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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended
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Jun. 30, 2017
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 5.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the six-months ended June 30, 2017 and the year ended December 31, 2016, 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 June 30, 2017 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:
June 30, 2017 |
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 |  | $ | 20,193 |  | $ | 104 |  | Accounts receivable, net |
Receive USD/pay ZAR |  | 20,664 |  | 365 |  | Accounts receivable, net |
Receive USD/pay MXN |  | 19,948 |  | 336 |  | Accounts receivable, net |
Receive SGD/pay USD |  | 10,091 |  | 7 |  | Accounts receivable, net |
Receive USD/pay BRL |  | 4,589 |  | 25 |  | Accounts receivable, net |
Receive USD/pay CLP |  | 4,747 |  | 2 |  | Accounts receivable, net |
Receive USD/pay COP |  | 1,906 |  | 14 |  | Accounts receivable, net |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Receive USD/pay GBP |  | $ | 17,728 |  | $ | (118) |  | Accrued liabilities |
Receive USD/pay EUR |  | 19,834 |  | (62) |  | Accrued liabilities |
Receive USD/pay AUD |  | 24,791 |  | (186) |  | Accrued liabilities |
Receive USD/pay NZD |  | 1,971 |  | (5) |  | Accrued liabilities |
December 31, 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 CAD/pay USD |  | $ | 22,314 |  | $ | 173 |  | Accounts receivable, net |
Receive SGD/pay USD |  | 7,915 |  | 24 |  | Accounts receivable, net |
Receive NOK/pay USD |  | 2,138 |  | 28 |  | Accounts receivable, net |
Receive USD/pay CLP |  | 4,094 |  | 9 |  | Accounts receivable, net |
Receive USD/pay COP |  | 2,330 |  | 2 |  | Accounts receivable, net |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Receive USD/pay GBP |  | $ | 7,718 |  | $ | (57) |  | Accrued liabilities |
Receive USD/pay EUR |  | 29,621 |  | (325) |  | Accrued liabilities |
Receive USD/pay AUD |  | 15,135 |  | (74) |  | Accrued liabilities |
Receive USD/pay ZAR |  | 20,405 |  | (296) |  | Accrued liabilities |
Receive USD/pay MXN |  | 25,864 |  | (4) |  | Accrued liabilities |
Receive USD/pay BRL |  | 3,138 |  | (3) |  | Accrued liabilities |
Receive USD/pay NZD |  | 2,076 |  | (5) |  | Accrued liabilities |
The net (losses) gains on derivative instruments in the condensed consolidated statements of income were as follows:
|  |  |  | Amount of (loss) gain recognized in income on derivatives
|  |  |  | Three-months ended
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of (loss) gain recognized in income on derivatives |  | June 30, 2017 |  | June 30, 2016
Foreign currency exchange contracts |  | Interest and other (expense) income, net |  | $ | (4,439) |  | $ | 141
|  |  |  | Amount of (loss) gain recognized in income on derivatives
|  |  |  | Six-months ended
Derivatives not designated as hedging instruments under FASB ASC 815-20 |  | Location of (loss) gain recognized in income on derivatives |  | June 30, 2017 |  | June 30, 2016
Foreign currency exchange contracts |  | Interest and other (expense) income, net |  | $ | (9,467) |  | $ | 458

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