Derivatives

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives We use foreign currency forward contracts to mitigate foreign currency risk of certain assets and monetary 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.

As of December 31, 2020 and 2019, our foreign exchange forward contracts consisted of the following:

	December 31, 2020					December 31, 2019
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese Yen	$	465,192	$	1,279	Other current assets	$	391,643	$	2,225	Other current assets
Korean Won	161,612		190		Other current assets	74,076		86		Other current assets
Philippine Peso	10,974		(7)		Accrued expenses	—		—		N/A
Total forward contracts	$	637,778	$	1,462		$	465,719	$	2,311

For the years ended December 31, 2020, 2019 and 2018, the derivatives resulted in a net gain of $35.9 million, $0.1 million and $2.5 million respectively, which were offset by the foreign currency losses associated with the underlying net liabilities.