XML 39 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Primary Net Hedging Positions and Corresponding Fair Values

The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of June 30, 2015 and December 31, 2014:

 

     June 30, 2015  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair Value(1)
Asset/(Liability)		  

U.S. Dollar/Japanese Yen

    $ 25,695       $ 392   

U.S. Dollar/South Korean Won

      43,030         172   

U.S. Dollar/Euro

      5,675         1   

U.S. Dollar/U.K. Pound Sterling

      4,115         (124 ) 

U.S. Dollar/Taiwan Dollar

      12,765         (175 ) 
  

 

 

     

 

 

  

Total

    $ 91,280       $ 266   
  

 

 

     

 

 

  

 

(1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet.

 

     December 31, 2014  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair Value (1)
Asset/(Liability)		  

U.S. Dollar/Japanese Yen

    $ 8,035       $ 1,107   

U.S. Dollar/South Korean Won

      12,512         372   

U.S. Dollar/Euro

      2,060         185   

U.S. Dollar/U.K. Pound Sterling

      1,308         70   

U.S. Dollar/Taiwan Dollar

      4,735         232   
  

 

 

     

 

 

  

Total

    $ 28,650       $ 1,966   
  

 

 

     

 

 

  

 

(1) Represents the fair value of the net asset / (liability) amount included in the consolidated balance sheet.
Summary of Fair Value Amounts of Company's Derivative Instruments

The following table provides a summary of the fair value amounts of the Company’s derivative instruments:

 

     June 30, 2015      December 31, 2014  

Derivative assets:

      

Forward exchange contracts

    $ 801       $ 1,966   

Derivative liabilities:

      

Forward exchange contracts

      (535 )       —     
  

 

 

     

 

 

  

Total net derivative asset designated as hedging instruments(1)

    $ 266       $ 1,966   
  

 

 

     

 

 

  

 

(1) The derivative asset of $801 and derivative liability of $(535) are classified in other current assets and other current liabilities in the consolidated balance sheet as of June 30, 2015. The derivative asset of $1,966 is classified in other current assets in the consolidated balance sheet as of December 31, 2014. These foreign exchange contracts are subject to a master netting agreement with one financial institution. However, the Company has elected to record these contracts on a gross basis in the balance sheet.
Summary of (Losses) Gains on Derivatives Designated as Hedging Instruments

The following table provides a summary of the (losses) gains on derivatives designated as hedging instruments:

 

     Three Months Ended June 30,      Six Months Ended June 30,  

Derivatives Designated as Cash Flow Hedging Relationships

    2015      2014      2015      2014  

Forward exchange contracts:

            

Net (loss) recognized in OCI(1)

    $ (1,430 )     $ (1,230 )     $ (3,520 )     $ (1,564 ) 

Net gain (loss) reclassified from accumulated OCI into income(2)

    $ 716       $ (76 )     $ 1,909       $ (151 ) 

 

(1) Net change in the fair value of the effective portion classified in OCI.
(2) Effective portion classified in cost of products for the three and six months ended June 30, 2015 and 2014. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of (Losses) Gains on Derivatives Not Designated as Hedging Instruments

The following table provides a summary of (losses) gains on derivatives not designated as hedging instruments:

 

     Three Months Ended June 30,      Six Months Ended June 30,  

Derivatives Not Designated as Hedging Instruments

    2015      2014      2015      2014  

Forward exchange contracts:

            

Net (loss) recognized in income(1)

    $ (108 )     $ (204 )     $ (10 )     $ (98 ) 

 

(1) The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries. These derivatives are not designated as hedging instruments and are recorded immediately in selling, general and administrative expenses.