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Derivatives and Hedging | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging As of March 31, 2023, the Company had outstanding foreign currency forward contracts designated as cash flow hedges with a total sell notional value of $286.8 million. The notional value represents the amount that will be sold upon maturity of the forward contract. As of March 31, 2023, these contracts had maturities of up to seventeen months. Gains and losses associated with these foreign currency forward contracts were as follows:
|  | Condensed Consolidated Statement of Operations and Statement of Comprehensive Loss |  |  |  | Three Months Ended March 31, |  |  |  |
|  |  |  |  |  |  | 2023 |  | 2022 |  |  |  |  |  |
|  |  |  |  |  |  |  | (In thousands) |  |
Gains (Losses) recognized in OCI |  | Net change in market value of effective foreign currency forward exchange contracts |  |  |  |  |  | $ | 3,335 |  |  | $ | (3,852) |  |  |  |  |  |  |
Gains (Losses) recognized in income due to instruments maturing |  | Cost of revenue |  |  |  |  |  | $ | 735 |  |  | $ | (1,597) |  |  |  |  |  |  |
The Company is subject to master netting agreements with certain counterparties of the foreign exchange contracts, under which it is permitted to net settle transactions of the same currency with a single net amount payable by one party to the other. It is the Company’s policy to present the derivatives at gross in its condensed consolidated balance sheets. The Company’s foreign currency forward contracts are not subject to any credit contingent features or collateral requirements. The Company manages its exposure to counterparty risk by entering into contracts with a diversified group of major financial institutions and by actively monitoring its outstanding positions. As of March 31, 2023, the Company did not have any offsetting arrangements.

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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 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
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