Derivatives

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020, our foreign exchange forward contracts consisted of the following:

	March 31, 2021					December 31, 2020
	Notional Value		Fair Value (Level 2)		Balance Sheet Location	Notional Value		Fair Value (Level 2)		Balance Sheet Location
	(In thousands)
Japanese Yen	$	369,619	$	(3,923)	Accrued expenses	$	465,192	$	1,279	Other current assets
Korean Won	160,490		35		Other current assets	161,612		190		Other current assets
Philippine Peso	9,183		(23)		Accrued expenses	10,974		(7)		Accrued expenses
Total forward contracts	$	539,292	$	(3,911)		$	637,778	$	1,462

For the three months ended March 31, 2021 and 2020, the derivatives resulted in a net loss of $34.9 million and $1.2 million respectively. The loss for the three months ended March 31, 2021 was fully offset by the foreign currency gains associated with the underlying net liabilities.