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Derivative Financial Instruments (Tables)
 3 Months Ended
Dec. 31, 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

 

 

 

December 31,
2023

 

 

September 30,
2023

 

 

December 31,
2023

 

 

September 30,
2023

 

Derivative assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

—

 

 

$

3,770

 

 

$

1,473

 

 

$

3,570

 

Derivative liabilities(2):

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

3,051

 

 

$

—

 

 

$

2,533

 

 

$

3,158

 
(1)
As of December 31, 2023 and September 30, 2023, current derivative assets are recorded in Other current assets in the Consolidated Balance Sheets.
(2)
As of December 31, 2023 and September 30, 2023, current derivative liabilities 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, 2023 and September 30, 2023, we had outstanding forward contracts not designated as hedging instruments with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

December 31,
2023

 

 

September 30,
2023

 

Canadian Dollar / U.S. Dollar

 

$

2,547

 

 

$

5,135

 

Euro / U.S. Dollar

 

 

437,668

 

 

 

383,227

 

British Pound / U.S. Dollar

 

 

5,359

 

 

 

6,058

 

Israeli Shekel / U.S. Dollar

 

 

9,264

 

 

 

11,852

 

Japanese Yen / U.S. Dollar

 

 

—

 

 

 

4,770

 

Swiss Franc / U.S. Dollar

 

 

11,303

 

 

 

32,766

 

Swedish Krona / U.S. Dollar

 

 

14,229

 

 

 

35,085

 

Chinese Renminbi / U.S. Dollar

 

 

5,180

 

 

 

16,660

 

New Taiwan Dollar / U.S. Dollar

 

 

18,492

 

 

 

11,855

 

Korean Won / U.S. Dollar

 

 

—

 

 

 

6,157

 

Danish Krone / U.S. Dollar

 

 

5,358

 

 

 

6,731

 

All other

 

 

4,609

 

 

 

3,340

 

Total

 

$

514,009

 

 

$

523,636

 

 

As of December 31, 2023 and September 30, 2023, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)

 

December 31,
2023

 

 

September 30,
2023

 

Euro / U.S. Dollar

 

$

373,527

 

 

$

337,923

 

Japanese Yen / U.S. Dollar

 

 

10,522

 

 

 

10,285

 

Total

 

$

384,049

 

 

$

348,208

 
Schedule of Net Gains and Losses on Foreign Currency Exposures

The following table shows the effect of our non-designated hedges on the Consolidated Statements of Operations for the three months ended December 31, 2023 and December 31, 2022:

 (in thousands)

 

 

 

Three months ended

 

 

 

Location of Gain (Loss)

 

December 31,
2023

 

 

December 31,
2022

 

Net realized and unrealized loss, excluding the underlying foreign currency exposure being hedged

 

Other income (expense), net

 

$

(3,735

)

 

$

(11,009

)

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, 2023 and December 31, 2022:

(in thousands)

 

 

 

Three months ended

 

 

 

Location of Gain (Loss)

 

December 31,
2023

 

 

December 31,
2022

 

Loss recognized in OCI

 

OCI

 

$

(15,304

)

 

$

(15,305

)

Gain (loss) reclassified from OCI to earnings

 

n/a

 

$

-

 

 

$

-

 

Gain recognized, excluded portion

 

Other income (expense), net

 

$

1,136

 

 

$

969

 
Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of December 31, 2023:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of December 31, 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

 

$

1,473

 

 

$

—

 

 

$

1,473

 

 

$

(1,473

)

 

$

—

 

 

$

—

 
Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of December 31, 2023:

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

As of December 31, 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

 

$

5,584

 

 

$

—

 

 

$

5,584

 

 

$

(1,473

)

 

$

—

 

 

$

4,111