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Derivative financial instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of aggregate notional principal amounts of outstanding derivative financial instruments with related balance sheet exposure | The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure:
| Notional principal amounts (note a) |  | Balance sheet exposure asset (liability) (note b)
| As of December 31, 2020 |  | As of September 30, 2021 |  | As of December 31, 2020 |  | As of September 30, 2021
Foreign exchange forward contracts denominated in: |  |  |  |  |  |  |
United States Dollars (sell) Indian Rupees (buy) | $ | 1,150,000 |  |  | $ | 1,022,500 |  |  | $ | 15,207 |  |  | $ | 13,564 |
United States Dollars (sell) Mexican Peso (buy) | 17,500 |  |  | 13,000 |  |  | 716 |  |  | (130) |
United States Dollars (sell) Philippines Peso (buy) | 67,200 |  |  | 96,750 |  |  | 1,332 |  |  | (3,078) |
Euro (sell) United States Dollars (buy) | 96,651 |  |  | 73,954 |  |  | (5,659) |  |  | 963 |
Singapore Dollars (buy) United States Dollars (sell) | 10,153 |  |  | 10,153 |  |  | 66 |  |  | (237) |
Euro (sell) Romanian Leu (buy) | 29,489 |  |  | 27,833 |  |  | (22) |  |  | (104) |
Japanese Yen (sell) Chinese Renminbi (buy) | 19,230 |  |  | 4,431 |  |  | 473 |  |  | 603 |
United States Dollars (sell) Hungarian Font (buy) | 30,000 |  |  | 21,900 |  |  | 904 |  |  | (722) |
Hungarian Font (Sell) Euro (buy) | 10,444 |  |  | 9,857 |  |  | 61 |  |  | (93) |
Australian Dollars (sell) Indian Rupees (buy) | 140,525 |  |  | 80,685 |  |  | (7,670) |  |  | 546 |
Pound Sterling (sell) United States Dollar (buy) | — |  |  | 24,955 |  | — |  |  | 766 |
Interest rate swaps (floating to fixed) | 488,022 |  |  | 467,107 |  |  | (18,680) |  |  | (11,975) |
|  |  |  |  | $ | (13,272) |  |  | $ | 103 |
7. Derivative financial instruments (Continued) (a)Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars. (b)Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date.
Schedule of fair value of derivative instruments and their location in the Company's financial statements | The fair value of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below:
|  | Cash flow hedges |  | Non-designated
|  | As of December 31, 2020 |  | As of September 30, 2021 |  | As of December 31, 2020 |  | As of September 30, 2021
Assets |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 16,188 |  |  | $ | 11,700 |  |  | $ | 5,357 |  |  | $ | 1,200 |
Other assets |  | $ | 6,164 |  |  | $ | 10,031 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities |  | $ | 16,387 |  |  | $ | 13,332 |  |  | $ | 3,785 |  |  | $ | 1,982 |
Other liabilities |  | $ | 16,886 |  |  | $ | 7,474 |  |  | $ | 3,923 |  |  | $ | 40 |
Schedule gains (losses) recorded as component of other comprehensive income (loss) in connection with cash flow hedges | In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss) (“OCI”), and the related tax effects are summarized below:
| Three months ended September 30, |
| 2020 |  | 2021 |
| Before tax Amount |  | Tax (Expense) or Benefit* |  | Net of tax Amount |  | Before tax Amount |  | Tax (Expense) or Benefit* |  | Net of tax Amount |
Opening balance | $ | (54,335) |  |  | $ | 9,994 |  |  | $ | (44,341) |  |  | $ | (7,883) |  |  | $ | 1,355 |  |  | $ | (6,528) |  |
Net gains (losses) reclassified into statement of income on completion of hedged transactions | (3,996) |  |  | 1,029 |  |  | (2,967) |  |  | 2,443 |  |  | (526) |  |  | 1,917 |  |
Changes in fair value of effective portion of outstanding derivatives, net | 20,550 |  |  | (3,661) |  |  | 16,889 |  |  | 11,984 |  |  | (2,278) |  |  | 9,706 |  |
Gain/(loss) on cash flow hedging derivatives, net | 24,546 |  |  | (4,690) |  |  | 19,856 |  |  | 9,541 |  |  | (1,752) |  |  | 7,789 |  |
Closing balance | $ | (29,789) |  |  | $ | 5,304 |  |  | $ | (24,485) |  |  | $ | 1,658 |  |  | $ | (397) |  |  | $ | 1,261 |  |
|  | Nine months ended September 30,
|  | 2020 |  | 2021
|  | Before tax Amount |  | Tax (Expense) or Benefit* |  | Net of tax Amount |  | Before tax Amount |  | Tax (Expense) or Benefit* |  | Net of tax Amount
Opening balance |  | $ | (4,126) |  |  | $ | (1,466) |  |  | $ | (5,592) |  |  | $ | (10,921) |  |  | $ | 1,861 |  |  | $ | (9,060) |
Net gains (losses) reclassified into statement of income on completion of hedged transactions |  | (4,909) |  |  | 722 |  |  | (4,187) |  |  | 6,361 |  |  | (1,463) |  |  | 4,898 |
Changes in fair value of effective portion of outstanding derivatives, net |  | (30,572) |  |  | 7,492 |  |  | (23,080) |  |  | 18,940 |  |  | (3,721) |  |  | 15,219 |
Gain/(loss) on cash flow hedging derivatives, net |  | (25,663) |  |  | 6,770 |  |  | (18,893) |  |  | 12,579 |  |  | (2,258) |  |  | 10,321 |
Closing balance |  | $ | (29,789) |  |  | $ | 5,304 |  |  | $ | (24,485) |  |  | $ | 1,658 |  |  | $ | (397) |  |  | $ | 1,261 |
*The tax (expense) benefit includes the effect of novating certain hedging instruments as part of an intercompany transfer.
Schedule of gains or losses recognized in other comprehensive income (loss) | The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below:
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) |  | Location of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion) | Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)
Three months ended September 30, |  | Nine months ended September 30, |  | Three months ended September 30, |  | Nine months ended September 30,
2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021
Forward foreign exchange contracts | $ | 20,518 |  |  | $ | 12,175 |  |  | $ | (10,609) |  |  | $ | 17,457 |  |  | Revenue | $ | 62 |  |  | $ | 416 |  |  | $ | 3,973 |  |  | $ | 515 |
Interest rate swaps | 32 |  |  | (191) |  |  | (19,963) |  |  | 667 |  |  | Cost of revenue | (1,571) |  |  | 3,160 |  |  | (4,833) |  |  | 9,288 |
Treasury rate lock | — |  |  | — |  |  | — |  |  | 816 |  |  | Selling, general and administrative expenses | (440) |  |  | 849 |  |  | (1,310) |  |  | 2,513 |
|  |  |  |  |  |  |  |  | Interest expense | (2,047) |  |  | (1,982) |  |  | (2,739) |  |  | (5,955) |
| $ | 20,550 |  |  | $ | 11,984 |  |  | $ | (30,572) |  |  | $ | 18,940 |  |  |  | $ | (3,996) |  |  | $ | 2,443 |  |  | $ | (4,909) |  |  | $ | 6,361 |
|  |  |  | Amount of Gain (Loss) recognized in Statement of Income on Derivatives
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
Derivatives not designated as hedging instruments |  | Location of Gain (Loss) recognized in Statement of Income on Derivatives |  | 2020 |  | 2021 |  | 2020 |  | 2021
Forward foreign exchange contracts (Note a) |  | Foreign exchange gains (losses), net |  | $ | 7,136 |  |  | $ | 3,938 |  |  | $ | (6,698) |  |  | $ | 8,775 |
Forward foreign exchange contracts (Note b) |  | Foreign exchange gains (losses), net |  | — |  |  | — |  |  | 3,963 |  |  | — |
|  |  |  | $ | 7,136 |  |  | $ | 3,938 |  |  | $ | (2,735) |  |  | $ | 8,775 |
(a)These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items such as receivables and intercompany borrowings, and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains (losses), net in the consolidated statements of income. (b)These forward foreign exchange contracts were initially designated as cash flow hedges under ASC guidance on derivatives and hedging. These contracts were terminated because certain forecasted transactions were no longer expected to occur and therefore hedge accounting was no longer applied. Subsequently the realized gains (losses) are recorded in foreign exchange gains (losses) net in the consolidated statements of income.

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- Definition A table or schedule that identifies and provides pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments which includes a combination of the type of instrument, currency being hedged, notional amount, balance sheet exposure asset (liability), or other relevant item. + References No definition available. + Details
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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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