Derivatives

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, our foreign exchange forward contracts consisted of the following:

	March 31, 2024					December 31, 2023
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese yen	$	235,397	$	457	Other current assets	$	279,027	$	2,745	Other current assets
Korean won	76,415		(11)		Accrued expenses	59,036		(97)		Accrued expenses
Philippine peso	9,009		(12)		Accrued expenses	6,553		(20)		Accrued expenses
Singapore dollar	14,741		(50)		Accrued expenses	11,506		20		Other current assets
Taiwan dollar	38,850		28		Other current assets	37,914		89		Other current assets
Total forward contracts	$	374,412	$	412		$	394,036	$	2,737

For the three months ended March 31, 2024 and 2023, the derivatives resulted in a net loss of $27.5 million and $12.0 million, which were partially offset by the foreign currency gains associated with the underlying net liabilities.