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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended
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Sep. 30, 2018
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 three- and nine-months ended September 30, 2018 and the year-ended December 31, 2017, 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, 2018 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 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, 2018 |
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 EUR |  | $ | 31,411 |  | $ | 111 |  | Accounts receivable, net |
Receive USD/pay GBP |  | 28,315 |  | 105 |  | Accounts receivable, net |
Receive USD/pay ZAR |  | 14,375 |  | 53 |  | Accounts receivable, net |
Receive NOK/pay USD |  | 1,450 |  | 2 |  | Accounts receivable, net |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Receive USD/pay COP |  | $ | 3,789 |  | $ | (34) |  | Accrued liabilities |
Receive SGD/pay USD |  | 7,342 |  | (23) |  | Accrued liabilities |
Receive USD/pay AUD |  | 12,484 |  | (18) |  | Accrued liabilities |
Receive USD/pay NZD |  | 2,645 |  | (7) |  | Accrued liabilities |
Receive USD/pay MXN |  | 2,044 |  | (6) |  | Accrued liabilities |
Receive RUB/pay USD |  | 909 |  | (5) |  | Accrued liabilities |
December 31, 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 |  | $ | 4,892 |  | $ | 61 |  | Accounts receivable, net |
Receive USD/pay COP |  | 2,803 |  | 13 |  | Accounts receivable, net |
Receive USD/pay BRL |  | 1,806 |  | 1 |  | Accounts receivable, net |
Receive NOK/pay USD |  | 1,534 |  | 18 |  | Accounts receivable, net |
Receive SGD/pay USD |  | 223 |  | 2 |  | Accounts receivable, net |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Receive USD/pay EUR |  | $ | 65,131 |  | $ | (642) |  | Accrued liabilities |
Receive USD/pay GBP |  | 31,342 |  | (334) |  | Accrued liabilities |
Receive USD/pay ZAR |  | 21,311 |  | (222) |  | Accrued liabilities |
Receive USD/pay AUD |  | 17,238 |  | (177) |  | Accrued liabilities |
Receive USD/pay MXN |  | 7,720 |  | (126) |  | Accrued liabilities |
Receive USD/pay TRY |  | 5,483 |  | (52) |  | Accrued liabilities |
Receive USD/pay NZD |  | 1,826 |  | (18) |  | Accrued liabilities |
Receive USD/pay CLP |  | 1,112 |  | (8) |  | 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, 2018 |  | September 30, 2017
Foreign currency exchange contracts |  | Interest and other income, net |  | $ | 2,175 |  | $ | (2,172)
|  |  |  | 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, 2018 |  | September 30, 2017
Foreign currency exchange contracts |  | Interest and other income, net |  | $ | 7,909 |  | $ | (11,639)

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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