Derivative Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2021

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
	March 31, 2021		September 30, 2020		March 31, 2021		September 30, 2020
Derivative assets(1):
Forward Contracts	$	2,470	$	3	$	3,414	$	900
Options	$	—	$	—	$	962	$	—
Derivative liabilities(2):
Forward Contracts	$	—	$	306	$	4,259	$	767

(1) As of March 31, 2021 and September 30, 2020, current derivative assets of $6.8 million and $0.9 million, respectively, are recorded in other current assets in the Consolidated Balance Sheets.

(2) As of March 31, 2021 and September 30, 2020, current derivative liabilities of $4.3 million and $1.1 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 March 31, 2021 and September 30, 2020, we had outstanding forward contracts and options with notional amounts equivalent to the following:

Currency Hedged (in thousands)	March 31, 2021		September 30, 2020
Canadian / U.S. Dollar	$	5,824	$	6,847
Euro / U.S. Dollar(1)		532,906		390,673
British Pound / U.S. Dollar		1,459		6,328
Israeli Shekel / U.S. Dollar		10,115		9,503
Japanese Yen / U.S. Dollar		10,186		50,379
Swiss Franc / U.S. Dollar		2,327		12,874
Swedish Krona / U.S. Dollar		25,564		18,871
Chinese Renminbi / U.S. Dollar		12,523		5,415
Taiwanese Dollar / U.S. Dollar		7,876		1,482
All other		13,506		10,090
Total	$	622,286	$	512,462

(1) As of March 31, 2021, $456.7 million of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts and $76.2 million relates to options. As of September 30, 2020, all of the Euro to U.S. Dollar outstanding notional amount relates to forward contracts.

As of March 31, 2021 and September 30, 2020, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)	March 31, 2021		September 30, 2020
Euro / U.S. Dollar	$	165,784	$	164,885

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 six months ended March 31, 2021 and March 28, 2020:

(in thousands)		Three months ended					Six months ended
	Location of Gain (Loss)	March 31, 2021			March 28, 2020		March 31, 2021			March 28, 2020
Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged	Other expense, net	$	(3,033	)	$	1,189	$	(4,620	)	$	652

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 six months ended March 31, 2021 and March 28, 2020:

(in thousands)		Three months ended						Six months ended
	Location of Gain (Loss)	March 31, 2021			March 28, 2020			March 31, 2021			March 28, 2020
Gain (loss) recognized in OCI	OCI	$	1,462		$	(2,140	)	$	2,041		$	(5,706	)
Loss reclassified from OCI	OCI		(3,041	)		(6,016	)		(99	)		(6,778	)
Gain recognized, excluded portion	Other expense, net		426			962			733			2,191

Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of March 31, 2021:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of March 31, 2021	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	$	5,884	$	—	$	5,884	$	(4,259	)	$	—	$	1,625

Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of March 31, 2021:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
As of March 31, 2021	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	$	4,259	$	—	$	4,259	$	(4,259	)	$	—	$	—