XML 56 R46.htm IDEA: XBRL DOCUMENT v3.22.2
Derivatives and Hedge Accounting (Tables)
 6 Months Ended
Jun. 30, 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 contractsJune 30, 2022December 31, 2021
Other current assets$2,727 $8,669 
Other assets$1,043 $6,307 
Accrued expenses and other current liabilities$6,522 $1,324 
Other non-current liabilities$3,978 $1,785 
Derivatives not designated as hedging instruments:As of
Foreign currency exchange contractsJune 30, 2022December 31, 2021
Other current assets$138 $13 
Accrued expenses and other current liabilities$95 $528 
Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income
The following tables set forth the effect of foreign currency exchange contracts on accumulated other comprehensive income/(loss) and the unaudited consolidated statements of income for the three and six months ended June 30, 2022 and 2021:
Three months ended June 30,Six months ended June 30,
Forward Exchange Contracts:2022202120222021
Unrealized loss recognized in AOCI
Derivatives in cash flow hedging relationships$(14,632)$(871)$(15,149)$(303)
Loss recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments$(5,457)$(805)$(6,356)$(589)
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,
20222021
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$221,207 $1,194 $170,701 $2,418 
General and administrative expenses$40,434 181 $36,499 294 
Selling and marketing expenses$23,985 15 $19,724 15 
Depreciation and amortization expense$14,075 69 $12,310 139 
Total before tax1,459 2,866 
Income tax effects on above(420)(427)
Net of tax$1,039 $2,439 
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net$1,423 $(5,457)$1,353 $(805)
$1,423 $(5,457)$1,353 $(805)
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,
20222021
As per unaudited consolidated
statements of
income		Gain on foreign currency exchange contractsAs 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$428,723 $2,777 $329,522 $4,842 
General and administrative expenses$80,379 475 $67,202 546 
Selling and marketing expenses$48,155 29 $37,959 28 
Depreciation and amortization expense$27,677 167 $24,411 279 
Total before tax3,448 5,695 
Income tax effects on above(935)(816)
Net of tax$2,513 $4,879 
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net$3,179 $(6,356)$1,787 $(589)
$3,179 $(6,356)$1,787 $(589)
Summary of Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss
Effect of net investment hedges on accumulated other comprehensive income/(loss):
Three months ended June 30,Six months ended June 30,
Amount of loss recognized in AOCIAmount of loss recognized in AOCI
Net investment hedging relationships2022202120222021
Foreign exchange contracts$— $1,134 $— $1,134