11. Foreign currency exchange contracts and hedging

As of September 30, 2024 and September 30, 2023, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $51,810 and $0, respectively, and $10,414 and $1,613, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to two months. During the nine months ended September 30, 2024 and 2023, these contracts had, net of tax, an unrealized gain (loss) of $0 and an unrealized gain of $53.

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, 2024, 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, 2023, there were no ineffective portions related to these hedges. As of September 30, 2024, the Company had no designated hedges and four non-designated hedges. As of September 30, 2023, the Company had three designated hedges and one non-designated hedge.