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Derivatives | 9 Months Ended
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Sep. 30, 2020
Derivatives |
Derivatives | 11. Derivatives The Company conducts a large portion of its operations in international markets that subject it to foreign currency fluctuations. The most significant foreign currency exposures occur when revenue and associated accounts receivable are collected in one currency and expenses to generate that revenue are incurred in another currency. The Company’s primary exchange rate exposure relates to payroll, other payroll costs and operating expenses in the Philippines, India, Sri Lanka and Israel. In addition, although most of the Company’s revenues are denominated in U.S. dollars, a significant portion of the total revenues is denominated in Canadian dollars, Pound Sterling and Euros. To manage its exposure to fluctuations in foreign currency exchange rates, the Company enters into foreign currency forward contracts, authorized under Company policies. The Company utilizes non-deliverable forward contracts expiring within six months to reduce its foreign currency risk. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking hedging transactions. The Company does not hold or issue derivatives for trading purposes. All derivatives are recognized at their fair value and classified based on the instrument’s maturity date. There were no notional amounts outstanding as of September 30, 2020. The effects of foreign currency forward contracts designated as cash flow hedges on the Company’s condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2020 and 2019, respectively, were as follows (in thousands):
|  | For the Three Months Ended |  | For the Nine Months Ended
|  | September 30, |  | September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Net gain (loss) recognized in OCI(1) |  | $ | 12 |  | $ | — |  | $ | (154) |  | $ | —
Net (gain) loss reclassified from accumulated OCI into income(2) |  | $ | 39 |  | $ | — |  | $ | 121 |  | $ | —
Net gain recognized in income(3) |  | $ | — |  | $ | — |  | $ | — |  | $ | —
| (1) |  | Net change in fair value of the effective portion classified into other comprehensive income ("OCI")
| (2) |  | Effective portion classified within direct operating costs
| (3) |  | There were no ineffective portions for the periods presented.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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