Derivative and Hedging Instruments |
12 Months Ended |
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Dec. 31, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative and Hedging Instruments | Note 3 – Derivative and Hedging Instruments We enter into derivative instruments, consisting of foreign exchange contracts, to mitigate the foreign currency risk. We do not use derivatives for trading or speculative purposes. We have master netting arrangements with certain counterparties to our foreign exchange contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. We have elected to present the derivative assets and derivative liabilities on a gross basis on our consolidated balance sheets. As of December 31, 2025, there were no rights of set-off associated with our foreign exchange contracts. We designate certain foreign exchange contracts as cash flow hedges to protect forecasted revenue, typically hedging exposures for up to 12 months. As of December 31, 2025, the total notional amount of these derivatives was $378 million. We also utilize foreign exchange contracts not designated as hedging instruments to manage general foreign currency risk. The total notional amounts for these instruments were $1.1 billion and $1.6 billion as of December 31, 2024 and 2025, respectively. As of and for the years ended December 31, 2024 and 2025, the fair values of our outstanding derivative instruments, as well as any related realized or unrealized gains, losses, and amounts recorded in or reclassified from accumulated other comprehensive income (loss), were immaterial to our consolidated financial statements.
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