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Derivative Financial Instruments
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company utilizes cash flow hedges to manage its currency risk arising from its global delivery resources. As of March 31, 2022, the Company has recorded $1.2 million of unrealized gains in accumulated other comprehensive income related to foreign currency hedges. The Company estimates that $1.2 million of gains reported in accumulated other comprehensive income are expected to be reclassified into earnings within the next 12 months. Amounts reclassified into cost of services were a net gain of $0.2 million and $0.4 million during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company’s currency forward contracts have maturities extending no later than March 31, 2023, and had total notional amounts of $80.4 million.

The Company also utilizes cash flow hedges to reduce variability in interest cash flows from its outstanding debt. As of March 31, 2022, the Company has recorded $0.2 million of unrealized losses in accumulated other comprehensive income related to interest rate swaps. The Company estimates that $0.2 million of losses reported in accumulated other comprehensive income are expected to be reclassified into earnings within the next 5 months. Amounts reclassified into interest expense were a net loss of $0.3 million and $0.5 million during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company’s interest rate swaps extend no later than August 31, 2022, and had total notional amounts of $100.0 million.

The Company classifies cash flows from its derivative programs as cash flows from operating activities in the consolidated statements of cash flows. Fair values for derivative financial instruments are based on prices computed using third-party valuation models and are classified as Level 2 in accordance with the three-level hierarchy of fair value measurements.