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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, 2019 and 2018, 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 entered into by the Company that were outstanding as of December 31, 2020 have terms of three months 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 FASB ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in other income, net, in the 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 consolidated balance sheets consist of the following at:

​

​	​	​	​	​	​	​	​	​
December 31, 2020
Derivatives not designated as	​	​	​	​	​	​	​	​
hedging instruments under	​	Notional		​	Fair		​	​
FASB ASC 815-20		Amount			Value			Balance Sheet Location
Assets:	​	​	​	​	​	​	​	​
Foreign currency exchange contracts:	​	​	​	​	​	​	​	​
Receive SGD/pay USD	​	$	18,713	​	$	41	​	Accounts receivable, net
Receive RSD/pay USD	​	​	10,127	​	​	28	​	Accounts receivable, net
​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​
Foreign currency exchange contracts:	​	​	​	​	​	​	​	​
Receive EUR/pay USD	​	$	1,298,899	​	$	(1,768)	​	Accrued liabilities
Receive USD/pay GBP	​	​	35,256	​	​	(416)		Accrued liabilities
Receive USD/pay AUD	​	​	8,508	​	​	(130)	​	Accrued liabilities
Receive USD/pay ZAR	​		2,403	​		(106)		Accrued liabilities
Receive USD/pay COP	​		5,436	​		(93)	​	Accrued liabilities
Receive USD/pay CNY	​	​	12,344	​	​	(50)	​	Accrued liabilities
Receive USD/pay RUB	​	​	7,780	​	​	(40)	​	Accrued liabilities
Receive NOK/pay USD	​		4,411	​		(18)		Accrued liabilities
Receive USD/pay NZD	​		2,290	​		(13)		Accrued liabilities
Receive SEK/pay USD	​		2,275	​		(10)		Accrued liabilities
Receive USD/pay DKK	​		3,151	​		(3)		Accrued liabilities

​

​	​	​	​	​	​	​	​	​
December 31, 2019
Derivatives not designated as	​	​	​	​	​	​	​	​
hedging instruments under	​	Notional		​	Fair		​	​
FASB ASC 815-20		Amount			Value			Balance Sheet Location
Assets:	​	​	​	​	​	​	​	​
Foreign currency exchange contracts:	​	​	​	​	​	​	​	​
Receive EUR/pay USD	​	$	26,731	​	$	246		Accounts receivable, net
Receive RSD/pay USD	​		9,018	​		59		Accounts receivable, net
Receive NOK/pay USD	​	​	2,122	​	​	17		Accounts receivable, net
Receive USD/pay SGD	​	​	1,555	​	​	7		Accounts receivable, net
​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​
Foreign currency exchange contracts:	​	​	​	​	​	​	​	​
Receive USD/pay GBP	​	$	38,406	​	$	(695)		Accrued liabilities
Receive USD/pay AUD	​		12,819	​		(172)		Accrued liabilities
Receive USD/pay RUB	​	​	12,777	​	​	(55)	​	Accrued liabilities
Receive USD/pay NZD	​	​	3,071	​	​	(33)	​	Accrued liabilities
Receive USD/pay ZAR	​		3,349	​		(32)		Accrued liabilities
Receive USD/pay COP	​		3,793	​		(18)		Accrued liabilities
Receive USD/pay DKK	​		1,283	​		(11)		Accrued liabilities

​

The net gain (loss) on derivative instruments in the consolidated statements of income was as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Amount of gain (loss)
​	​	​	​	recognized in income on
​	​	​	​	derivatives
Derivatives not designated as	​	Location of gain (loss)	​	Year ended
hedging instruments under	​	recognized in income on	​	December 31,		​	December 31,		​	December 31,
FASB ASC 815-20		derivatives		2020		​	2019			2018
Foreign currency exchange contracts		Other (expense) income, net		$	(3,317)		$	(2,555)		$	9,737

​

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- References

No definition available.

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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

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