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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2016
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, 2016 and December 31, 2015:

 

     June 30, 2016  

Currency Hedged (Buy/Sell)

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

U.S. Dollar/Japanese Yen

    $ 21,046       $ (2,560 ) 

U.S. Dollar/South Korean Won

      26,685         (68 ) 

U.S. Dollar/Euro

      6,732         22   

U.S. Dollar/U.K. Pound Sterling

      2,856         305   

U.S. Dollar/Taiwan Dollar

      8,185         (33 ) 
  

 

 

     

 

 

  

Total

    $ 65,504       $ (2,334 ) 
  

 

 

     

 

 

  

 

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

 

     December 31, 2015  

Currency Hedged (Buy/Sell)

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

U.S. Dollar/Japanese Yen

    $ 26,848       $ (136 ) 

U.S. Dollar/South Korean Won

      34,777         915   

U.S. Dollar/Euro

      10,987         19   

U.S. Dollar/U.K. Pound Sterling

      4,587         61   

U.S. Dollar/Taiwan Dollar

      12,790         364   
  

 

 

     

 

 

  

Total

    $ 89,989       $ 1,223   
  

 

 

     

 

 

  

 

(1)  Represents the fair value of the net (liability) asset amount included in the condensed 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, 2016      December 31, 2015  

Derivative assets:

      

Forward exchange contracts

    $ 655       $ 1,486   

Foreign currency option contracts

      105         —     

Derivative liabilities:

      

Forward exchange contracts

      (2,989 )       (263 ) 

Foreign currency option contracts

      (97 )       —     
  

 

 

     

 

 

  

Total net derivative (liabilities) assets(1)

    $ (2,326 )     $ 1,223   
  

 

 

     

 

 

  

 

(1)  The derivative asset of $760 and derivative liability of $3,086 are classified in other current assets and other current liabilities in the condensed consolidated balance sheet as of June 30, 2016. The derivative asset of $1,486 and derivative liability of $263 are classified in other current assets and other current liabilities in the condensed consolidated balance sheet as of December 31, 2015. 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 Instruments

    2016      2015      2016      2015  

Forward exchange contracts:

            

Net loss recognized in OCI(1)

    $ (14 )     $ (1,430 )     $ (3,433 )     $ (3,520 ) 

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

    $ (419 )     $ 716       $ 277       $ 1,909   

 

(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, 2016 and 2015. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of (Losses) on Derivatives Not Designated as Hedging Instruments

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

 

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

Derivatives Not Designated as Hedging Instruments

    2016      2015      2016      2015  

Forward exchange contracts:

            

Net loss recognized in income(1)

    $ (378 )     $ (108 )     $ (943 )     $ (10 ) 

 

(1)  The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries and also enters into foreign currency option contracts to mitigate the risk associated with certain foreign currency transactions in the ordinary course of business. These derivatives are not designated as hedging instruments and gains or losses from these derivatives are recorded immediately in selling, general and administrative expenses.