency forward contracts$0.5 $(4.1)Other, net