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Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivatives

Schedule of fair value of derivative instruments included within the condensed consolidated balance sheets

The following table presents the fair value of derivative instruments included within the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	Balance Sheet Location	​	Fair Value
​	​	​	​	June 30,		​	December 31,
​		​		2023			2022
Derivatives designated as hedging instruments:				​			​
Foreign currency forward contracts		Prepaid expenses and other current assets	​	$	166	​	$	-
Foreign currency forward contracts		Accrued expenses and other	​	$	-	​	$	365

Schedule of effect of foreign currency forward contracts designated as cash flow hedges on the condensed consolidated statements of operations

The effect of foreign currency forward contracts designated as cash flow hedges on the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​
​		For the Three Months Ended					​	For the Six Months Ended
​		June 30,					​	June 30,
​		2023			2022			2023			2022
Net gain (loss) recognized in OCI(1)	​	$	2	​	$	(744)	​	$	244	​	$	(822)
Net loss reclassified from accumulated OCI into income(2)	​	$	106	​	$	203	​	$	287	​	$	286
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 period presented.  

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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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