Note 7 - Derivative Instruments

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Cash flow hedges

Our locations in Canada and the Philippines primarily serve US-based clients. The revenues from these clients are billed and collected in US Dollars, but the expenses related to these revenues are paid in Canadian Dollars and Philippine Pesos. We had entered into derivative contracts, in the form of forward contracts and range forward contracts (a transaction where both a call option is purchased and a put option is sold) to mitigate this foreign currency exchange risk. The contracts covered periods commensurate with expected exposure, generally three to twelve months. We had elected to designate our derivatives as cash flow hedges to associate the hedges' results with forecasted expenses.

As of June 30,2022 and 2021, there were no derivative contract in effect.

	Gain (Loss) Recognized in AOCI, net of tax				Gain (loss) reclassified from AOCI into Income
	Six Months Ended June 30, 2022		Six Months Ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Cash flow hedges
Foreign exchange contracts	$	-	$	-	$	-	$	8