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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Primary Net Hedging Positions and Corresponding Fair Values

respectively. The following tables provide a summary of the primary net hedging positions and corresponding fair values held as of December 31, 2016 and 2015:

 

     December 31, 2016  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair Value (1)  

U.S. Dollar/Japanese Yen

    $ 30,522      $ 763  

U.S. Dollar/South Korean Won

      50,049        1,342  

U.S. Dollar/Euro

      18,040        156  

U.S. Dollar/U.K. Pound Sterling

      6,067        117  

U.S. Dollar/Taiwan Dollar

      15,530        64  
  

 

 

     

 

 

  

Total

    $ 120,208      $ 2,442  
  

 

 

     

 

 

  
     December 31, 2015  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair Value (1)  

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 receivable (payable) 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:

 

      Years Ended December 31,  

Derivatives Designated as Hedging Instruments

            2016                      2015          

Derivative assets:

      

Forward exchange contracts(1)

    $ 2,985      $ 1,486  

Foreign currency option contracts(1)

      4        —  

Foreign currency interest rate hedge(2)

      4,900        —  

Derivative liabilities:

      

Forward exchange contracts(1)

      (543 )       (263 ) 

Foreign currency option contracts(1)

      (16 )       —  
  

 

 

     

 

 

  

Total net derivative asset designated as hedging instruments

    $ 7,330      $ 1,223  
  

 

 

     

 

 

  

 

(1)

The derivative asset of $2,989 and derivative liability of $(559) related to the foreign exchange contracts and foreign currency option contracts are classified in other current assets and other current liabilities in the consolidated balance sheet as of December 31, 2016. The derivative asset of $1,486 and derivative liability of $(263) are classified in other current assets and other current liabilities in the 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.
(2)

The foreign currency interest rate hedge asset of $4,900 is classified in other assets in the consolidated balance sheet as of December 31, 2016.
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:

 

      Years Ended December 31,  

Derivatives Designated as Cash Flow Hedging Instruments

    2016      2015      2014  

Forward exchange contracts:

         

Net gain (loss) recognized in OCI(1)

    $ 5,914      $ (3,748 )     $ (984 ) 

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

    $ (1,414 )     $ 3,520      $ (160 ) 

 

(1)

Net change in the fair value of the effective portion classified in OCI.
(2)

Effective portion classified as cost of products in 2016, 2015 and 2014.
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:

 

      Years Ended December 31,  

Derivatives Not Designated as Hedging Instruments

    2016      2015      2014  

Forward exchange contracts:

         

Net (loss) gain recognized in income(1)

    $ (31 )     $ (40 )     $ 101  

 

(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 other expense, net in 2016 and in selling, general and administrative expenses in 2015 and 2014.