Derivatives

12 Months Ended

Dec. 31, 2023

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

	December 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	$	279,027	$	2,745	Other current assets	$	330,179	$	6,284	Other current assets
Korean won	59,036		(97)		Accrued expenses	65,927		333		Other current assets
Philippine peso	6,553		(20)		Accrued expenses	3,085		(6)		Accrued expenses
Singapore dollar	11,506		20		Other current assets	—		—		N/A
Taiwan dollar	37,914		89		Other current assets	28,763		(57)		Accrued expenses
Total forward contracts	$	394,036	$	2,737		$	427,954	$	6,554

For the years ended December 31, 2023, 2022 and 2021, the derivatives resulted in a net loss of $38.6 million, $60.2 million and $58.8 million, respectively, which were partially offset by the foreign currency gains associated with the underlying net assets or liabilities.