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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended
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Sep. 30, 2016
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, 2016 and the year ended December 31, 2015, 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, 2016 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 and other (expense) income, 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, 2016
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 |  | $ | 16,283 |  | $ | 46 |  | Accounts receivable, net
Receive EUR/pay USD |  | 30,682 |  | 31 |  | Accounts receivable, net
Receive USD/pay AUD |  | 17,978 |  | 63 |  | Accounts receivable, net
Receive USD/pay ZAR |  | 19,861 |  | 65 |  | Accounts receivable, net
Receive USD/pay BRL |  | 3,046 |  | 26 |  | Accounts receivable, net
Liabilities: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive CAD/pay USD |  | $ | 20,609 |  | $ | (14) |  | Accrued liabilities
Receive USD/pay MXN |  | 27,360 |  | (65) |  | Accrued liabilities
Receive USD/pay NZD |  | 3,119 |  | (11) |  | Accrued liabilities
Receive USD/pay SEK |  | 1,856 |  | (1) |  | Accrued liabilities
Receive USD/pay CLP |  | 3,435 |  | (10) |  | Accrued liabilities
Receive USD/pay COP |  | 2,041 |  | (21) |  | Accrued liabilities
Receive SGD/pay USD |  | 2,571 |  | (4) |  | Accrued liabilities
December 31, 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 |  | $ | 18,146 |  | $ | 168 |  | Accounts receivable, net
Receive USD/pay ZAR |  | 17,411 |  | 144 |  | Accounts receivable, net
Receive USD/pay RUB |  | 2,173 |  | 9 |  | Accounts receivable, net
Receive USD/pay BRL |  | 2,478 |  | 49 |  | Accounts receivable, net
Receive USD/pay COP |  | 1,351 |  | 1 |  | Accounts receivable, net
Liabilities: |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |
Receive EUR/pay USD |  | $ | 39,578 |  | $ | (429) |  | Accrued liabilities
Receive USD/pay AUD |  | 14,040 |  | (82) |  | Accrued liabilities
Receive USD/pay CAD |  | 2,804 |  | (15) |  | Accrued liabilities
Receive USD/pay JPY |  | 2,495 |  | (2) |  | Accrued liabilities
Receive USD/pay MXN |  | 8,122 |  | (15) |  | Accrued liabilities
Receive SGD/pay USD |  | 3,837 |  | (30) |  | Accrued liabilities
Receive USD/pay NZD |  | 1,978 |  | (3) |  | Accrued liabilities
Receive USD/pay CLP |  | 3,519 |  | (12) |  | Accrued liabilities
The net gains (losses) on derivative instruments in the condensed consolidated statements of income were as follows:
|  |  |  | Amount of gain (loss) recognized in income on derivatives
|  |  |  | Three-months ended
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of gain (loss) recognized in income on derivatives |  | September 30, 2016 |  | September 30, 2015
Foreign currency exchange contracts |  | Interest and other expense, net |  | $ | (882) |  | $ | 3,552
|  |  |  | Amount of gain (loss) recognized in income on derivatives
|  |  |  | Nine-months ended
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of gain (loss) recognized in income on derivatives |  | September 30, 2016 |  | September 30, 2015
Foreign currency exchange contracts |  | Interest and other expense, net |  | $ | (424) |  | $ | 1,634

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