Foreign Currency Exchange Contracts and Hedging |
3 Months Ended |
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Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Foreign currency exchange contracts and hedging |
10. Foreign currency exchange contracts and hedging As of March 31, 2021 and March 31, 2020, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $1,704 and $20,491, respectively, and $3,885 and $23,788, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to twelve months. During the three months ended March 31, 2021 and March 31, 2020, these contracts had, net of tax, unrealized gains of $903 and $673, 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 three months ended March 31, 2021 and March 31, 2020, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of March 31, 2021, the Company had twenty-two designated hedges and two non-designated hedges. As of March 31, 2020, the Company had eight designated hedges and one non-designated hedge. |
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- References No definition available.
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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