Derivatives

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, our foreign exchange forward contracts consisted of the following:

	March 31, 2023					December 31, 2022
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese yen	$	281,038	$	(2,665)	Accrued expenses	$	330,179	$	6,284	Other current assets
Korean won	75,954		(401)		Accrued expenses	65,927		333		Other current assets
Philippine peso	6,523		(21)		Accrued expenses	3,085		(6)		Accrued expenses
Singapore dollar	34,522		(46)		Accrued expenses	—		—		N/A
Taiwan dollar	25,855		(92)		Accrued expenses	28,763		(57)		Accrued expenses
Total forward contracts	$	423,892	$	(3,225)		$	427,954	$	6,554

For the three months ended March 31, 2023 and 2022, the derivatives resulted in a net loss of $12.0 million and $22.3 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities.