Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments
As of June 30, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (in thousands except for number of instruments):
Non-Designated Derivative Summary
 
Number of
Instruments
 
 Sell Notional
 
 Buy Notional
FX Forward Contracts
 

 
 

 
 

Sell AUD/Buy USD Fwd Contract
6

 
$
750

 
$
564

Sell CAD/Buy USD Fwd Contract
10

 
$
7,250

 
$
5,637

Total
16

 
$
—

 
$
6,201

Fair value of derivative instruments and classification on the balance sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of June 30, 2018 and December 31, 2017 (in thousands):
 
Tabular Disclosure of Fair Values of Derivative Instruments
 
Derivatives Asset
 
Derivative Liabilities
 
 
 
Fair Value as of:
 
 
 
June 30, 2018
 
December 31, 2017
 
June 30, 2018
 
December 31, 2017
Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
FX Forward Contracts
 
 
 
 
 
 
 
Balance Sheet Location
 
 
 
 
 
 
 
 
Other Assets
 
Other Assets
 
Other Current
Liabilities
 
Other Current
Liabilities
Sell AUD/Buy USD Fwd Contract
$
10

 
$
—

 
$
(2
)
 
$
(9
)
Sell CAD/Buy USD Fwd Contract
$
112

 
$
—

 
$
(8
)
 
$
(61
)
Total
$
122

 
$
—

 
$
(10
)
 
$
(70
)
Effects of derivative instruments on income statement
The table below presents the effect of the Company’s derivative financial instruments on the income statement as of June 30, 2018 and June 30, 2017 (in thousands):
 
Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated
as Hedging Instruments for the Three and Six Months Ended June 30, 2018 and 2017
Derivatives Not Designated as
Hedging Instruments
Location of Gain or
(Loss) Recognized in Income
 
Amount of Gain or
(Loss) Recognized
in Income
Three Months Ended
June 30,
Amount of Gain or
(Loss) Recognized
in Income
Six Months Ended
June 30,
 
 
 
2018
 
2017
2018
 
2017
Sell AUD/Buy USD Fwd Contract
Other inc/(exp)
 
$
27

 
$
(15
)
$
38

 
$
(23
)
Sell CAD/Buy USD Fwd Contract
Other inc/(exp)
 
123

 
(251
)
259

 
(213
)
Total
 
 
$
150

 
$
(266
)
$
297

 
$
(236
)
Derivative instruments classification within fair value hierarchy
The table below presents the total fair value classification within the fair value hierarchy for the complete portfolio of derivative transactions at June 30, 2018 (in thousands):
 
Recurring Fair Value Measurements
 
Quoted Prices in Active
 
 
 
 
 
 
 
 
 
 
 
 
 
Markets for Identical
Assets and Liabilities
 
Significant Other
Observable Inputs
 
Significant
Unobservable Inputs
 
 
 
 
 
(Level 1)
June 30,
 
(Level 2)
June 30,
 
(Level 3)
June 30,
 
Total Fair Value at
As of
June 30,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Assets
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments
$
—

 
$
—

 
$
122

 
$
—

 
$
—

 
$
—

 
$
122

 
$
—

Liabilities
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments
$
—

 
$
—

 
$
(10
)
 
$
(77
)
 
$
—

 
$
—

 
$
(10
)
 
$
(77
)