Derivatives and Hedging

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Derivatives and Hedging

Derivatives Designated as Hedges

As of December 31, 2021, we had total gross notional amounts of $240 million of foreign currency contracts outstanding (primarily related to the Canadian Dollar, Chinese Yuan and Euro) that were designated as hedges. The foreign currency contracts are of varying duration, none of which extend beyond December 2024. There were no commodity contracts outstanding that were designated as hedges as of December 31, 2021.

The fair values of derivatives designated as hedging instruments follows:

	Asset Derivatives					Liability Derivatives
(in thousands)	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
Foreign currency contracts	Other current assets	$	6,947	$	20,004	Other accrued liabilities	$	19	$	4
Commodity contracts	Other current assets	—		—		Other accrued liabilities	—		—
Foreign currency contracts	Other assets	2,990		2,184		Noncurrent liabilities	26		25
Total		$	9,937	$	22,188		$	45	$	29

The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows:

	After-Tax Amount of Gain (Loss) Recognized in OCI							After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings
Cash Flow Hedges (in thousands)	2021		2020		2019		Location of Gain (Loss)	2021		2020		2019
Foreign currency contracts	$	10,752	$	19,608	$	1,043	Cost of revenue	$	20,212	$	2,382	$	(1,041)
Commodity contracts	—		(107)		460		Cost of revenue	—		(100)		453
Interest rate contracts	—		—		—		Interest expense	(114)		(1,678)		(1,049)
Total	$	10,752	$	19,501	$	1,503		$	20,098	$	604	$	(1,637)

Derivatives Not Designated as Hedges

As of December 31, 2021, we also had total gross notional amounts of $259 million of foreign currency contracts and $32 million of commodity contracts outstanding that were not designated as hedges. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. The fair value of derivatives not designated as hedges, as well as the associated gains and losses were not material for any period presented.