XML 69 R42.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Company's Outstanding Derivatives
As of December 31, 2021, the Company had the following outstanding derivative that was not designated as a hedge in qualifying hedging relationships:
ProductNumber of InstrumentsEffective DateMaturity DateNotional
Interest Rate Swap1June 30, 2021June 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, 2021 and 2022.
Liability Derivatives
(in thousands)As of December 31, 2021As of December 31, 2022
Derivatives not designated as hedging instruments:
Interest rate swapsOther current liabilities$4,102 Other current liabilities$— 
Interest rate swapsOther liabilities— Other liabilities— 
Total interest rate swaps$4,102 $— 
Schedule of Derivative Instruments, Accumulated OCI The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive (Loss) Income (“OCI”) for the periods presented:
Year Ended December 31,Year Ended December 31,
(in thousands)202020212022202020212022
Derivatives in Hedging RelationshipsAmount of Gain or (Loss) Recognized in OCI on Derivative (Included Component)Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Included Component)
Cost of revenues$29 $146 $— 
Foreign exchange contracts$520 $(177)$— Selling general and administrative51 102 — 
Total$520 $(177)$— $80 $248 $— 
Year Ended December 31,Year Ended December 31,
(in thousands)202020212022202020212022
Derivatives in Hedging RelationshipsAmount of Gain or (Loss) Recognized in OCI on Derivative (Excluded Component)Location of Gain or (Loss) Reclassified from Accumulated OCI into IncomeAmount 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 administrative214 144 — 
Total$532 $332 $— $334 $272 $— 
Summary of Financial Derivative Instruments on Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods presented:
Year Ended
December 31, 2020December 31, 2021December 31, 2022
Selling General, and AdministrativeCost of RevenuesSelling General, and AdministrativeCost of RevenuesSelling General, and AdministrativeCost 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$122,554 $217,310 $198,700 $313,155 $175,459 $407,683 
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 $— $— 
Amount excluded from effectiveness testing recognized in earnings214 120 144 128 — — 
Summary of Derivative Financial Instruments that are not Designated as Hedging Instruments
The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods presented below:
Year Ended
(in thousands)December 31, 2020December 31, 2021December 31, 2022
Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on DerivativeAmount of Gain (Loss) Recognized in Income on Derivative
Interest rate swaps(Loss) gain on interest rate swaps$(9,451)$(31)$297 
Foreign exchange contractsSelling, general and administrative28 24 — 
Foreign exchange contractsCost of revenues15 34 — 
Total$(9,408)$27 $297