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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses (gains), net, in the unaudited Condensed Consolidated Statements of Income. The notional amount of open forward contracts was $102.5 million and $99.0 million at June 30, 2022, and December 31, 2021, respectively. The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:
(In thousands) |  | June 30, 2022 |  | December 31, 2021
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts: other current liabilities |  | $ | 861 |  |  | $ | 128 |
Foreign exchange contracts: prepaid expenses and other current assets |  | 33 |  |  | 619 |
The following table presents the unaudited Condensed Consolidated Statements of Income and unaudited Condensed Consolidated Statements of Cash Flows location and impact of derivative financial instruments:
|  | Loss Recognized in Income
|  | Six Months Ended June 30,
(In thousands) |  | 2022 |  | 2021
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange contracts: currency exchange (gains) losses, net |  | $ | 8,449 |  |  | $ | 1,474 |

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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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