Derivatives and Hedge Accounting (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:

	As of
Foreign currency forward contracts denominated in:	March 31, 2023	December 31, 2022
U. S. dollar (USD)	170,630	163,990
U.K. pound sterling (GBP)	11,798	8,351
Euro (EUR)	2,647	1,956
Australian dollar (AUD)	2,090	1,951
South African ZAR	34,704	—
Colombian peso (COP)	1,970,314	—

The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets:

	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Assets:
Other current assets	$	2,866	$	1,271	$	83	$	255
Other assets	$	1,483	$	820	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	4,952	$	10,044	$	188	$	15
Other non-current liabilities	$	3,209	$	6,218	$	—	$	—

Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income/(Loss)

The following tables set forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income:

	Three months ended March 31,
Derivative financial instruments:	2023		2022
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	7,294	$	(517)
Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	2,528	$	(899)

Location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments:

	Three months ended March 31,
	2023				2022
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI
Cost of revenues	$	251,469	$	(2,755)	$	207,516	$	1,583
General and administrative expenses	$	46,746	(242)		$	39,945	294
Selling and marketing expenses	$	29,493	(19)		$	24,170	14
Depreciation and amortization expense	$	13,487	(123)		$	13,602	98
Interest expense	$	3,385	74		$	876	—
Total before tax			(3,065)				1,989
Income tax effects on above			534				(515)
Net of tax			$	(2,531)			$	1,474
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net	$	105	$	2,528	$	1,756	$	(899)
	$	105	$	2,528	$	1,756	$	(899)