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DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
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, 2022December 31, 2021
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative 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 contracts348 (1,116)— — 
Netting of counterparty contracts— — — — 
Cash flow foreign currency contract derivatives348 (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, 2022December 31, 2021
NotionalFair ValueNotionalFair 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 derivatives98,638 (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 derivatives94,427 (768)— — 
Total derivatives$193,065 $(783)$147,687 $(214)
Latest maturity date, non-hedged derivativesApril 2023January 2022
Latest maturity date, hedged derivativesJune 2023N/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,
 202220212020
 (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)