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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging Derivatives Designated as Hedges As of December 31, 2021, we had total gross notional amounts of $240 million of foreign currency contracts outstanding (primarily related to the Canadian Dollar, Chinese Yuan and Euro) that were designated as hedges. The foreign currency contracts are of varying duration, none of which extend beyond December 2024. There were no commodity contracts outstanding that were designated as hedges as of December 31, 2021. The fair values of derivatives designated as hedging instruments follows:
| Asset Derivatives |  | Liability Derivatives
(in thousands) | Balance Sheet Location | December 31, 2021 | December 31, 2020 |  | Balance Sheet Location | December 31, 2021 | December 31, 2020
Foreign currency contracts | Other current assets | $ | 6,947 |  | $ | 20,004 |  |  | Other accrued liabilities | $ | 19 |  | $ | 4 |
Commodity contracts | Other current assets | — |  | — |  |  | Other accrued liabilities | — |  | — |
Foreign currency contracts | Other assets | 2,990 |  | 2,184 |  |  | Noncurrent liabilities | 26 |  | 25 |
Total |  | $ | 9,937 |  | $ | 22,188 |  |  |  | $ | 45 |  | $ | 29 |
The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows:
| After-Tax Amount of Gain (Loss) Recognized in OCI |  |  | After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings
Cash Flow Hedges (in thousands) | 2021 | 2020 | 2019 |  | Location of Gain (Loss) | 2021 | 2020 | 2019
Foreign currency contracts | $ | 10,752 |  | $ | 19,608 |  | $ | 1,043 |  |  | Cost of revenue | $ | 20,212 |  | $ | 2,382 |  | $ | (1,041) |
Commodity contracts | — |  | (107) |  | 460 |  |  | Cost of revenue | — |  | (100) |  | 453 |
Interest rate contracts | — |  | — |  | — |  |  | Interest expense | (114) |  | (1,678) |  | (1,049) |
Total | $ | 10,752 |  | $ | 19,501 |  | $ | 1,503 |  |  |  | $ | 20,098 |  | $ | 604 |  | $ | (1,637) |
Derivatives Not Designated as Hedges As of December 31, 2021, we also had total gross notional amounts of $259 million of foreign currency contracts and $32 million of commodity contracts outstanding that were not designated as hedges. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. The fair value of derivatives not designated as hedges, as well as the associated gains and losses were not material for any period presented.

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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 http://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 http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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