Derivatives and Hedge Accounting (Tables)

9 Months Ended

Sep. 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	September 30, 2020		December 31, 2019
Other current assets	$	7,427	$	3,945
Other assets	$	4,438	$	3,433
Accrued expenses and other current liabilities	$	1,044	$	1,524
Other non-current liabilities	$	544	$	1,250
Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	September 30, 2020		December 31, 2019
Other current assets	$	87	$	131
Accrued expenses and other current liabilities	$	163	$	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 nine months ended September 30, 2020 and 2019:

	Three months ended September 30,				Nine months ended September 30,
Forward Exchange Contracts:	2020		2019		2020		2019
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	12,165	$	(3,574)	$	5,040	$	5,631
Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	3,388	$	(794)	$	2,377	$	3,525

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 September 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/(loss) 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	$	152,087	$	(233)	$	167,542	$	1,432
General and administrative expenses	$	26,810	(132)		$	29,590	173
Selling & marketing expenses	$	15,290	(4)		$	18,302	19
Depreciation & amortization expense	$	12,425	(66)		$	13,047	80
			$	(435)			$	1,704
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net	$	716	$	3,388	$	1,009	$	(794)
	$	716	$	3,388	$	1,009	$	(794)

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
	Nine months ended September 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	$	473,144	$	(272)	$	487,228	$	2,682
General and administrative expenses	$	84,501	(246)		$	93,349	359
Selling & marketing expenses	$	42,797	(9)		$	53,996	38
Depreciation & amortization expense	$	37,280	(106)		$	39,466	180
			$	(633)			$	3,259
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain was recognized
Foreign exchange gain, net	$	3,452	$	2,377	$	3,471	$	3,525
	$	3,452	$	2,377	$	3,471	$	3,525