Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments

As of September 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     8     $ 1,050     $ 780  
Sell CAD/Buy USD Fwd Contract     10     $ 6,200     $ 4,786  
Total     18             $ 5,566  
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 September 30, 2018 and December 31, 2017 (in thousands):

 

    Tabular Disclosure of Fair Values of Derivative Instruments  
    Derivatives Asset     Derivative Liabilities  
          Fair Value as of:        
Derivatives Not Designated as Hedging Instruments    September 30,
2018		     December 31,
2017		     September 30,
2018		     December 31,
2017		  
FX Forward Contracts                        
Balance Sheet Location   Other Assets     Other Assets     Other Current
Liabilities		     Other Current
Liabilities		  
Sell AUD/Buy USD Fwd Contract   $ 22     $ —     $ 2     $ (9)  
Sell CAD/Buy USD Fwd Contract     10       —       39       (61)  
Total   $ 32     $ —     $ 41     $ (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 September 30, 2018 and September 30, 2017 (in thousands):

 

Effect of Derivative Instruments on the Income Statement for Derivatives Not Designated

as Hedging Instruments for the Three and Nine Months Ended September 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
September 30,		     Amount of Gain or
(Loss) Recognized in
Income Nine Months
Ended September 30,		  
        2018     2017     2018     2017  
Sell AUD/Buy USD Fwd Contract   Other inc/(exp)   $ 9     $ (11 )   $ 47     $ (29 )
Sell CAD/Buy USD Fwd Contract   Other inc/(exp)     (81 )     (224 )     178       (319 )
Total       $ (72 )   $ (235 )   $ 225     $ (348 )
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 September 30, 2018 (in thousands):

 

Recurring Fair Value Measurements
    Quoted Prices in Active                                      
    Markets for Identical     Significant Other     Significant Unobservable              
    Assets and Liabilities     Observable Inputs     Inputs        
    at September 30,     at September 30,     at September 30,     Total Fair Value  
    (Level 1)     (Level 2)     (Level 3)     at September 30,  
    2018     2017     2018     2017     2018     2017     2018     2017  
Assets                                                                
Derivative Financial Instruments   $ —     $ —     $ 32     $ —     $ —     $ —     $ 32     $ —  
Liabilities                                                                
Derivative Financial Instruments   $ —     $ —     $ (41 )   $ (153 )   $ —     $ —     $ (41 )   $ (153 )