Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Financial Instruments

All financial derivative instruments are carried at their fair value on the balance sheet. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets as of the dates presented:

	Liability Derivatives
(in thousands)	As of December 31, 2021			As of September 30, 2022
Derivatives not designated as hedging instruments:
Interest rate swaps	Other current liabilities	$	4,102	Other current liabilities	$	—
Total interest rate swaps		$	4,102		$	—

Schedule of Derivative Instruments, Accumulated Other Comprehensive Income (Loss)

The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss) for the periods presented:

	Three Months Ended September 30,					Three Months Ended September 30,
(in thousands)	2021		2022			2021		2022
Derivatives in Hedging Relationships	Amount of Gain Recognized in OCI on Derivative (Included Component)				Location of Gain Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from Accumulated OCI into Income (Included Component)
					Cost of revenues	$	35	$	—
Foreign exchange contracts	$	41	$	—	Selling general and administrative	24		—
Total	$	41	$	—		$	59	$	—

	Nine Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2021		2022			2021		2022
Derivatives in Hedging Relationships	Amount of Loss Recognized in OCI on Derivative (Included Component)				Location of Gain Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from Accumulated OCI into Income (Included Component)
					Cost of revenues	$	139	$	—
Foreign exchange contracts	$	(143)	$	—	Selling general and administrative	101		—
Total	$	(143)	$	—		$	240	$	—

	Three Months Ended September 30,					Three Months Ended September 30,
(in thousands)	2021		2022			2021		2022
Derivatives in Hedging Relationships	Amount of Gain Recognized in OCI on Derivative (Excluded Component)				Location of Gain Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from Accumulated OCI into Income (Excluded Component)
					Cost of revenues	$	30	$	—
Foreign exchange contracts	$	69	$	—	Selling general and administrative	22		—
Total	$	69	$	—		$	52	$	—

	Nine Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2021		2022			2021		2022
Derivatives in Hedging Relationships	Amount of Gain Recognized in OCI on Derivative (Excluded Component)				Location of Gain Reclassified from Accumulated OCI into Income	Amount of Gain Reclassified from Accumulated OCI into Income (Excluded Component)
					Cost of revenues	$	120	$	—
Foreign exchange contracts	$	319	$	—	Selling general and administrative	139		—
Total	$	319	$	—		$	259	$	—

Summary of Cash Flow Hedge Accounting on Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

The tables below present the effect of the Company’s cash flow hedge accounting on the unaudited condensed consolidated statements of operations and comprehensive (loss) income for the periods presented:

	Three Months Ended September 30,
(in thousands)	2021				2022
	Selling General, and Administrative		Cost of Revenues		Selling General, and Administrative		Cost of Revenues
Total amounts of income and expense line items in which the effects of fair value or cash flow hedges are recorded	$	84,983	$	82,638	$	42,411	$	106,422
Gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain reclassified from accumulated other comprehensive income (loss) into income	24		35		—		—
Amount excluded from effectiveness testing recognized in earnings	22		30		—		—

	Nine Months Ended September 30,
(in thousands)	2021				2022
	Selling General, and Administrative		Cost of Revenues		Selling General, and Administrative		Cost of Revenues
Total amounts of income and expense line items in which the effects of fair value or cash flow hedges are recorded	$	153,194	$	225,798	$	126,630	$	314,954
Gain on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain reclassified from accumulated other comprehensive income (loss) into income	101		139		—		—
Amount excluded from effectiveness testing recognized in earnings	139		120		—		—

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 unaudited condensed consolidated statements of operations and comprehensive (loss) income for the periods presented:

		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2021		2022		2021		2022
Derivatives Not Designated as Hedging Instruments	Location of Loss (Gain) Recognized in Income on Derivatives	Amount of Loss (Gain) Recognized in Income on Derivatives
Interest rate swaps	Loss (gain) on interest rate swaps	$	112	$	—	$	199	$	(296)
Foreign exchange contracts	Selling general and administrative	0		—		(20)		—
Foreign exchange contracts	Cost of revenues	1		—		(28)		—
Total		$	113	$	—	$	151	$	(296)