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Foreign Currency Exchange Contracts and Hedging
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign currency exchange contracts and hedging

10. Foreign currency exchange contracts and hedging

As of September 30, 2022 and September 30, 2021, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $9,537 and $9,730, respectively, and $2,772 and $31,118, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to three months. During the nine months ended September 30, 2022 and 2021, these contracts had, net of tax, an unrealized loss of $463 and an unrealized gain of $1,761, respectively.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the nine months ended September 30, 2022, there were three ineffective portions relating to these hedges. During the nine months ended September 30, 2021, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of September 30, 2022, the Company had three designated hedges and three non-designated hedges. As of September 30, 2021, the Company had twenty-one designated hedges and three non-designated hedges.