Derivatives and Hedge Accounting (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements:

Derivatives designated as hedging instruments:	As of
Foreign currency exchange contracts	June 30, 2020		December 31, 2019
Other current assets	$	4,070	$	3,945
Other assets	$	1,734	$	3,433
Accrued expenses and other current liabilities	$	4,631	$	1,524
Other non-current liabilities	$	3,496	$	1,250
Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	June 30, 2020		December 31, 2019
Other current assets	$	58	$	131
Accrued expenses and other current liabilities	$	118	$	259

Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income and accumulated other comprehensive loss for the three and six months ended June 30, 2020 and 2019:

	Three months ended June 30,				Six months ended June 30,
Forward Exchange Contracts:	2020		2019		2020		2019
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	7,721	$	3,268	$	(7,125)	$	9,205
Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	3,204	$	2,923	$	(1,011)	$	4,319

Location and amount of gain/(loss) recognized in unaudited consolidated statements of income for cash flow hedging relationships and derivatives not designated as hedging instruments
	Three months ended June 30,
	2020				2019
	As per unaudited consolidated statements of income		(Loss)/Gain on foreign currency exchange contracts		As per unaudited consolidated statements of income		Gain on foreign currency exchange contracts
Cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassed from AOCI
Cost of revenues	$	158,401	$	(851)	$	162,446	$	719
General and administrative expenses	$	28,750	(187)		$	31,228	106
Selling & marketing expenses	$	13,051	(9)		$	17,647	12
Depreciation & amortization expense	$	12,405	(80)		$	12,752	47
			$	(1,127)			$	884
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain, net	$	1,359	$	3,204	$	1,202	$	2,923
	$	1,359	$	3,204	$	1,202	$	2,923

Location and amount of gain/(loss) recognized in unaudited consolidated statements of income for cash flow hedging relationships and derivatives not designated as hedging instruments
	Six months ended June 30,
	2020				2019
	As per unaudited consolidated statements of income		Loss on foreign currency exchange contracts		As per unaudited consolidated statements of income		Gain on foreign currency exchange contracts
Cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassed from AOCI
Cost of revenues	$	321,057	$	(39)	$	319,686	$	1,250
General and administrative expenses	$	57,691	(114)		$	63,759	186
Selling & marketing expenses	$	27,507	(5)		$	35,694	19
Depreciation & amortization expense	$	24,855	(40)		$	26,419	100
			$	(198)			$	1,555
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net	$	2,736	$	(1,011)	$	2,462	$	4,319
	$	2,736	$	(1,011)	$	2,462	$	4,319