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DERIVATIVES (Tables)
6 Months Ended
Jun. 30, 2020
DERIVATIVES [ABSTRACT]  
Schedule of Cash Flow Hedges OCI Rollforward

Three Months Ended 

Six Months Ended 

June 30,

June 30,

2020

    

2019

    

2020

    

2019

Aggregate unrealized net gain/(loss) at beginning of period

$

(3,621)

$

(5,217)

$

4,182

$

(8,278)

Add: Net gain/(loss) from change in fair value of cash flow hedges

3,726

5,190

(4,187)

10,096

Less: Net (gain)/loss reclassified to earnings from effective hedges

58

(738)

168

(2,583)

Aggregate unrealized net gain/(loss) at end of period

$

163

$

(765)

$

163

$

(765)

Schedule of Notional Amounts of Outstanding Cash Flow Hedges

The Company’s foreign exchange cash flow hedging instruments as of June 30, 2020 and December 31, 2019 are summarized as follows (amounts in thousands). All hedging instruments are forward contracts.

    

Local

    

    

    

 

Currency

U.S. Dollar

% Maturing

Contracts

 

Notional

Notional

in the next

Maturing

 

As of June 30, 2020

Amount

Amount

12 months

Through

 

Philippine Peso

 

6,955,000

 

132,470

(1)  

59.9

%  

April 2023

Mexican Peso

 

1,221,000

 

56,033

52.7

%  

December 2022

$

188,503

    

Local

    

    

    

Currency

U.S. Dollar

     

Notional

Notional

 

      

 

As of December 31, 2019

Amount

Amount

 

Philippine Peso

 

7,715,000

 

147,654

(1)  

Mexican Peso

 

1,299,500

 

61,529

$

209,183

(1)Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S. dollars on June 30, 2020 and December 31, 2019.
Schedule of Derivatives Instruments on Balance Sheet

The Company’s derivatives as of June 30, 2020 and December 31, 2019 were as follows (in thousands):

June 30, 2020

 

Designated

Not Designated

 

as Hedging

as Hedging

Designation:

Instruments

Instruments

 

    

Foreign

    

Foreign

 

Derivative contract type:

Exchange

Exchange

 

Derivative classification:

Cash Flow

Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:

Prepaids and other current assets

$

2,962

$

Other long-term assets

 

2,296

 

Other current liabilities

 

(2,845)

 

(21)

Other long-term liabilities

 

(2,188)

 

Total fair value of derivatives, net

$

225

$

(21)

December 31, 2019

 

Designated

Not Designated

 

as Hedging

as Hedging

Designation:

Instruments

Instruments

 

    

Foreign

    

Foreign

 

Derivative contract type:

Exchange

Exchange

 

Derivative classification:

Cash Flow

Fair Value

Fair value and location of derivative in the Consolidated Balance Sheet:

Prepaids and other current assets

$

3,467

$

205

Other long-term assets

 

3,525

 

Other current liabilities

 

(1,223)

 

(107)

Other long-term liabilities

 

(95)

 

Total fair value of derivatives, net

$

5,674

$

98

Schedule of cash flow hedge impact on Statement of Comprehensive Income

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2020 and 2019 were as follows (in thousands):

Three Months Ended June 30,

 

2020

2019

 

Designated as Hedging

 

Designation:

Instruments

 

Derivative contract type:

Foreign Exchange

 

Derivative classification:

 

Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax

$

58

$

(738)

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:

Revenue

$

79

$

(1,011)

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2020 and 2019 were as follows (in thousands):

Six Months Ended June 30,

2020

2019

Designated as Hedging

Designation:

Instruments

Derivative contract type:

Foreign Exchange

Derivative classification:

 

Cash Flow

Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax

$

168

$

(2,583)

Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:

Revenue

$

230

$

(3,538)

Schedule of fair value derivative impact on Statement of Comprehensive Income

Three Months Ended June 30,

 

2020

2019

 

Designation:

    

Not Designated as Hedging Instruments

Derivative contract type:

 

Foreign Exchange

Derivative classification:

 

Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):

Other income (expense), net

 

$

(14)

 

$

(1,465)

Six Months Ended June 30,

2020

2019

Designation:

 

Not Designated as Hedging Instruments

Derivative contract type:

 

Foreign Exchange

Derivative classification:

 

Fair Value

Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):

Other income (expense), net

 

$

(343)

 

$

(1,217)