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Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Notional Amount of Outstanding Derivatives
The following table presents the gross notional amount of outstanding derivative instruments:

 As of
(in thousands)March 31, 2025December 31, 2024March 31, 2024
Derivative instruments designated as cash flow hedges:
Currency forward contracts$696,672 $550,591 $597,355 
Derivative instruments not designated as hedges:
Currency forward contracts$308,063 $263,103 $231,449 
Balance Sheet Classification and Fair Value of Derivative Instruments
The following table presents the balance sheet classification and fair value of derivative instruments:

 As of
(in thousands)Balance Sheet ClassificationMarch 31, 2025December 31, 2024March 31, 2024
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$14,479 $20,890 $12,864 
Currency forward contractsOther non-current assets$4,929 $9,137 $5,423 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$939 $853 $1,090 
Currency forward contractsOther long-term liabilities$1,748 $13 $155 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$2,780 $3,739 $1,978 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$438 $872 $828 
Effect and Classification of Derivative Instruments
The following table presents the statement of operations effect and classification of derivative instruments:

Statement Of
Operations
Classification
Three Months Ended March 31,
(in thousands)20252024
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income (loss), net of tax
—$(5,910)$11,727 
Loss reclassified from accumulated other comprehensive loss to income for the effective portion
Net sales$(441)$(282)
Gain reclassified from accumulated other comprehensive loss to income for the effective portion
Cost of sales$3,131 $2,971 
Gain reclassified from accumulated other comprehensive loss to income as a result of cash flow hedge discontinuance
Other non-operating income, net
$— $68 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income, net
$(612)$2,925