DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2021

DERIVATIVES [ABSTRACT]

Schedule of Cash Flow Hedges OCI Rollforward

	Year Ended December 31,
	2021		2020		2019
Aggregate unrealized net gain/(loss) at beginning of period	$	8,431	$	4,182	$	(8,278)
Add: Net gain/(loss) from change in fair value of cash flow hedges		(12,126)		2,321		15,545
Less: Net (gain)/loss reclassified to earnings from effective hedges		3,655		1,928		(3,085)
Aggregate unrealized net gain/(loss) at end of period	$	(40)	$	8,431	$	4,182

Schedule of Notional Amounts of Outstanding Cash Flow Hedges

The Company’s foreign exchange cash flow hedging instruments as of December 31, 2021 and 2020 are summarized as follows (in thousands). All hedging instruments are forward contracts.

	Local
	Currency	U.S. Dollar			% Maturing		Contracts
	Notional	Notional			in the next		Maturing
As of December 31, 2021	Amount	Amount			12 months		Through
Canadian Dollar	9,000	$	7,022		100.0	%	June 2022
Philippine Peso	8,472,000		164,295	(1)	51.7	%	December 2024
Mexican Peso	1,422,500		63,002		43.2	%	December 2024
		$	234,319

	Local
	Currency	U.S. Dollar
	Notional	Notional
As of December 31, 2020	Amount	Amount
Canadian Dollar	2,450	$	1,853
Philippine Peso	6,725,000		130,468	(1)
Mexican Peso	1,159,500		52,398
		$	184,719

(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 December 31, 2021 and December 31, 2020.

Schedule of Derivatives Instruments on Balance Sheet

The Company’s derivatives as of December 31, 2021 and 2020 were as follows (in thousands):

	December 31, 2021
	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	$	2,272	$	204
Other long-term assets		611		—
Other current liabilities		(1,527)		(6)
Other long-term liabilities		(1,418)		—
Total fair value of derivatives, net	$	(62)	$	198

	December 31, 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	$	6,939	$	103
Other long-term assets		4,528		—
Other current liabilities		(73)		(118)
Other long-term liabilities		(4)		—
Total fair value of derivatives, net	$	11,390	$	(15)

Schedule of cash flow hedge impact on Statement of Comprehensive Income

	Year Ended December 31,
	2021		2020
	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	$	3,655	$	1,928
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	4,939	$	2,618

Schedule of fair value derivative impact on Statement of Comprehensive Income

	Year Ended December 31,
	2021		2020
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	$	191	$	205