XML 45 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018 and December 31, 2017:

 

     March 31, 2018  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair
Value(1)		  

U.S. Dollar/Japanese Yen

    $ 75,339      $ (3,212 ) 

U.S. Dollar/South Korean Won

      85,680        (2,772 ) 

U.S. Dollar/Euro

      33,186        (1,068 ) 

U.S. Dollar/U.K. Pound Sterling

      13,807        (512 ) 

U.S. Dollar/Taiwan Dollar

      20,451        (624 ) 
  

 

 

     

 

 

  

Total

    $ 228,463      $ (8,188 ) 
  

 

 

     

 

 

  

 

     December 31, 2017  

Currency Hedged (Buy/Sell)

    Gross Notional
Value		      Fair
Value(1)		  

U.S. Dollar/Japanese Yen

    $ 70,175      $ (233 ) 

U.S. Dollar/South Korean Won

      79,672        (3,799 ) 

U.S. Dollar/Euro

      26,140        (1,047 ) 

U.S. Dollar/U.K. Pound Sterling

      12,104        (337 ) 

U.S. Dollar/Taiwan Dollar

      20,831        (614 ) 
  

 

 

     

 

 

  

Total

    $ 208,922      $ (6,030 ) 
  

 

 

     

 

 

  

 

  (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:

 

Derivatives Designated as Hedging Instruments

   March 31, 2018     December 31, 2017  

Derivative assets:

    

Foreign exchange contracts(1)

   $ 85     $ 168  

Foreign currency interest rate hedge(2)

     8,170       6,179  

Derivative liabilities:

    

Foreign exchange contracts(1)

     (8,273 )      (6,198 ) 
 

 

 

    

 

 

  

Total net derivative (liability) asset designated as hedging  instruments

   $ (18 )    $ 149  
 

 

 

    

 

 

  

 

  (1)  The derivative asset of $85 and $168 as of March 31, 2018 and December 31, 2017, respectively, related to foreign exchange contracts are classified in other current assets in the consolidated balance sheet. The derivative liability of $(8,273) and $(6,198) as of March 31, 2018 and December 31, 2017 are classified in other current liabilities in the consolidated balance sheet. 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 interest rate hedge assets of $8,170 and $6,179 as of March 31, 2018 and December 31, 2017, respectively, are classified in other assets in the consolidated balance sheet.
Summary of (Losses) Gains on Derivatives Designated as Cash Flow Hedging Instruments

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

 

     Three Months Ended March 31,  

Derivatives Designated as Cash Flow Hedging Instruments

    2018      2017  

Forward exchange contracts:

      

Net gain (loss) recognized in OCI(1)

    $ 66      $ (4,271 ) 

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

    $ (2,539 )     $ 452  

 

  (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 months ended March 31, 2018 and 2017. The tax effect of the gains or losses reclassified from accumulated OCI into income is immaterial.
Summary of Losses on Derivatives Not Designated as Cash Flow Hedging Instruments

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

 

     Three Months Ended March 31,  

Derivatives Not Designated as Hedging Instruments

    2018      2017  

Forward exchange contracts:

      

Net loss recognized in income(1)

    $ (1,253 )     $ (1,463 ) 

 

  (1)  The Company enters into foreign exchange contracts to hedge against changes in the balance sheet for certain subsidiaries 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) income.