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DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS As of December 31, 2022, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies, and cash flow hedges (“hedged derivatives”). During the year ended December 31, 2022, there was a loss of $0.5 million recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a loss of approximately $0.8 million will be reclassified to the consolidated statement of operations. The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were:
| December 31, 2022 |  | December 31, 2021
| Derivative Assets |  | Derivative Liabilities |  | Derivative Assets |  | Derivative Liabilities
| (in thousands)
Non-hedged derivatives: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ | 345 |  |  | $ | (360) |  |  | $ | 724 |  |  | $ | (938) |
Netting of counterparty contracts | (345) |  |  | 345 |  |  | (724) |  |  | 724 |
Foreign currency forward contract derivatives | — |  |  | (15) |  |  | — |  |  | (214) |
Hedged derivatives: |  |  |  |  |  |  |
Cash flow foreign currency contracts | 348 |  |  | (1,116) |  |  | — |  |  | — |
Netting of counterparty contracts | — |  |  | — |  |  | — |  |  | — |
Cash flow foreign currency contract derivatives | 348 |  |  | (1,116) |  |  | — |  |  | — |
Total derivatives | $ | 348 |  |  | $ | (1,131) |  |  | $ | — |  |  | $ | (214) |
The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
| December 31, 2022 |  | December 31, 2021
| Notional |  | Fair Value |  | Notional |  | Fair Value
| (in thousands)
Non-hedged derivatives: |  |  |  |  |  |  |
Singapore Dollar | $ | 26,760 |  |  | $ | 207 |  |  | $ | 43,723 |  |  | $ | (296) |
Indian Rupee | 24,945 |  |  | (10) |  |  | 10,379 |  |  | (86) |
South Korean Won | 18,403 |  |  | (320) |  |  | 14,201 |  |  | (112) |
British Pound Sterling | 14,509 |  |  | 128 |  |  | 25,795 |  |  | 104 |
Japanese Yen | 8,953 |  |  | 9 |  |  | 12,910 |  |  | 80 |
Euro | 5,068 |  |  | (29) |  |  | 21,198 |  |  | 162 |
Other currencies | — |  |  | — |  |  | 19,481 |  |  | (66) |
Total non-hedged derivatives | 98,638 |  |  | (15) |  |  | 147,687 |  |  | (214) |
Hedged derivatives: |  |  |  |  |  |  |
Euro | 51,914 |  |  | (360) |  |  | — |  |  | — |
British Pound Sterling | 23,025 |  |  | 235 |  |  | — |  |  | — |
South Korean Won | 12,285 |  |  | (756) |  |  | — |  |  | — |
Indian Rupee | 7,203 |  |  | 113 |  |  | — |  |  | — |
Total hedged derivatives | 94,427 |  |  | (768) |  |  | — |  |  | — |
Total derivatives | $ | 193,065 |  |  | $ | (783) |  |  | $ | 147,687 |  |  | $ | (214) |
Latest maturity date, non-hedged derivatives | April 2023 |  | January 2022
Latest maturity date, hedged derivatives | June 2023 |  | N/A
Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Non-hedged derivatives: |  |  |  |  |
Foreign currency transaction gains (losses) | $ | (2,858) |  |  | $ | 100 |  |  | $ | 941 |
Foreign currency forward exchange contracts gains (losses) | 6,086 |  |  | (240) |  |  | (2,069) |
Foreign currency gains (losses), net | $ | 3,228 |  |  | $ | (140) |  |  | $ | (1,128) |

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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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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