Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

We use foreign currency forward contracts to mitigate foreign currency risk of certain monetary assets and 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 March 31, 2022 and December 31, 2021, our foreign exchange forward contracts consisted of the following:

	March 31, 2022					December 31, 2021
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese yen	$	349,288	$	5,159	Other current assets	$	396,946	$	(901)	Accrued expenses
Korean won	117,707		(157)		Accrued expenses	125,321		(492)		Accrued expenses
Philippine peso	7,519		25		Other current assets	4,001		7		Other current assets
Singapore dollar	21,497		86		Other current assets	—		—
Total forward contracts	$	496,011	$	5,113		$	526,268	$	(1,386)

For the three months ended March 31, 2022 and 2021, the derivatives resulted in a net loss of $22.3 million and $34.9 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities.