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v3.23.1

DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2023
DERIVATIVES [ABSTRACT] |
Schedule of Cash Flow Hedges OCI Rollforward | The following table summarizes the aggregate unrealized net gain or loss in Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands and net of tax): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | ​
​ | ​ | 2023 |  | 2022 |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aggregate unrealized net gain/(loss) at beginning of period | ​ | $ | 89 | ​ | $ | (40) | ​ | ​
Add: Net gain/(loss) from change in fair value of cash flow hedges | ​ | ​ | 6,167 | ​ | ​ | 390 | ​ | ​
Less: Net (gain)/loss reclassified to earnings from effective hedges | ​ | ​ | 384 | ​ | ​ | 239 | ​ | ​
Aggregate unrealized net gain/(loss) at end of period | ​ | $ | 6,640 | ​ | $ | 589 | ​ | ​
​
Schedule of Notional Amounts of Outstanding Cash Flow Hedges | The Company’s foreign exchange cash flow hedging instruments as of March 31, 2023 and December 31, 2022 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 March 31, 2023 | ​ | Amount | ​ | Amount | ​ | ​ | 12 months | ​ | ​ | Through |
Canadian Dollar |  | 9,000 | ​ | $ | 6,810 | ​ | ​ | 100 | % | ​ | December 2023 | ​
Philippine Peso |  | 8,121,000 | ​ |  | 147,635 | (1) | ​ | 55.2 | % | ​ | January 2026 | ​
Mexican Peso |  | 1,061,000 | ​ |  | 46,896 | ​ | ​ | 56.3 | % | ​ | January 2026 | ​
​ | ​ | ​ | ​ | $ | 201,341 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Local |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
​ | ​ | Currency | ​ | U.S. Dollar | ​ | ​ | ​ | ​ | ​ |  | ​
​ | ​ | Notional | ​ | Notional |  | ​ |  |  | ​ | ​ | ​
As of December 31, 2022 | ​ | Amount | ​ | Amount |  | ​ | ​ | ​ | ​ | ​ | ​
Canadian Dollar |  | 12,000 | ​ | $ | 9,177 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Philippine Peso |  | 8,617,000 | ​ |  | 157,855 | (1) | ​ | ​ | ​ | ​ | ​ | ​
Mexican Peso |  | 1,024,500 | ​ |  | 44,690 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | $ | 211,722 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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 March 31, 2023 and December 31, 2022.
​
Schedule of Derivatives Instruments on Balance Sheet | The Company’s derivatives as of March 31, 2023 and December 31, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 |
​ | ​ | 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 | ​ | $ | 6,986 | ​ | $ | 717 | ​
Other long-term assets | ​ |  | 4,858 | ​ |  | — | ​
Other current liabilities | ​ |  | (2,571) | ​ |  | (19) | ​
Other long-term liabilities | ​ |  | (296) | ​ |  | — | ​
Total fair value of derivatives, net | ​ | $ | 8,977 | ​ | $ | 698 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 |
​ | ​ | 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 | ​ | $ | 4,001 | ​ | $ | 281 | ​
Other long-term assets | ​ |  | 3,019 | ​ |  | — | ​
Other current liabilities | ​ |  | (5,157) | ​ |  | (76) | ​
Other long-term liabilities | ​ |  | (1,748) | ​ |  | — | ​
Total fair value of derivatives, net | ​ | $ | 115 | ​ | $ | 205 | ​
​
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 March 31, 2023 and 2022 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |
​ | ​ | 2023 | ​ | 2022 |
​ | ​ | 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 | ​ | $ | 384 | ​ | $ | 239 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount and location of net gain or (loss) reclassified from Accumulated OCI to income - effective portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 518 | ​ | $ | 323 | ​
​
Schedule of fair value derivative impact on Statement of Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, |
​ | ​ | 2023 | ​ | 2022 |
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 |  | $ | 1,400 |  | $ | 299 | ​

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