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Derivative financial instruments (Tables)

9 Months Ended

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.

X

- 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.

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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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.

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