Quarterly report pursuant to Section 13 or 15(d)

Foreign Currency Exchange Contracts and Hedging

v3.23.1
Foreign Currency Exchange Contracts and Hedging
3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Foreign currency exchange contracts and hedging

11. Foreign currency exchange contracts and hedging

As of March 31, 2023 and March 31, 2022, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $8,041 and $2,445, respectively, and $0 and $1,704, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one month. During the three months ended March 31, 2023 and 2022, these contracts had, net of tax, an unrealized loss of $0 and $74, 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, 2023 and 2022,there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of March 31, 2023, the Company had no designated hedges and one non-designated hedge. As of March 31, 2022, the Company had eight designated hedges and one non-designated hedge.