| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship: | | | | | | | | | | | | | | | | | As of | | | June 30, 2024 | | December 31, 2023 | | Foreign currency forward contracts denominated in: | | | | | | Sell U. S. dollar (USD) | | 832,900 | | | 722,800 | | | Sell U.K. pound sterling (GBP) | | 1,500 | | | — | | | | | | | | Interest rate swaps (Floating to fixed) denominated in: | | | | | | USD | | 75,000 | | | 75,000 | |
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| 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, 2024 | | December 31, 2023 | | Sell USD | | 181,450 | | | 170,543 | | | Sell GBP | | 17,745 | | | 14,544 | | | Sell EUR | | 5,901 | | | 5,231 | | | Sell AUD | | 4,819 | | | 3,452 | | | Buy USD | | 11,688 | | | 8,161 | | | | | | |
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, 2024 | | December 31, 2023 | | June 30, 2024 | | December 31, 2023 | | Assets: | | | | | | | | | | Other current assets | | $ | 5,925 | | | $ | 4,216 | | | $ | 307 | | | $ | 92 | | | Other assets | | $ | 4,166 | | | $ | 3,299 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Accrued expenses and other
current liabilities | | $ | 4,972 | | | $ | 1,859 | | | $ | 181 | | | $ | 150 | | | Other non-current liabilities | | $ | 2,487 | | | $ | 216 | | | $ | — | | | $ | — | |
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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: | | 2024 | | 2023 | | 2024 | | 2023 | | Unrealized gain/(loss) recognized in OCI | | | | | | | | | | Derivatives in cash flow hedging relationships | | $ | (2,778) | | | $ | 8,851 | | | $ | (2,840) | | | $ | 16,145 | | | | | | | | | | | | Gain/(loss) recognized in unaudited consolidated statements of income | | | | | | | | | | Derivatives not designated as hedging instruments | | $ | (2,113) | | | $ | (370) | | | $ | (2,073) | | | $ | 2,158 | |
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, | | | 2024 | | 2023 | | | 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 | | $ | 282,106 | | | $ | (732) | | | $ | 253,220 | | | $ | (1,141) | | | General and administrative expenses | | $ | 56,457 | | | 40 | | | $ | 45,605 | | | (133) | | | Selling and marketing expenses | | $ | 35,444 | | | 10 | | | $ | 28,238 | | | (13) | | | Depreciation and amortization expense | | $ | 12,910 | | | (34) | | | $ | 13,122 | | | (43) | | | Interest expense | | $ | 5,328 | | | 241 | | | $ | 3,240 | | | 166 | | | Total before tax | | | | (475) | | | | | (1,164) | | | Income tax effects on above | | | | (207) | | | | | 231 | | | Net of tax | | | | $ | (682) | | | | | $ | (933) | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain/(loss), net | | $ | 36 | | | $ | (2,113) | | | $ | 324 | | | $ | (370) | | | | $ | 36 | | | $ | (2,113) | | | $ | 324 | | | $ | (370) | |
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, | | | 2024 | | 2023 | | | 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 | | $ | 555,530 | | | $ | (582) | | | $ | 504,689 | | | $ | (3,896) | | | General and administrative expenses | | $ | 109,700 | | | 79 | | | $ | 92,351 | | | (375) | | | Selling and marketing expenses | | $ | 71,414 | | | 14 | | | $ | 57,731 | | | (32) | | | Depreciation and amortization expense | | $ | 25,256 | | | (26) | | | $ | 26,609 | | | (166) | | | Interest expense | | $ | 8,619 | | | 483 | | | $ | 6,625 | | | 240 | | | Total before tax | | | | (32) | | | | | (4,229) | | | Income tax effects on above | | | | (309) | | | | | 765 | | | Net of tax | | | | $ | (341) | | | | | $ | (3,464) | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain/(loss), net | | $ | 395 | | | $ | (2,073) | | | $ | 429 | | | $ | 2,158 | | | | $ | 395 | | | $ | (2,073) | | | $ | 429 | | | $ | 2,158 | |
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