Derivatives and Hedge Accounting (Tables)

3 Months Ended

Mar. 31, 2022

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	March 31, 2022		December 31, 2021
Other current assets	$	7,198	$	8,669
Other assets	$	5,531	$	6,307
Accrued expenses and other current liabilities	$	1,755	$	1,324
Other non-current liabilities	$	1,613	$	1,785
Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	March 31, 2022		December 31, 2021
Other current assets	$	201	$	13
Accrued expenses and other current liabilities	$	19	$	528

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 accumulated other comprehensive income/(loss) and the unaudited consolidated statements of income for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
Forward Exchange Contracts:	2022		2021
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	(517)	$	568
Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	(899)	$	215

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 March 31,
	2022				2021
	As per unaudited consolidated statements of income		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 was reclassed from AOCI
Cost of revenues	$	207,516	$	1,583	$	158,821	$	2,424
General and administrative expenses	$	39,945	294		$	30,703	252
Selling and marketing expenses	$	24,170	14		$	18,235	13
Depreciation and amortization expense	$	13,602	98		$	12,101	140
Total before tax			1,989				2,829
Income tax expense relating to above			(515)				(389)
Net of tax			$	1,474			$	2,440
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net	$	1,756	$	(899)	$	434	$	215
	$	1,756	$	(899)	$	434	$	215