Quarterly report pursuant to Section 13 or 15(d)

Foreign Currency Exchange Contracts and Hedging

v3.20.2
Foreign Currency Exchange Contracts and Hedging
6 Months Ended
Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Foreign currency exchange contracts and hedging

11. Foreign currency exchange contracts and hedging

As of June 30, 2020 and June 30, 2019, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $3,152 and $12,278, respectively, and $2,388 and $8,926, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to six months. During the six months ended June 30, 2020 and June 30, 2019, these contracts had, net of tax, an unrealized gain of $390 and an unrealized loss of $76, respectively.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the six months ended June 30, 2020 and June 30, 2019, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of June 30, 2020, the Company had five designated hedges and one non-designated hedge. As of June 30, 2019, the Company had thirteen designated hedges and three non-designated hedges.