Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of net investment hedges and Income Statement impact of hedging instruments

The following tables present the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provide information regarding the location and amounts of pretax gains or losses of derivatives: 

(in thousands)		Three Months Ended September 30,
		2021		2020
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	337,500	$	299,183
Foreign exchange contracts
Amount of (loss) gain reclassified from accumulated other comprehensive income into income		$	(1,583)	$	(591)

(in thousands)		Nine Months Ended September 30,
		2021		2020
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	981,259	$	824,179
Foreign exchange contracts
Amount of (loss) gain reclassified from accumulated other comprehensive income into income		$	(6,728)	$	2,562

Schedule of hedging instruments

The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following derivative instruments, unless otherwise noted: 

(in thousands)		Hedging Assets
		September 30, 2021		December 31, 2020
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	3,996	$	125
Cross currency swaps	Other long-term assets	3,158		—
Foreign currency exchange contracts	Other long-term assets	1,079		—
Total derivative instruments presented as hedge instruments on the balance sheet		8,233		125
Gross amounts subject to master netting arrangements not offset on the balance sheet		(1,630)		(125)
Net amount		$	6,603	$	—

(in thousands)		Hedging Liabilities
		September 30, 2021		December 31, 2020
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	1,686	$	12,373
Cross currency swaps	Other long-term liabilities	—		2,841
Foreign currency exchange contracts	Other long-term liabilities	12		—
Total derivative instruments presented as cash flow hedges on the balance sheet		1,698		15,214
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)	Long-term debt	103,555		109,125
Total hedging instruments presented on the balance sheet		105,253		124,339
Gross amounts subject to master netting arrangements not offset on the balance sheet		(1,630)		(125)
Net amount		$	103,623	$	124,214

(1) Amounts represent reported carrying amounts of our foreign currency denominated debt. See “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.