Derivatives and Hedging |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives and Hedging | Note 7 — Derivatives and Hedging The Company enters into a limited number of foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on transactions entered into in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. These contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in other income, net in the Consolidated Statements of Operations because the Company does not designate these contracts as hedges for accounting purposes. During the six months ended June 30, 2026, the Company entered into five foreign currency forward exchange contracts, all of which settled by June 30, 2026. Accordingly, as of June 30, 2026, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the six months ended June 30, 2025, the Company entered into seven foreign currency forward exchange contracts, all of which settled by June 30, 2025. Accordingly, as of June 30, 2025, there is no amount recorded in the Consolidated Balance Sheets for these contracts. The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral arrangements with these counterparties and the derivative contracts do not contain credit risk-related contingent features. The table below provides information regarding gains (losses) recognized in the Consolidated Statements of Operations for the derivative contracts for the periods indicated (in thousands):
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