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Forward Contracts and Fair Value Measurement (Tables)

3 Months Ended

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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- References

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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

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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

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