XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.22.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended
--- | ---
Jun. 30, 2022
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
7. | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the six-months ended June 30, 2022 and the year-ended December 31, 2021, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of June 30, 2022 have terms of one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes. The Company has not designated its foreign currency exchange contracts as hedge transactions under ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other (expense) income, net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. The notional amount and fair value of all outstanding foreign currency derivative instruments in the Company’s condensed consolidated balance sheets consist of the following at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2022
Derivatives not designated as | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
hedging instruments under | ​ | Notional | ​ | Fair | ​ | ​
ASC 815-20 |  | Amount |  | Value |  | Balance Sheet Location
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency exchange contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receive USD/pay EUR | ​ | $ | 39,939 | ​ | $ | 391 |  | Accounts receivable, net
Receive USD/pay COP | ​ | ​ | 11,106 | ​ | ​ | 111 |  | Accounts receivable, net
Receive USD/pay ZAR | ​ | ​ | 6,495 | ​ | ​ | 77 |  | Accounts receivable, net
Receive USD/pay GBP | ​ | ​ | 11,453 | ​ |  | 14 |  | Accounts receivable, net
Receive USD/pay NZD | ​ | ​ | 3,386 | ​ | ​ | 14 | ​ | Accounts receivable, net
Receive USD/pay DKK | ​ | ​ | 2,070 | ​ | ​ | 11 | ​ | Accounts receivable, net
Receive USD/pay AUD | ​ | ​ | 1,520 | ​ | ​ | 1 | ​ | Accounts receivable, net
Receive USD/pay MXN | ​ | ​ | 21,577 | ​ | ​ | 1 | ​ | Accounts receivable, net
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency exchange contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receive CAD/pay USD | ​ | $ | 21,878 | ​ | $ | (45) | ​ | Accrued liabilities
Receive USD/pay CNY | ​ | ​ | 12,219 | ​ | ​ | (12) | ​ | Accrued liabilities
Receive RSD/pay USD | ​ | ​ | 1,233 | ​ | ​ | (3) |  | Accrued liabilities
Receive SGD/pay USD | ​ | ​ | 14,827 | ​ |  | (2) |  | Accrued liabilities
​ ​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021
Derivatives not designated as | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
hedging instruments under | ​ | Notional | ​ | Fair | ​ | ​
FASB ASC 815-20 |  | Amount |  | Value |  | Balance Sheet Location
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency exchange contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receive SGD/pay USD | ​ | $ | 16,544 | ​ | $ | 297 |  | Accounts receivable, net
Receive USD/pay COP | ​ | ​ | 9,754 | ​ | ​ | 296 | ​ | Accounts receivable, net
Receive RSD/pay USD | ​ |  | 9,837 | ​ |  | 46 |  | Accounts receivable, net
Receive USD/pay RUB | ​ | ​ | 7,175 | ​ | ​ | 15 | ​ | Accounts receivable, net
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency exchange contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receive USD/pay GBP | ​ | $ | 29,929 | ​ | $ | (666) |  | Accrued liabilities
Receive USD/pay AUD | ​ | ​ | 2,602 | ​ |  | (88) | ​ | Accrued liabilities
Receive USD/pay CNY | ​ | ​ | 12,230 | ​ |  | (74) |  | Accrued liabilities
Receive USD/pay NZD | ​ | ​ | 2,693 | ​ | ​ | (45) | ​ | Accrued liabilities
Receive USD/pay EUR | ​ | ​ | 3,045 | ​ |  | (29) |  | Accrued liabilities
Receive USD/pay ZAR | ​ | ​ | 4,140 | ​ |  | (21) |  | Accrued liabilities
Receive USD/pay DKK | ​ | ​ | 1,461 | ​ |  | (9) |  | Accrued liabilities
​ The net losses on derivative instruments in the condensed consolidated statements of income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of gain (loss)
​ | ​ | ​ | ​ | recognized in income on
​ | ​ | ​ | ​ | derivatives
Derivatives not designated as | ​ | Location of gain (loss) | ​ | Three-months ended
hedging instruments under | ​ | recognized in income on | ​ | June 30, | ​ | June 30,
ASC 815-20 |  | derivatives |  | 2022 |  | 2021
Foreign currency exchange contracts |  | Interest and other (expense) income, net | ​ | $ | 743 | ​ | $ | (1,528)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount of gain (loss)
​ | ​ | ​ | ​ | recognized in income on
​ | ​ | ​ | ​ | derivatives
Derivatives not designated as | ​ | Location of gain (loss) | ​ | Six-months ended
hedging instruments under | ​ | recognized in income on | ​ | June 30, | ​ | June 30,
ASC 815-20 |  | derivatives |  | 2022 |  | 2021
Foreign currency exchange contracts |  | Interest and other (expense) income, net | ​ | $ | (3,275) | ​ | $ | (5,398)
​

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration