We use foreign exchange forward contracts to mitigate our exposure to fluctuations in exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact. We do not use such forward contracts for speculative or trading purposes.

With regards to our foreign exchange call option contracts, for the three and six months ended June 30, 2022, $0.3 million and $0.9 million, respectively, of premium amortization was recorded through cost of sales within our condensed consolidated statements of operations, as compared to $0.7 million and $1.4 million, respectively, in the comparative prior year periods. The net income (loss) recognized in accumulated other comprehensive loss in our condensed consolidated statements of changes in stockholders’ equity for our foreign exchange call option contracts is expected to be recognized in cost of sales in our condensed consolidated statements of operations during the next nine months.

As of June 30, 2022 and December 31, 2021, the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were approximately 0.7 billion Mexican Pesos (approximately $31.9 million) and approximately 0.4 billion Mexican Pesos (approximately $20.2 million), respectively.

All of our remaining outstanding foreign exchange forward contracts, for which hedge accounting does not apply, expired during 2022. For the three and six months ended June 30, 2022, $0.0 million and $0.1 million, respectively, in gains were recorded through foreign currency income (loss) within our condensed consolidated statements of operations, as compared to $0.5 million and $0.6 million, respectively, in the comparative prior year periods.

With regards to our foreign exchange call option contracts, for which hedge accounting does not apply, for the three and six months ended June 30, 2022, $0.1 million and $0.2 million, respectively, in gains were recorded through foreign currency income (loss) within our condensed consolidated statements of operations, as compared to $0.5 million and $1.2 million, respectively, in the comparative prior year periods. Additionally, with regards to our foreign exchange call option contracts, for the three and six months ended June 30, 2022, $0.4 million and $1.0 million, respectively, of premium amortization was recorded as losses through foreign currency income (loss) within our condensed consolidated statements of operations, as compared to $0.3 million and $0.3 million, respectively, in the comparative prior year periods.

The fair values and location of our financial instruments in our condensed consolidated balance sheets were as follows:


	Condensed Consolidated	June 30,		December 31,
Financial Instrument	Balance Sheet Line Item	2022		2021
		(in thousands)
Foreign exchange forward contracts	Other current assets	$	2,004	$	1,580
Foreign exchange forward contracts	Accounts payable and accrued expenses		—		1,052

The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our condensed consolidated statements of operations:


Accumulated	Condensed Consolidated	Three Months Ended						Six Months Ended
Other Comprehensive	Statement of Operations	June 30,						June 30,
Loss Component	Line Item	2022			2021			2022			2021
		(in thousands)
Foreign exchange forward contracts	Cost of sales	$	(498	)	$	(1,035	)	$	(1,138	)	$	(3,037	)