Derivative Financial Instruments (Tables)

9 Months Ended

Jun. 30, 2023

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
	June 30, 2023		September 30, 2022		June 30, 2023		September 30, 2022
Derivative assets(1):
Forward Contracts	$	773	$	1,960	$	974	$	7,098
Options	$	—	$	—	$	594	$	—
Derivative liabilities(2):
Forward Contracts	$	—	$	—	$	1,537	$	2,908

(1)As of June 30, 2023 and September 30, 2022, current derivative assets of $2.3 million and $9.1 million, respectively, are recorded in Other current assets in the Consolidated Balance Sheets.

(2)As of June 30, 2023 and September 30, 2022, current derivative liabilities of $1.5 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 June 30, 2023 and September 30, 2022, we had outstanding forward contracts and options with notional amounts equivalent to the following:

Currency Hedged (in thousands)	June 30, 2023		September 30, 2022
Canadian Dollar / U.S. Dollar	$	9,470	$	2,731
Euro / U.S. Dollar(1)		613,619		316,869
British Pound / U.S. Dollar		509		7,368
Israeli Shekel / U.S. Dollar		10,854		12,052
Japanese Yen / U.S. Dollar(2)		12,353		25,566
Swiss Franc / U.S. Dollar		6,002		25,559
Swedish Krona / U.S. Dollar		6,188		35,713
Singapore Dollar / U.S. Dollar		—		3,637
Chinese Renminbi / U.S. Dollar		6,054		23,965
New Taiwan Dollar / U.S. Dollar		5,428		13,906
Korean Won/ U.S. Dollar		—		4,919
Danish Krone/ U.S. Dollar		1,487		3,192
Australian Dollar/ U.S. Dollar		2,273		3,269
Hong Kong Dollar/U.S. Dollar		2,263		785
All other		2,464		3,647
Total	$	678,964	$	483,178

(1)As of June 30, 2023, $573.8 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $39.8 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 June 30, 2023, $1.5 million of the Japanese Yen to U.S. Dollar outstanding notional amount relates to forward contracts and $10.9 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 June 30, 2023 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)	June 30, 2023		September 30, 2022
Euro / U.S. Dollar	$	236,246	$	110,466
Japanese Yen / U.S. Dollar		10,575		—
Total	$	246,821	$	110,466

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 and nine months ended June 30, 2023 and June 30, 2022:

(in thousands)		Three months ended					Nine months ended
	Location of Gain (Loss)	June 30, 2023			June 30, 2022		June 30, 2023			June 30, 2022
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged	Other income (expense), net	$	(1,006	)	$	3,399	$	(13,437	)	$	3,761

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the three and nine months ended June 30, 2023 and June 30, 2022:

(in thousands)		Three months ended					Nine months ended
	Location of Gain (Loss)	June 30, 2023			June 30, 2022		June 30, 2023			June 30, 2022
Gain (loss) recognized in OCI	OCI	$	(695	)	$	7,818	$	(18,663	)	$	16,050
Gain (loss) reclassified from OCI to earnings	n/a		—			—		—			—
Gain recognized, excluded portion	Other income (expense), net		1,124			515		3,272			1,124

Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of June 30, 2023:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of June 30, 2023	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	$	1,747	$	—	$	1,747	$	(1,537	)	$	—	$	210

Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of June 30, 2023:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of June 30, 2023	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	$	1,537	$	—	$	1,537	$	(1,537	)	$	—	$	—