Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the effect of cash flow hedge accounting on our consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives: 

(in thousands)		Years Ended December 31,
		2021		2020		2019
Financial statement line items in which effects of cash flow hedges are recorded	Cost of revenue	$	1,325,928	$	1,135,615	$	1,041,359
Foreign exchange contracts
Amount of (loss) gain reclassified from accumulated other comprehensive income into income		$	(7,121)	$	829	$	10,628

Schedule of hedging instruments

The fair values of hedging instruments, their respective classification on the 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
		December 31, 2021		December 31, 2020
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Other current assets	$	6,512	$	125
Cross currency swaps	Other long-term assets	4,256		—
Total derivative instruments presented as hedge instruments on the balance sheet		10,768		125
Gross amounts subject to master netting arrangements not offset on the balance sheet		(601)		(125)
Net amount		$	10,167	$	—

(in thousands)		Hedging Liabilities
		December 31, 2021		December 31, 2020
Derivatives and non-derivatives designated as hedging instruments	Balance Sheet Classification
Foreign currency exchange contracts	Accrued liabilities	$	601	$	12,373
Cross currency swaps	Other long-term liabilities	—		2,841
Total derivative instruments presented as cash flow hedges on the balance sheet		601		15,214
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)	Long-term debt	100,711		109,125
Total hedging instruments presented on the balance sheet		101,312		124,339
Gross amounts subject to master netting arrangements not offset on the balance sheet		(601)		(125)
Net amount		$	100,711	$	124,214

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