| Summary of Fair Value of Foreign Currency Exchange Contracts |
The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:
| | | | | | | | | | | | | | | | | As of | | Foreign currency forward contracts denominated in: | | June 30, 2023 | | December 31, 2022 | | U. S. dollar (USD) | | 165,793 | | | 163,990 | | | U.K. pound sterling (GBP) | | 11,235 | | | 8,351 | | | Euro (EUR) | | 3,947 | | | 1,956 | | | Australian dollar (AUD) | | 4,471 | | | 1,951 | | | South African ZAR | | 102,249 | | | — | | | Colombian peso (COP) | | 2,449,676 | | | — | |
The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives in cash flow hedging
relationships | | Derivatives not designated as hedging
instruments | | | As of | | As of | | | June 30, 2023 | | December 31, 2022 | | June 30, 2023 | | December 31, 2022 | | Assets: | | | | | | | | | | Other current assets | | $ | 4,775 | | | $ | 1,271 | | | $ | 287 | | | $ | 255 | | | Other assets | | $ | 5,238 | | | $ | 820 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Accrued expenses and other
current liabilities | | $ | 3,197 | | | $ | 10,044 | | | $ | 98 | | | $ | 15 | | | Other non-current liabilities | | $ | 613 | | | $ | 6,218 | | | $ | — | | | $ | — | |
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| Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income |
The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | Derivative financial instruments: | | 2023 | | 2022 | | 2023 | | 2022 | | Unrealized gain/(loss) recognized in AOCI | | | | | | | | | | Derivatives in cash flow hedging relationships | | $ | 8,851 | | | $ | (14,632) | | | $ | 16,145 | | | $ | (15,149) | | | | | | | | | | | | Gain/(loss) recognized in unaudited consolidated statements of income | | | | | | | | | | Derivatives not designated as hedging instruments | | $ | (370) | | | $ | (5,457) | | | $ | 2,158 | | | $ | (6,356) | |
The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | | 2023 | | 2022 | | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | Derivatives in cash flow hedging relationships | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI | | | | | | | | | | | | | | | | | | | Cost of revenues | | $ | 253,220 | | | $ | (1,141) | | | $ | 221,207 | | | $ | 1,194 | | | General and administrative expenses | | $ | 45,605 | | | (133) | | | $ | 40,434 | | | 181 | | | Selling and marketing expenses | | $ | 28,238 | | | (13) | | | $ | 23,985 | | | 15 | | | Depreciation and amortization expense | | $ | 13,122 | | | (43) | | | $ | 14,075 | | | 69 | | | Interest expense | | $ | 3,240 | | | 166 | | | $ | 1,502 | | | — | | | Total before tax | | | | (1,164) | | | | | 1,459 | | | Income tax effects on above | | | | 231 | | | | | (420) | | | Net of tax | | | | $ | (933) | | | | | $ | 1,039 | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain/(loss), net | | $ | 324 | | | $ | (370) | | | $ | 1,423 | | | $ | (5,457) | | | | $ | 324 | | | $ | (370) | | | $ | 1,423 | | | $ | (5,457) | |
The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, | | | 2023 | | 2022 | | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | Derivatives in cash flow hedging relationships | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI | | | | | | | | | | | | | | | | | | | Cost of revenues | | $ | 504,689 | | | $ | (3,896) | | | $ | 428,723 | | | $ | 2,777 | | | General and administrative expenses | | $ | 92,351 | | | (375) | | | $ | 80,379 | | | 475 | | | Selling and marketing expenses | | $ | 57,731 | | | (32) | | | $ | 48,155 | | | 29 | | | Depreciation and amortization expense | | $ | 26,609 | | | (166) | | | $ | 27,677 | | | 167 | | | Interest expense | | $ | 6,625 | | | 240 | | | $ | 2,378 | | | — | | | Total before tax | | | | (4,229) | | | | | 3,448 | | | Income tax effects on above | | | | 765 | | | | | (935) | | | Net of tax | | | | $ | (3,464) | | | | | $ | 2,513 | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain/(loss), net | | $ | 429 | | | $ | 2,158 | | | $ | 3,179 | | | $ | (6,356) | | | | $ | 429 | | | $ | 2,158 | | | $ | 3,179 | | | $ | (6,356) | |
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