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Derivative financial instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2023As of March 31, 2024As of December 31, 2023As of March 31, 2024
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)$1,892,800 $2,254,500 $5,278 $10,525 
United States Dollars (sell) Mexican Peso (buy)66,000 81,750 2,129 4,107 
United States Dollars (sell) Philippines Peso (buy)118,500 154,250 637 (1,535)
Euro (sell) United States Dollars (buy)222,363 226,112 (3,499)2,028 
Euro (sell) Romanian Leu (buy)66,384 48,649 90 327 
Japanese Yen (sell) Chinese Renminbi (buy)52,562 42,715 803 3,211 
United States Dollars (sell) Chinese Renminbi (buy)40,800 31,800 (638)(1,083)
Pound Sterling (sell) United States Dollars (buy)14,915 22,634 (398)(89)
United States Dollars (sell) Hungarian Font (buy)32,000 32,750 809 (606)
Australian Dollars (sell) Indian Rupees (buy)90,077 132,478 (1,914)1,897 
United States Dollars (sell) Polish Zloty (buy)51,000 69,750 3,046 1,410 
Japanese Yen (sell) United States Dollars (buy)7,000 7,000 323 350 
Israeli Shekel (buy) United States Dollars (sell)15,000 15,000 1,175 117 
South African Rand (sell) United States Dollars (buy)27,000 27,000 216 260 
United States Dollars (sell) Brazilian Real (buy)4,000 4,000 55 (18)
United States Dollars (sell) Costa Rica Colon (buy)13,000 13,000 555 363 
Pound Sterling (buy) United States Dollar (sell)22,300 14,865 669 277 
United States Dollars (sell) Malaysian Ringgit (buy)18,000 13,500 161 (315)
United States Dollars (sell) Canadian Dollar (buy)— 9,000 — (79)
Interest rate swaps (floating to fixed)148,125 146,250 (4,553)(1,990)
$4,944 $19,157 

(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 hedgesNon-designated
As of December 31, 2023As of March 31, 2024As of December 31, 2023As of March 31, 2024
Assets
Prepaid expenses and other current assets$13,273 $17,032 $5,783 $3,206 
Other assets$3,251 $9,230 $— $— 
Liabilities
Accrued expenses and other current liabilities$6,833 $3,721 $1,276 $853 
Other liabilities$9,254 $5,737 $— $— 
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 March 31,
20232024
Before 
tax
Amount		Tax 
(Expense)
 or Benefit		Net of 
tax
Amount		Before 
tax
Amount		Tax 
(Expense)
or Benefit		Net of 
tax
Amount
Opening balance$(7,255)$1,543 $(5,712)$805 $146 $951 
Net gains (losses) reclassified into statement of income on completion of hedged transactions2,191 (538)1,653 2,960 (758)2,202 
Changes in fair value of effective portion of outstanding derivatives, net18,824 (4,079)14,744 19,287 (5,674)13,613 
Gain on cash flow hedging derivatives, net16,633 (3,541)13,091 16,327 (4,916)11,411 
Closing balance$9,378 $(1,998)$7,379 $17,132 $(4,770)$12,362 
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 RelationshipsAmount 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 March 31,Three months ended March 31,
2023202420232024
Forward foreign exchange contracts$17,375 $16,449 Revenue$635 $391 
Interest rate swaps$1,449 $2,838 Cost of revenue(1,413)1,745 
Selling, general and administrative expenses(191)508 
Interest expense3,160 316 
$18,824 $19,287 $2,191 $2,960 
Amount of Gain (Loss) recognized in Statement of Income on Derivatives
Three months ended March 31,
Derivatives not designated as hedging instrumentsLocation of Gain (Loss)  recognized in Statement of Income on Derivatives20232024
Forward foreign exchange contracts (Note a)Foreign exchange gains (losses), net$7,851 $730 
$7,851 $730 
5. Derivative financial instruments (Continued)

(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.