v3.26.3
Financial Instruments and Risk Management (Tables)
 9 Months Ended
Sep. 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)September 30, 2026December 31, 2025
Derivative instruments designated as cash flow hedges:
Currency forward contracts$768,384 $808,875 
Derivative instruments not designated as hedges:
Currency forward contracts$479,963 $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 ClassificationSeptember 30, 2026December 31, 2025
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$9,142 $5,895 
Currency forward contractsOther non-current assets$8,224 $2,788 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$6,516 $9,119 
Currency forward contractsOther long-term liabilities$3,827 $5,732 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$3,181 $1,144 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$1,563 $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 September 30,
Nine Months Ended September 30,
(in thousands)2026202520262025
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
—$(2,405)$7,590 $10,305 $(22,385)
Gain (loss) reclassified from accumulated other comprehensive loss to net income for the effective portion
Net sales$(527)$257 $(489)$(223)
Gain reclassified from accumulated other comprehensive loss to net income for the effective portion
Cost of sales$346 $3,053 $311 $8,719 
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)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in net income
Other non-operating income (expense), net
$(533)$1,574 $286 $(387)