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Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Exchange Rate Exposure

The Company uses forward foreign currency exchange contracts to hedge certain operational exposures resulting from potential changes in foreign currency exchange rates. Such exposures result from portions of the Company’s forecasted cash flows being denominated in currencies other than the U.S. dollar, primarily the Euro and British Pound. The derivative instruments the Company uses to hedge this exposure are not designated as cash flow hedges, and as a result, changes in their fair value are recorded in interest and other income, net, on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

The fair values of forward foreign currency exchange contracts are estimated using current exchange rates and interest rates and take into consideration the current creditworthiness of the counterparties. Information regarding the specific instruments used by the Company to hedge its exposure to foreign currency exchange rate fluctuations is provided below.
The following table summarizes the Company’s forward foreign currency exchange contracts outstanding as of September 30, 2021 and December 31, 2020, respectively (notional amounts in thousands):
Foreign Exchange ContractsNumber of Contracts
Aggregate Notional(1) Amount in Foreign Currency
Maturity
Euros
12 1,700 Oct 2021 - Jun 2022
British Pounds
11 1,725 Oct 2021 - Jun 2022
Total at September 30, 2021
23 
Euros
26 3,855 Jan 2021 - Nov 2021
British Pounds
21 2,658 Jan 2021 - Nov 2021
Total at December 31, 2020
47 
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(1) The notional amount represents the net amount of foreign currency that will be received upon maturity of the forward contracts.