Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Company's Outstanding Derivatives

As of December 31, 2020, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:

Product	Number of Instruments	Notional Sold	Notional Purchased
		16.8 million USD
Currency forward agreements	12	June 30, 2021	1.3 billion INR

As of December 31, 2020, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships:

Product	Number of Instruments	Effective Date	Maturity Date	Notional
Interest Rate Swap	1	March 31, 2020	June 30, 2021	$311.7 million USD
Interest Rate Swap	1	June 30, 2021	June 30, 2022	$308.5 million USD

As of December 31, 2021, the Company had the following outstanding derivative that was not designated as a hedge in qualifying hedging relationships:

Product	Number of Instruments	Effective Date	Maturity Date	Notional
Interest Rate Swap	1	June 30, 2021	June 30, 2022	$306.9 million USD

Summary of Fair Value of Derivative Financial Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2020 and 2021.

	Asset Derivatives
(in thousands)	As of December 31, 2020			As of December 31, 2021
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts	Other current assets	$	648	Other current assets	$	—
Total foreign exchange contracts		$	648		$	—
	Liability Derivatives
(in thousands)	As of December 31, 2020			As of December 31, 2021
Derivatives not designated as hedging instruments:
Interest rate swaps	Other current liabilities	$	7,302	Other current liabilities	$	4,102
Interest rate swaps	Other liabilities	4,222		Other liabilities	—
Total interest rate swaps		$	11,524		$	4,102

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The tables below present the effect of cash flow hedge accounting on Accumulated OCI for the years ended December 31, 2019, 2020 and 2021.

	Year Ended December 31,							Year Ended December 31,
(in thousands)	2019		2020		2021			2019		2020		2021
Derivatives in Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Included Component)						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Included Component)
							Cost of revenues	$	—	$	29	$	146
Foreign exchange contracts	$	9	$	520	$	(177)	Selling general and administrative	—		51		102
Total	$	9	$	520	$	(177)		$	—	$	80	$	248
	Year Ended December 31,							Year Ended December 31,
(in thousands)	2019		2020		2021			2019		2020		2021
Derivatives in Hedging Relationships	Amount of Gain or (Loss) Recognized in OCI on Derivative (Excluded Component)						Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Excluded Component)
							Cost of revenues	$	—	$	120	$	128
Foreign exchange contracts	$	—	$	532	$	332	Selling general and administrative	—		214		144
Total	$	—	$	532	$	332		$	—	$	334	$	272

Summary of Financial Derivative Instruments on Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2019, 2020 and 2021.

	Year Ended
	December 31, 2019				December 31, 2020				December 31, 2021
	Selling General, and Administrative		Cost of Revenues		Selling General, and Administrative		Cost of Revenues		Selling General, and Administrative		Cost of Revenues
(in thousands)
Total amounts of income and expense line items in which the effects of fair value or cash flow hedges are recorded	$	147,198	$	221,347	$	122,554	$	217,310	$	198,700	$	313,155
Gain or (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	$	—	$	—	$	51	$	29	$	102	$	146
Amount excluded from effectiveness testing recognized in earnings	—		—		214		120		144		128

Summary of Derivative Financial Instruments that are not Designated as Hedging Instruments

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2019, 2020 and 2021.

		Year Ended
(in thousands)		December 31, 2019		December 31, 2020		December 31, 2021
Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Interest rate swaps	Loss on interest rate swaps	$	(7,324)	$	(9,451)	$	(31)
Foreign exchange contracts	Selling, general and administrative	—		28		24
Foreign exchange contracts	Cost of revenues	—		15		34
Total		$	(7,324)	$	(9,408)	$	27