v3.24.2.u1
Derivatives (Tables)
6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of the Fair Value of Derivative Financial Instruments

The following summarizes the fair value of derivative financial instruments as of June 30, 2024 and December 31, 2023:
 

 

 

As of June 30, 2024

 

 

As of December 31, 2023

 

 

 

 

(in thousands)

Accrued expenses and other current liabilities

 

 

 

 

 

 

 

Cash flow hedges

 

$

390

 

 

$

—

 

 

Total

 

$

390

 

 

$

—

 

 

Schedule of Derivatives and the Impact on AOCI

The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI:
 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Beginning balance

 

$

—

 

 

$

—

 

  Net losses recognized in other comprehensive income, net of tax

 

 

501

 

 

 

—

 

  Net losses reclassified from AOCI to earnings

 

 

(56

)

 

 

—

 

Ending balance

 

$

445

 

 

$

—

 

Schedule of Effect of Hedges on Consolidated Statements of Operations

The effect of hedges on the consolidated statements of operations was as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Losses reclassified from AOCI related to cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

(56

)

 

$

—

 

 

$

(56

)

 

$

—