The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses denominated in various foreign currencies (i.e., cash flow hedges). The Company also enters into forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In addition, the Company enters into interest rate swaps to hedge certain of its interest rate risks on its debt. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions.

As of September 30, 2021, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from September 30, 2021) (in thousands except for exchange rates):


Foreign Currency	Foreign Currency Amount		US Dollar Amount		Weighted Average Exchange Rate Per $1 USD
British Pound Sterling	£ 24,500	in exchange for	$	33,781	£ 0.73
Canadian Dollar (*)	C$ 35,717	in exchange for	$	27,410	C$ 1.30
Swedish Krona	kr 4,500	in exchange for	$	526	kr 8.56
Australian Dollar (*)	AUD$ 14,300	in exchange for	$	10,639	AUD$ 1.34
Singapore Dollar	S$ 1,300	in exchange for	$	960	S$ 1.35
(*) C$ 35,717 and AUD$ 14,300 of the outstanding forward foreign exchange contracts are related to assets held for sale as of September 30, 2021 (See Note 6).

For forward foreign exchange contracts designated as cash flow hedges, the Company recognized net gains (losses) in accumulated other comprehensive income (loss) of $(0.6) million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and $(0.4) million and $(2.0) million for the nine months ended September 30, 2021and 2020, respectively. The Company reclassified a $1.5 million gain into net income (loss) for the three and nine months ended September 30, 2021. The Company did not reclassify any gains or losses into net loss for three and nine months ended September 30, 2020.

For forward foreign exchange contracts not designated as cash flow hedges, the Company recorded a net gain (loss) of $0.6 million and $(0.6) million for the three months ended September 30, 2021 and 2020, respectively, and $1.4 million and $0.6 million for the nine months ended September 30, 2021and 2020, respectively, in other income, net in the consolidated statements of operations.

In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element. The Company recorded a net gain (loss) of $(1.2) million and $(2.2) million for the three months ended September 30, 2021 and 2020, respectively, and $(10.4) million and $11.0 million for the nine months ended September 30, 2021and 2020, respectively, in other income, net in the consolidated statements of operations.

In addition, the Company has entered into interest rate swaps for portions of its 2014 Credit Facilities and other variable interest bearing debt and has designated them cash flow hedges. For the three months ended September 30, 2021 and 2020, the Company recorded losses of $(0.1) million and $(0.7) million in accumulated other comprehensive income (loss) and reclassified losses of $(7.7) million and $(8.1) million into net income (loss), respectively. For the nine months ended September 30, 2021and 2020, the Company recorded gains (losses) of $13.2 million and $(93.2) million in accumulated other comprehensive income (loss) and reclassified gains (losses) of $(22.6) million and $15.0 million into net income (loss), respectively.