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Derivative Instruments | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments [Abstract] |
Derivative Instruments | 13. Derivative instruments The Company designates certain derivatives as hedges of particular risks associated with forecasted purchases (firm commitments). These transactions, mainly currency forward contracts on firm commitments, are classified as fair value hedges. As of June 30, 2019 the Company used foreign currency exchange contracts to hedge the fair value of certain firm commitments entered into with certain suppliers denominated in U.S. dollars and owed by a Brazilian subsidiary whose functional currency is the Brazilian Reais. Pursuant to these contracts, the Company will buy a notional amount of $14,130 thousands in July 2019, $8,595 thousands in August 2019, $7,695 thousands in September 2019 and $7,948 thousands in October 2019, respectively, at fixed currency rates. As of June 30, 2019 the Company entered into a foreign currency exchange contracts to hedge the foreign currency fluctuations related to certain transactions denominated in U.S. dollars of a Brazilian subsidiary whose functional currency is the Brazilian Reais. Pursuant to this contract, the Company will buy a notional amount of $3,234 thousands in July 2019, $653 thousands in August 2019, $1,251 thousands in September 2019, $2,988 thousands in November 2019, $2,042 thousands in December 2019 and $10,000 thousands in June 2020, at fixed currency rates. Foreign exchange contracts The fair values of the Company’s outstanding derivative instruments as of June 30, 2019 were as follows:
|  |  |  |  | June 30,
|  | Balance sheet location |  |  | 2019
|  |  |  |  | (In thousands)
Derivatives |  |  |  |  |
Foreign exchange contracts designated as fair value hedges |  | Other current liabilities |  | $ | 1,030
Foreign exchange contracts not designated as hedging instruments |  | Other current assets |  | $ | 69
Effect of Derivative Contracts and firm commitments on Condensed Consolidated Statement of Income as of June 30, 2019 were as follows:
|  |  |  |  | June 30,
|  |  |  |  | 2019
|  |  |  |  | (In thousands)
Loss from foreign exchange contracts designated as fair value hedges |  |  |  | $ | (1,030)
Gain from hedged items attributable to hedged risk |  |  |  |  | 1,030
Foreign exchange contracts not designated as hedging instruments |  |  |  |  | 69
|  |  |  | $ | 69

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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