The gross notional amounts of the Company’s forward contracts are USD denominated. The notional amounts of outstanding forward contracts in USD as of the periods presented were as follows:


	As of December 31,
	2023		2022

	(in thousands)
Derivatives designated as hedging instruments:
Forward contracts	$	350,000	$	—
Derivatives not designated as hedging instruments:
Forward contracts	—		956,191
Total derivative instruments	$	350,000	$	956,191

Effect of Forward Contracts on the Consolidated Statements of Income

Total (loss) gain recognized from derivatives that were not designated as hedging instruments was $(30.2) million, $28.6 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, and was recorded in other expense, net within the consolidated statements of income.

Effect of Forward Contracts on Accumulated Other Comprehensive Income

The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of December 31, 2023, and their effect on other comprehensive income for the year ended December 31, 2023:


	Year Ended December 31, 2023
	(in thousands)
Beginning balance	$	—
Amount of net losses recorded in other comprehensive income	(7,205)
Amount of net losses reclassified from other comprehensive income to earnings	5,032
Ending balance	$	(2,173)

The Company did not have any forward contracts that were designated as hedging instruments for the years ended December 31, 2022 and 2021.