Foreign Currency Exchange Contracts and Hedging
|12 Months Ended|
Dec. 31, 2022
|Derivative Instruments and Hedging Activities Disclosure [Abstract]|
|Foreign currency exchange contracts and hedging||
9. Foreign currency exchange contracts and hedging
As of December 31, 2022 and December 31, 2021, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $37,314 and $0, respectively, and $2,318 and $23,253, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within . During the years ended December 31, 2022, 2021, and 2020, these contracts had, net of tax, an unrealized loss of $1,140, an unrealized gain of $1,793 and an unrealized loss of $289, 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 year ended December 31, 2022, there were three ineffective portions relating to these hedges. During the years ended December 31, 2021 and 2020, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of December 31, 2022, the Company had no designated hedges and three non-designated hedges. As of December 31, 2021, the Company had thirteen designated hedges and two non-designated hedges.
No definition available.
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