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Financial Instruments and Risk Management (Tables)
 6 Months Ended
Jun. 30, 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)June 30, 2025December 31, 2024June 30, 2024
Derivative instruments designated as cash flow hedges:
Currency forward contracts$770,702 $550,591 $488,039 
Derivative instruments not designated as hedges:
Currency forward contracts$279,092 $263,103 $377,391 
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 ClassificationJune 30, 2025December 31, 2024June 30, 2024
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$4,227 $20,890 $10,688 
Currency forward contractsOther non-current assets$844 $9,137 $6,492 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$10,764 $853 $1,106 
Currency forward contractsOther long-term liabilities$12,371 $13 $65 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$1,648 $3,739 $6,046 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities$1,478 $872 $993 
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 June 30,
Six Months Ended June 30,
(in thousands)2025202420252024
Currency forward contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive loss, net of tax
—$(24,065)$5,451 $(29,975)$17,178 
Loss reclassified from accumulated other comprehensive loss to income for the effective portion
Net sales$(39)$(60)$(480)$(342)
Gain reclassified from accumulated other comprehensive loss to income for the effective portion
Cost of sales$2,535 $2,005 $5,666 $4,976 
Gain (loss) reclassified from accumulated other comprehensive loss to income as a result of cash flow hedge discontinuance
Other non-operating income, net
$(54)$— $(54)$68 
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income
Other non-operating income, net
$(1,349)$1,604 $(1,961)$4,529