Foreign Currency Exchange Contracts and Hedging
|9 Months Ended|
Sep. 30, 2023
|Derivative Instruments and Hedging Activities Disclosure [Abstract]|
|Foreign Currency Exchange Contracts and Hedging||
12. Foreign currency exchange contracts and hedging
As of September 30, 2023 and September 30, 2022, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $10,414 and $1,613, respectively, and $9,537 and $9,730, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expire within to three months. During the nine months ended September 30, 2023 and 2022, these contracts had, net of tax, an unrealized gain of $53 and an unrealized loss of $463, 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 nine months ended September 30, 2023, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. During the nine months ended September 30, 2022, there were three ineffective portions relation to these hedges. As of September 30, 2023, the Company had three designated hedges and one non-designated hedge. As of September 30, 2022, the Company had three designated hedges and three non-designated hedges.
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://www.xbrl.org/2003/role/disclosureRef