v3.26.1
Financial Instruments and Risk Management (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments:

 As of
(in thousands)June 30, 2026December 31, 2025
Derivative instruments designated as cash flow hedges:
Currency forward contracts$767,833 $808,875 
Derivative instruments not designated as hedges:
Currency forward contracts$357,548 $261,805 
Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:

 As of
(in thousands)Balance Sheet ClassificationJune 30, 2026December 31, 2025
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$10,634 $5,895 
Currency forward contractsOther non-current assets$9,783 $2,788 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$5,987 $9,119 
Currency forward contractsOther long-term liabilities$3,115 $5,732 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$3,219 $1,144 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$1,565 $676 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2026202520262025
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
—$2,377 $(24,065)$12,710 $(29,975)
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
Net sales$6 $(39)$38 $(480)
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
Cost of sales$(298)$2,535 $(35)$5,666 
Loss reclassified from accumulated other comprehensive loss to net income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
$— $(54)$— $(54)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in net income
Other non-operating income (expense), net
$825 $(1,349)$819 $(1,961)