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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended
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Sep. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the nine-months ended September 30, 2015 and the year ended December 31, 2014, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of September 30, 2015 have terms of one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes. The Company has not designated its foreign currency exchange contracts as hedge transactions under ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest income and other (expense), net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. The notional amount and fair value of all outstanding foreign currency derivative instruments in the condensed consolidated balance sheets consist of the following at:
September 30, 2015
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Notional Amount |  | Fair Value |  | Balance Sheet Location
Assets: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive USD/pay GBP |  | $ | 9,410 |  | $ | 36 |  | Accounts receivable, net
Receive USD/pay JPY |  | 5,389 |  | 12 |  | Accounts receivable, net
Liabilities: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive EUR/pay USD |  | $ | 26,749 |  | $ | (160) |  | Accrued liabilities
Receive USD/pay AUD |  | 7,263 |  | (17) |  | Accrued liabilities
Receive USD/pay ZAR |  | 14,921 |  | (243) |  | Accrued liabilities
Receive USD/pay MXN |  | 7,442 |  | (72) |  | Accrued liabilities
Receive USD/pay RUB |  | 1,736 |  | (21) |  | Accrued liabilities
Receive USD/pay BRL |  | 2,284 |  | (58) |  | Accrued liabilities
Receive USD/pay CLP |  | 1,631 |  | (29) |  | Accrued liabilities
Receive USD/pay COP |  | 1,120 |  | (18) |  | Accrued liabilities
December 31, 2014
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Notional Amount |  | Fair Value |  | Balance Sheet Location
Assets: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive CAD/pay USD |  | $ | 19,940 |  | $ | 83 |  | Accounts receivable, net
Liabilities: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive EUR/pay USD |  | $ | 13,265 |  | $ | (75) |  | Accrued liabilities
Receive USD/pay AUD |  | 8,343 |  | (48) |  | Accrued liabilities
Receive USD/pay JPY |  | 10,620 |  | (84) |  | Accrued liabilities
Receive USD/pay ZAR |  | 14,760 |  | (105) |  | Accrued liabilities
Receive USD/pay MXN |  | 4,961 |  | (11) |  | Accrued liabilities
Receive USD/pay CLP |  | 2,685 |  | (10) |  | Accrued liabilities
Receive USD/pay COP |  | 2,845 |  | (2) |  | Accrued liabilities
The net losses on derivative instruments in the condensed consolidated statements of income were as follows:
|  |  |  | Amount of gain recognized in income on derivatives |
|  |  |  | Three-months ended |
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of gain recognized in income on derivatives |  | September 30, 2015 |  | September 30, 2014 |
Foreign currency exchange contracts |  | Interest income and other (expense), net |  | $ | 3,552 |  | $ | 960 |
|  |  |  | Amount of gain recognized in income on derivatives |
|  |  |  | Nine-months ended |
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of gain recognized in income on derivatives |  | September 30, 2015 |  | September 30, 2014 |
Foreign currency exchange contracts |  | Interest income and other (expense), net |  | $ | 1,634 |  | $ | 194 |

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