Foreign Currency Forward Contracts

9 Months Ended

Jun. 30, 2023

Foreign Currency Forward Contracts

Foreign Currency Forward Contracts

Note 17.  Foreign Currency Forward Contracts

The Company enters into foreign currency forward contracts to reduce income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contracts as hedges, therefore, changes in fair value are recognized in earnings.  All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of June 30, 2023, there were no contracts that remain unsettled.  As a result, there was no impact to the balance sheet from those contracts as of September 30, 2022 or June 30, 2023.  Foreign exchange contract gains and losses are recorded within selling, general and administrative expenses on the Consolidated Statements of Operations along with foreign currency transactional gains and losses as follows.

	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2023		2022		2023
Foreign currency transactional gain (loss)	$	1,994	$	(434)	$	2,284	$	(2,763)
Foreign exchange forward contract gain (loss)	$	(2,183)	$	106	$	(3,642)	$	2,092
Net gain (loss) included in selling, general and administrative expense	$	(189)	$	(328)	$	(1,358)	$	(671)