DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2022

DERIVATIVES [ABSTRACT]

Schedule of Cash Flow Hedges OCI Rollforward

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Aggregate unrealized net gain/(loss) at beginning of period	$	(5,718)	$	5,877	$	(40)	$	8,431
Add: Net gain/(loss) from change in fair value of cash flow hedges		(2,004)		(6,850)		(7,774)		(11,817)
Less: Net (gain)/loss reclassified to earnings from effective hedges		(1,276)		700		(1,184)		3,113
Aggregate unrealized net gain/(loss) at end of period	$	(8,998)	$	(273)	$	(8,998)	$	(273)

Schedule of Notional Amounts of Outstanding Cash Flow Hedges

The Company’s foreign exchange cash flow hedging instruments as of September 30, 2022 and December 31, 2021 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 September 30, 2022	Amount	Amount			12 months		Through
Canadian Dollar	9,000	$	7,099		100.0	%	December 2022
Philippine Peso	8,455,000		158,359	(1)	42.5	%	June 2025
Mexican Peso	1,182,000		51,772		41.0	%	March 2025
		$	217,230

	Local
	Currency	U.S. Dollar
	Notional	Notional
As of December 31, 2021	Amount	Amount
Canadian Dollar	9,000	$	7,022
Philippine Peso	8,472,000		164,295	(1)
Mexican Peso	1,422,500		63,002
		$	234,319

(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 September 30, 2022 and December 31, 2021.

Schedule of Derivatives Instruments on Balance Sheet

The Company’s derivatives as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

	September 30, 2022
	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	$	2,114	$	158
Other long-term assets		1,095		—
Other current liabilities		(10,034)		(229)
Other long-term liabilities		(5,333)		—
Total fair value of derivatives, net	$	(12,158)	$	(71)

	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

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 September 30, 2022 and 2021 were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
	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	$	(1,276)	$	700
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	(1,724)	$	947

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2022 and 2021 were as follows (in thousands):

	Nine Months Ended September 30,
	2022		2021
	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	$	(1,184)	$	3,113
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion:
Revenue	$	(1,598)	$	4,207

Schedule of fair value derivative impact on Statement of Comprehensive Income

	Three Months Ended September 30,
	2022		2021
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	$	15	$	(80)

	Nine Months Ended September 30,
	2022		2021
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	$	273	$	(42)