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Forward Contracts and Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Settled and Outstanding Forward Contracts | The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with derivative contracts:
|  | Three months ended March 31, |  |
(in thousands) |  | 2023 |  | 2022 |  |  |  |
Total notional amount of settled forward contracts |  | $ | 59,425 |  |  | $ | 40,382 |  |  |  |  |
Realized losses from settlement of forward contracts |  | $ | 1,618 |  |  | $ | 1,420 |  |  |  |  |
Unrealized losses (gains) on forward contracts |  | $ | (6,336) |  |  | $ | 759 |  |  |  |  |
The following table presents the Company's outstanding forward contracts:
(in thousands) | March 31, 2023 |  | December 31, 2022
Total notional amount of outstanding forward contracts | $ | 110,925 |  |  | $ | 175,050 |
Schedule of Fair Value of Assets Measured on a Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:
| March 31, 2023
| Fair value measurements using |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Amounts on Balance Sheet |  | Effect of Master Netting Arrangements |  | Net Amounts
(in thousands) | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 3,739 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,739 |  |  | $ | — |  |  | $ | 3,739 |  |  | $ | — |  |  | $ | 3,739 |
Forward contracts receivable | $ | — |  |  | $ | 8,132 |  |  | $ | — |  |  | $ | 8,132 |  |  | $ | — |  |  | $ | 8,132 |  |  | $ | — |  |  | $ | 8,132 |
| December 31, 2022
| Fair value measurements using |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Amounts on Balance Sheet |  | Effect of Master Netting Arrangements |  | Net Amounts
(in thousands) | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 6,069 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,069 |  |  | $ | — |  |  | $ | 6,069 |  |  | $ | — |  |  | $ | 6,069 |
Forward contracts receivable | $ | — |  |  | $ | 4,845 |  |  | $ | — |  |  | $ | 4,845 |  |  | $ | (518) |  |  | $ | 4,327 |  |  | $ | (1,778) |  |  | $ | 2,549 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts payable | $ | — |  |  | $ | 3,049 |  |  | $ | — |  |  | $ | 3,049 |  |  | $ | (518) |  |  | $ | 2,531 |  |  | $ | (1,778) |  |  | $ | 753 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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