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DERIVATIVES (Tables) | 9 Months Ended
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Sep. 30, 2021
DERIVATIVES [ABSTRACT] |
Schedule of Cash Flow Hedges OCI Rollforward |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2021 |  | 2020 |  | 2021 |  | 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aggregate unrealized net gain/(loss) at beginning of period | ​ | $ | 5,877 | ​ | $ | 163 | ​ | $ | 8,431 | ​ | $ | 4,182 | ​
Add: Net gain/(loss) from change in fair value of cash flow hedges | ​ | ​ | (6,850) | ​ | ​ | 3,420 | ​ | ​ | (11,817) | ​ | ​ | (767) | ​
Less: Net (gain)/loss reclassified to earnings from effective hedges | ​ | ​ | 700 | ​ | ​ | 515 | ​ | ​ | 3,113 | ​ | ​ | 683 | ​
Aggregate unrealized net gain/(loss) at end of period | ​ | $ | (273) | ​ | $ | 4,098 | ​ | $ | (273) | ​ | $ | 4,098 | ​
Schedule of Notional Amounts of Outstanding Cash Flow Hedges | The Company’s foreign exchange cash flow hedging instruments as of September 30, 2021 and December 31, 2020 are summarized as follows (amounts in thousands). All hedging instruments are forward contracts. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Local |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
​ | ​ | Currency | ​ | U.S. Dollar | ​ | ​ | % Maturing | ​ | ​ | Contracts |
​ | ​ | Notional | ​ | Notional | ​ | ​ | in the next | ​ | ​ | Maturing |
As of September 30, 2021 | ​ | Amount | ​ | Amount | ​ | ​ | 12 months | ​ | ​ | Through |
Canadian Dollar |  | 4,500 | ​ | $ | 3,533 | ​ | ​ | 100.0 | % | ​ | June 2022 | ​
Philippine Peso |  | 7,841,000 | ​ |  | 152,318 | (1) | ​ | 52.8 | % | ​ | September 2024 | ​
Mexican Peso |  | 1,313,500 | ​ |  | 58,641 | ​ | ​ | 42.9 | % | ​ | December 2024 | ​
​ | ​ | ​ | ​ | $ | 214,492 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Local |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
​ | ​ | Currency | ​ | U.S. Dollar | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Notional | ​ | Notional |  | ​ |  |  | ​ | ​ | ​
As of December 31, 2020 | ​ | Amount | ​ | Amount |  | ​ | ​ | ​ | ​ | ​ | ​
Canadian Dollar |  | 2,450 | ​ | $ | 1,853 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Philippine Peso |  | 6,725,000 | ​ |  | 130,468 | (1) | ​ | ​ | ​ | ​ | ​ | ​
Mexican Peso |  | 1,159,500 | ​ |  | 52,398 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | $ | 184,719 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S. dollars on September 30, 2021 and December 31, 2020.
Schedule of Derivatives Instruments on Balance Sheet | The Company’s derivatives as of September 30, 2021 and December 31, 2020 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021 |
​ | ​ | Designated | Not Designated |
​ | ​ | as Hedging | as Hedging | ​
Designation: | ​ | Instruments | Instruments |
​ |  | Foreign |  | Foreign |
Derivative contract type: | ​ | Exchange | ​ | Exchange |
Derivative classification: | ​ | Cash Flow | ​ | Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value and location of derivative in the Consolidated Balance Sheet: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaids and other current assets | ​ | $ | 2,481 | ​ | $ | 59 | ​
Other long-term assets | ​ |  | 678 | ​ |  | — | ​
Other current liabilities | ​ |  | (1,585) | ​ |  | (209) | ​
Other long-term liabilities | ​ |  | (1,943) | ​ |  | — | ​
Total fair value of derivatives, net | ​ | $ | (369) | ​ | $ | (150) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 |
​ | ​ | Designated | Not Designated |
​ | ​ | as Hedging | as Hedging | ​
Designation: | ​ | Instruments | Instruments |
​ |  | Foreign |  | Foreign |
Derivative contract type: | ​ | Exchange | ​ | Exchange |
Derivative classification: | ​ | Cash Flow | ​ | Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value and location of derivative in the Consolidated Balance Sheet: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaids and other current assets | ​ | $ | 6,939 | ​ | $ | 103 | ​
Other long-term assets | ​ |  | 4,528 | ​ |  | — | ​
Other current liabilities | ​ |  | (73) | ​ |  | (118) | ​
Other long-term liabilities | ​ |  | (4) | ​ |  | — | ​
Total fair value of derivatives, net | ​ | $ | 11,390 | ​ | $ | (15) | ​
Schedule of cash flow hedge impact on Statement of Comprehensive Income | The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended September 30, 2021 and 2020 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |
​ | ​ | 2021 | ​ | 2020 |
​ | ​ | Designated as Hedging |
Designation: | ​ | Instruments |
Derivative contract type: | ​ | Foreign Exchange |
Derivative classification: |  | Cash Flow | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax | ​ | $ | 700 | ​ | $ | 515 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 947 | ​ | $ | 706 | ​
The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the nine months ended September 30, 2021 and 2020 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ | ​ | Designated as Hedging | ​
Designation: | ​ | Instruments | ​
Derivative contract type: | ​ | Foreign Exchange | ​
Derivative classification: |  | Cash Flow | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount of gain or (loss) recognized in Other comprehensive income (loss) - effective portion, net of tax | ​ | $ | 3,113 | ​ | $ | 683 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 4,207 | ​ | $ | 936 | ​
Schedule of fair value derivative impact on Statement of Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, |
​ | ​ | 2021 | ​ | 2020 |
Designation: |  | Not Designated as Hedging Instruments | ​
Derivative contract type: |  | Foreign Exchange | ​
Derivative classification: |  | Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense), net |  | $ | (80) |  | $ | 305 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​
Designation: |  | Not Designated as Hedging Instruments | ​
Derivative contract type: |  | Foreign Exchange | ​
Derivative classification: |  | Fair Value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expense), net |  | $ | (42) |  | $ | (38) | ​

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