v3.24.3
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Assets and Liabilities
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Accrued expenses and other liabilities’ or ‘Prepaid expenses and other assets’ in the condensed consolidated balance sheets, were:
September 30, 2024December 31, 2023
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts$2,459 $(2,609)$2,850 $(1,333)
Hedged derivatives:
Cash flow foreign currency contracts309 (518)142 (229)
Total derivatives2,768 (3,127)2,992 (1,562)
Netting of counterparty contracts(942)942 (1,547)1,547 
Total derivatives, net of counterparty contracts$1,826 $(2,185)$1,445 $(15)
Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
September 30, 2024December 31, 2023
NotionalFair ValueNotionalFair Value
(in thousands)
Non-hedged derivatives:
Singapore Dollar$42,486 $1,755 $41,441 $1,507 
Euro35,360 634 30,757 1,343 
British Pound Sterling18,548 (576)17,662 (835)
South Korean Won29,367 (820)9,759 (428)
Indian Rupee3,887 — 5,291 (23)
Japanese Yen14,911 (872)969 (47)
Other currencies14,207 (271)— — 
Total non-hedged derivatives158,766 (150)105,879 1,517 
Hedged derivatives:
Euro 18,185 (161)40,014 (186)
British Pound Sterling22,140 (231)22,320 135 
South Korean Won5,884 (88)11,093 (42)
Indian Rupee1,262 — 5,703 6 
Chinese Yuan20,346 271 — — 
Total hedged derivatives67,817 (209)79,130 (87)
Total derivatives$226,583 $(359)$185,009 $1,430 
Latest maturity date, non-hedged derivativesOctober 2024January 2024
Latest maturity date, hedged derivativesJune 2025December 2024
Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts
Amounts reported in ‘Foreign currency losses, net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Foreign currency transaction losses
$(205)$(781)$(3,138)$(1,150)
Foreign currency forward exchange contracts losses
(127)(989)(790)(472)
Foreign currency losses, net
$(332)$(1,770)$(3,928)$(1,622)