Derivative Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

(in thousands)	Fair Value of Derivatives Designated As Hedging Instruments				Fair Value of Derivatives Not Designated As Hedging Instruments
	December 31, 2022		September 30, 2022		December 31, 2022		September 30, 2022
Derivative assets(1):
Forward Contracts	$	—	$	1,960	$	824	$	7,098
Options	$	2,688	$	—	$	—	$	—
Derivative liabilities(2):
Forward Contracts	$	1,582	$	—	$	2,259	$	2,908

(1)As of December 31, 2022 and September 30, 2022, current derivative assets of $3.5 million and $9.1 million, respectively, are recorded in Other current assets in the Consolidated Balance Sheets.

(2)As of December 31, 2022 and September 30, 2022, current derivative liabilities of $3.8 million and $2.9 million, respectively, are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Schedule of Notional Amounts of Outstanding Forward Contracts and Options

As of December 31, 2022 and September 30, 2022, we had outstanding forward contracts and options with notional amounts equivalent to the following:

Currency Hedged (in thousands)	December 31, 2022		September 30, 2022
Canadian / U.S. Dollar	$	4,148	$	2,731
Euro / U.S. Dollar		511,944		316,869
British Pound / U.S. Dollar		5,857		7,368
Israeli Shekel / U.S. Dollar		9,105		12,052
Japanese Yen / U.S. Dollar		69,738		25,566
Swiss Franc / U.S. Dollar		23,481		25,559
Swedish Krona / U.S. Dollar		11,287		35,713
Singapore Dollar / U.S. Dollar		—		3,637
Chinese Renminbi / U.S. Dollar		6,547		23,965
New Taiwan Dollar / U.S. Dollar		7,090		13,906
Korean Won/ U.S. Dollar		—		4,919
Danish Krone/ U.S. Dollar		4,561		3,192
Australian Dollar/ U.S. Dollar		668		3,269
All other		3,904		4,432
Total	$	658,330	$	483,178

(1)As of December 31, 2022, $319.6 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $192.3 million relates to options. As of September 30, 2022, all the Euro to U.S. Dollar outstanding notional amount relates to forward contracts.

(2)As of December 31, 2022, $14.5 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $55.2 million relates to options. As of September 30, 2022, all the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts.

As of December 31, 2022 and September 30, 2022, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)	December 31, 2022		September 30, 2022
Euro / U.S. Dollar	$	176,076	$	110,446
JPY/ U.S Dollar		11,437		—
Total	$	187,513	$	110,446

Schedule of Net Gains and Losses on Foreign Currency Exposures

The following table shows the effect of our non-designated hedges in the Consolidated Statements of Operations for the three months ended December 31, 2022 and December 31, 2021:

(in thousands)		Three months ended
	Location of Gain (Loss)	December 31, 2022			December 31, 2021
Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged	Other income (expense), net	$	(11,009	)	$	(3,435	)

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three months ended December 31, 2022 and December 31, 2021:

(in thousands)		Three months ended
	Location of Gain (Loss)	December 31, 2022			December 31, 2021
Loss recognized in OCI	OCI	$	(4,510	)	$	(3,156	)
Gain (loss) reclassified from OCI	OCI	$	7,030		$	(5,735	)
Gain recognized, excluded portion	Other income (expense), net	$	969		$	267

Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of December 31, 2022:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of December 31, 2022	Gross Amount of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received		Net Amount
Forward Contracts	$	824	$	—	$	824	$	(824	)	$	—	$	—

Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of December 31, 2022:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of December 31, 2022	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Pledged		Net Amount
Forward Contracts	$	3,841	$	—	$	3,841	$	(824	)	$	—	$	3,017